You can avail a loan from a bank to purchase a brand new car. You have to pledge the car as collateral to avail this loan. You can also avail a loan for a pre-owned car.
What is your car loan EMI?
You have to repay your car loan in installments called EMI (Equated Monthly Installments).The car loan EMI's are divided into 2 Components :
Principal component : Amount you borrow to buy the car.
Interest component : Bank charges you an amount for the money you have borrowed to buy the car called interest.
The amount you borrow to buy your car and the total interest charged by the bank is divided by the tenure of your car loan. The tenure of the car loan can be 1-7 years.
Know your online car loan EMI Calculator
You can calculate car loan EMI using the Car Loan EMI Calculator for different combinations of interest, Principal and tenure. A car loan EMI calculator can do these calculations in seconds with a high degree of accuracy.
Follow 3 simple steps to calculate your car loan EMI's :
Step 1: You adjust the scale to select the car loan amount availed in the car loan EMI calculator slider.
Step 2 : You then adjust the scale to select the interest rate on your car loan EMI calculator slider.
Step 3 : Finally you select the tenure of the car loan in months on the slider of your car loan EMI calculator.