Used car loan emi calculator

This tool helps you calculate your car loan’s monthly EMI efficiently.

How to Use the EMI Car Loan Calculator:

To use this calculator, fill in all the fields with your loan details:

• Loan Amount: The total amount you intend to borrow.
• Annual Interest Rate (%): The yearly interest rate charged by the lender.
• Loan Term (Years): The number of years over which you will repay the loan.
• Down Payment: The initial amount you will pay out of pocket for the loan.
• Processing Fees: Any additional fees charged for processing the loan.

After entering these details, click the “Calculate” button to see your estimated Monthly EMI (Equated Monthly Installment) and Total Payment (which includes processing fees).

How It Calculates the Results:

The EMI is calculated using the formula:

EMI = [P * r * (1 + r) ^ n] / [(1 + r) ^ n - 1]

where:

• P: Principal loan amount (Loan Amount – Down Payment)
• r: Monthly interest rate (Annual Interest Rate / 12 / 100)
• n: Loan term in months (Loan Term * 12)

The Total Payment is the sum of all monthly EMIs and the

how emi is calculated on car loan

how emi is calculated