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 ₹10 lakhs for a car with a 5-year tenure and a 10% annual interest rate, your monthly EMI will be ₹16,602. While manual calculations are possible, they can be time-consuming. Instead, consider using an online Car Loan EMI calculator for quick and accurate results.
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