Car Loan EMI
A Car Loan allows you to buy your dream car at a substantially lower down-payment. But that’s not all. The car manufacturer, the car dealer and the car financier (the bank offering the car loan) all offer a host of subsidies that can sweeten the deal. You could get freebies in the form of accessories or even reduced car loan EMI.
A Car Loan EMI (equated monthly installment) is the amount payable each month towards repayment of your car loan. When buying a car, it is useful to look at the deal in totality. You may use our Car Loan EMI Calculator to assess the effective rate of interest charged on your car loan. For loan amount, enter the car value plus the value of the promised freebies less the initial down-payment. Enter the tenure of your loan. And keep modifying the interest rate slider till your actual EMI equals the amount displayed on the EMI box. This would be the effective interest rate on your car loan.