The act of calculating the all-important Equated Monthly Instalment (EMI) is a natural next step after your application for that cherished car loan is accepted and the monies has been disbursed with. There are various factors at play when calculating this crucial detail- the overall loan amount, the repayment tenure and the interest rate as applicable on the subscribed loan amount. Instead of raking your brains over these details, utilise a simple Car Loan EMI Calculator to compete the computations for you- quickly, accurately and with very limited threat to your fragile patience.
‘EMI Calculator? We got an App for it’
The ‘app’ in question here is a web-application. In simpler terms, a handy resource that sits on a website and helps you avoid breaking a sweat over trivial matters that the marvel of modern technology, servers and robots, could accomplish much quickly and precisely. In our specific case, a standard Car EMI Calculator allows you to input the aforementioned details and spins out the EMI that is applicable to your car loan. This tool is highly preferred as it eliminates the errors associated with human involvement.
Giveth Car Loan- Also Giveth Car Loan EMI Calculator
The ideal place to look for this fabled car EMI calculator is your bank’s website, from wherein you have sourced the car loan. Popular banks like ICICI, SBI and HDFC bank club this handy resource next to other financial tools like Car Loan Eligibility Calculator or Car Loan Calculator. The next step is as simple as supplying the requisite details, sipping on a hot cup of java and waiting for the EMI figures to show up, a short micro-second later.
Have MS Excel? Calculate Car Loan EMI in Seconds
The MS Excel program has an in-built capability to calculate your EMI for you. The procedure is as simple as,
• Choose any individual cell on the excel sheet and enter the following value, =pmt(
• Now, an inbuilt program opens up a small tooltip that points to your selected cell and expands the above function as follows, =pmt(rate,nper,pv,[fv],[type])
• The various components in this formula are listed herein-
o rate = applicable rate of interest per month (represented as X%/12 in formula)
o nper = the applicable tenure (no. of instalments) per your car loan (represented as 12*tenure in years)
o pv = total loan amount
o The fields marked [fv] and [type] are optional values that can be ignored
• Now, an inbuilt program opens up a small tooltip that points to your selected cell and expands the above function as follows, =pmt(rate,nper,pv,[fv],[type])
• The various components in this formula are listed herein-
o rate = applicable rate of interest per month (represented as X%/12 in formula)
o nper = the applicable tenure (no. of instalments) per your car loan (represented as 12*tenure in years)
o pv = total loan amount
o The fields marked [fv] and [type] are optional values that can be ignored
• Insert all the values as required by the above formula and hit ENTER.
Displayed before you is the EMI applicable on your car loan.
How About Taking Some Third Party Help?
Car loan comparison websites like BankBazaar.com have excellent online tools that help you calculate your applicable EMI in a jiffy, alongside a ton of other financial calculations. A neat interface and the proviso of an impartial viewpoint when it comes to the various car loan options make it a neat resource to crunch the numbers for you. Here again, the task amounts to just supplying the loan amount, the applicable tenure and the imposed interest rate. Voila! The results are within your grasp in mere seconds.
Summing up- Don’t waste time with the traditional options of a hand-held calculator, a yellow legal pad and that much abused pencil. Choose the fast, dependable and error-free Car Loan EMI Calculator instead.
