EMI Calculation of Car Loan
Are you dreaming of buying a car? Now it is much easier to buy a car because of the various used car loan rate of interest schemes offered by different lenders. Car loans are offered at attractive interest rates and a repayment tenure of up to 8 years and other exclusive offers.
Various banks and third-party websites offer a Car Loan EMI Calculator that allows you to calculate the Equated Monthly Instalments (EMIs). The Car Loan EMI calculator offered by financeseva is simple to use and is free. To calculate EMI, enter your basic details such as the repayment tenure, principal amount, and the rate of interest.
The step-by-step procedure to use the Car Loan EMI calculator offered by financeseva is mentioned below:
- The calculator can be found on the top of the website product page.
- The first step would be to select the loan amount.
- Next, select the repayment tenure given to you for repayment by the lender.
- Enter the rate of interest and the processing fee.
- Click on ‘Calculate’ The results will be displayed on your screen immediately.
Floating Rate EMI Calculation
the floating rate emi calculation of car loan method, the EMI payable differs based on the interest rate applicable at the time. The rate of interest changes based on the market lending rate.
Fixed Rate EMI Calculation
Under the fixed rate EMI calculation, the EMI you must pay towards the car loan remains unchanged throughout the loan tenure. This is so because the company offered a fixed rate of interest for the whole period.