India is currently the world’s 4th largest market for 4-wheelers. Growth has been steady at 9.5% year-on-year. It is no wonder that the demand for a reliable and easy to use car loan EMI calculator has also skyrocketed.
While the Internet is flooded with car loan calculators, not all are accurate. Let's Launch brings you the best EMI calculating tool which will help you take an informed decision on how much funding you need to purchase your dream car, how much your EMIs are likely to be and other details.
Regardless of the type of vehicle you are about to purchase, a car loan is a substantial amount which you need to repay over the tenor along with the interest. This is where a car EMI calculator comes in handy.
Here are some obvious benefits of using a car loan EMI calculator.
Saves your valuable time: The primary purpose of an EMI calculator for car loans in India is to save your time. Let's Launch uses a standardised formula for calculating your EMI details. It produces a result as soon as you put in essential data.
Accurate every time: Unlike manual calculations, an online calculator never makes a mistake.
Helps you plan your budget: Once you have an idea of how much you need to repay each month as EMIs, you will be able to plan your future financing options better. If you are planning to buy an expensive car, you need a bigger loan amount. To repay that, you need a longer tenor. All these elements are determined by a car loan calculator in India.
Breaks down the amount you need to pay: A car EMI calculator in India helps you break down the total payable amount under various headings including loan amount, interest applicable and processing fees among others.
Let's Launch follows a standardised formula:
E= P. R. (1+R)^n/[(1+R)^n -1]
The various components of the formula are as follows –
|P||Determines the principal amount|
|R||The rate of interest payable every month|
|N||The total tenure in months|
|E||Total EMI payable each month|
You can choose from a range of fixed and floating interest rates from our website.
Provided below is the amortization schedule for a car loan worth Rs, 8 Lakh for a tenure of 5 years at an interest rate of 9.5%.
|Principal (Rs.)||Interest (Rs.)||Principal + Interest (Rs.)||Balance to be Paid (Rs.)|
The principal and interest components will respectively increase and decrease proportionately for the entire loan tenure.
You can easily use our car loan EMI calculator via our website by following these steps
Advantages of using Let's Launch’s online EMI calculator
Let's Launch offers you complete financial solutions across a wide range of products. If you are looking for an online car loan EMI calculator, Let's Launch is invaluable.
LAs you can summarise, an EMI calculator can prove to be immensely beneficial for all prospective borrowers. Visit the lender fully prepared with all these details, and avail genuine benefits on your car loan.
How much time does it take to use the calculator?
If you have the details with you (total amount, interest levied and tenure), it takes only a few minutes.
Can I avail a car loan to buy a used vehicle?
Yes, almost all major financial institutions provide loans for used vehicles. However, ensure that the used model comes with the necessary documentation.
What is the typical tenure of a car loan in India?
In India, most car loans run for 1 to 5 years, although certain new plans to run for up to 7 years. The lower the tenure, the higher the EMIs you need to pay.
Do I need a co-guarantor for a car loan?
It is not mandatory to have a co-guarantor. However, if you do not meet the eligibility criteria on your own, you may need one.
Can my car loan application be rejected?
On occasion, your car loan application may be rejected if you do not fulfill the minimum eligibility criteria or if there is a mistake in your documentation. Besides, your CIBIL score has to be 750 or more at all times.