login-icon
mahindra-finance-logo
login-icon
  • English
  • Hindi
  • Bengali
  • Marathi
  • Telugu
  • Tamil
  • Gujarati
  • Kannada
  • Odia
  • Malayalam
  • Punjabi
phone

Download App

Conveniently pay your EMIs, set payment reminders, view your loan details.

phone
|

Car Loan EMI: How Is It Calculated?

mahindra-finance-author

by Mahindra Finance

|

October 5, 2023

|

1 mins read

To calculate your Car Loan EMI manually, you can use this formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

  • P represents the loan amount.
  • R is the monthly interest rate (annual interest rate divided by 12).
  • N denotes the loan tenure in months.

For instance, if you borrow â‚ą10 lakhs for a car with a 5-year tenure and a 10% annual interest rate, your monthly EMI will be â‚ą16,602. While manual calculations are possible, they can be time-consuming. Instead, consider using an online Car Loan EMI calculator for quick and accurate results.

Related articles

Best Commercial Electric Vehicles In 2023

The craze for passenger Electric Vehicles (EVs) is at an all-time high, with home-grown and global brands coming out with a slew of products in the Indian electric mobility segment. However, the comme...

KNOW MORE

June 29, 2023

Personal-Loans-for-Higher-Education-in India-From-Dreams-to-Reality

Personal Loans For Higher Education In India: From Dreams To Reality

Dreaming of a brighter future? Pursuing higher education is the first step towards realising your aspirations. Whether you want to study in India or abroad, the cost of education can often be a barrie...

KNOW MORE

July 5, 2024

Importance-of-collateral-in-SME-business-loans

Collateral Business Loans: How They Can Help Your SME Grow

Running a small or medium-sized enterprise (SME) comes with its unique set of challenges. One such challenge is securing funds to grow and sustain a business. This is where collateral business loans c...

KNOW MORE

June 17, 2024