Want your dream car? Plan your finances with the car loan calculator!

A person can buy vehicles by paying monthly installments.  These monthly installments are called as “Equated Monthly Installments (EMIs)”.EMIs can be used to pay monthly installments. Similarly loans are provided for those who wish to buy a car also. Every car loan has an EMI associated with it. Car loan calculator is nothing but paying the EMI of the car loan every month. The EMI of the car loan can be calculated based upon the amount of car loan, the rate of interest and the loan tenure of the car. The car loan EMI calculator specifies the amount that has to be paid quarterly. Certain banks such as HDFC Bank and Reliance Consumer Finance provides award winning car loans where the rate of interest would be less and these banks also provide few gifts to their customers. The customer should be well aware of certain facts and figures while buying a car through loans, they are:

·  Amount which the customer wishes to borrow, this would exclude the down payment, this is referred to as LOAN AMOUNT.

·  Equal Monthly Installment of the loan that the customer has to pay every month, this is referred to as EMI.

·  There are two types of EMIs :

·  The customer has to pay the Emi at the start of the loan and at the beginning of every month. This kind of EMI is known as The Front-Loaded EMI.

·  The customer should pay the EMI at the end of every month. This type is known as Rear-Ended EMI.

·  The period of loan in months is referred to as LOAN TERM.

·  The interest on the loan that is calculated monthly on the balance at 1/12 of the annual interest rate.

CAR LOAN CALCULATOR

Car loan EMI calculation can be done just by entering the amount of loan the customer wants and the rate of interest. The EMI Calculator will automatically calculate the installment. It is very important to note that the EMI Calculator will not include any other processing fee or other charges that may be applicable as per rules of financing institutions. Thus customers can take car loans depending on their rate of interest and amount of loan they wish to take from various banks. The rate of interest varies from each bank, thus customers can decide.