The Federal Bank car loan EMI calculator is your go-to tool for accurately estimating the monthly instalment payments on your car loan. Using a few basic variables, it can quickly determine the EMI amount.
EMI (Equated Monthly Instalment) is an easy loan repayment option for customers. In an EMI, you pay a fixed monthly amount towards principal and interest repayment over a period of time. When you know the EMI amount in advance, you can use the information to plan your finances better.
However, manual EMI calculations can take time and increase the chances of committing errors. You can avoid the hassle by adding an online EMI calculator to your financial toolkit.
Federal Bank car loan EMI calculator is a simple tool that helps you determine the EMI amount on your car loan. Using variables such as the total loan amount, rate of interest, and loan tenure, the calculator quickly calculates the monthly EMI payment, total interest, and total amount you need to pay towards the loan. It takes only a few seconds to give accurate results and saves time and effort. With the help of the calculator, you can also compare car loan options from multiple banks and choose the one most suitable for you.
It is a tool for anyone looking to estimate their car loan EMI. The online Federal Bank car loan EMI calculator calculates results based on simple inputs such as the total loan amount, interest on the loan, and loan duration. It employs a predefined formula to calculate the equated monthly instalment (EMI) that you need to pay to the bank. It simplifies complex calculations, allowing you to evaluate different loan options and make informed decisions about your car loan repayment.
The online Federal Bank EMI calculator simplifies life by automating complex EMI calculations on your car loan. It has the Federal Bank car loan EMI calculator formula built-in so that you don’t have to do it manually.
- Here is the Federal Bank car loan EMI calculator formula used on the page.
EMI = [PxRx(1+R)^N]/[(1+R)^N-1]
- P = Principal amount
- N = Period of the loan in months
- R = Monthly interest rate
Here is an example to help you understand how it works.
You have taken a loan of Rs. 8,00,000 for 5 years, and the rate of interest is 8%. The calculator will calculate the monthly EMI as Rs. 16,221, the total interest as Rs. 1,73,267, and the total payable amount as Rs. 9,73,267.
Federal Bank online car EMI calculator uses the following variables for calculation:
- Principal: Enter the principal amount of the loan. For example, if the loan amount is Rs. 8,00,000, enter the value into the field given for the principal.
- Interest rate: Enter the interest rate on your loan amount into the field given
- Tenure: Enter the number of years you need for complete repayment.
That’s it. The calculator computes the values and provides the results in seconds.
Here are some benefits of using an online Federal Bank car loan EMI calculator:
- Accurate Financial Planning: The car loan calculator gives you access to precise calculations of your monthly instalment payments. By using the estimates, you can plan your finances effectively and ensure that you comfortably manage your car loan alongside other expenses.
- Time and Effort Savings: Calculating EMIs manually can be time-consuming and prone to errors. The EMI calculator saves time and lets you focus on other important aspects.
- Comparison of Loan Options:Using the EMI calculator, you can effortlessly compare different loan options and make an informed decision. By adjusting the loan amount, interest rate, and tenure, you can quickly assess the impact on your EMI.
- Financial Decision Making: You can use the calculator to understand the financial implications of your car loan. Using it, you can evaluate your affordability, evaluate repayment options, and determine the impact of interest rates on your EMI.
- Enhanced Negotiation Power:Armed with the knowledge, you can confidently discuss loan terms, interest rates, and tenure with the lenders and ensure you secure the best possible deal for your car loan
- Loan Amount: The EMI amount changes with the loan principal. A higher loan amount will increase the EMI amount. Similarly, a lower loan will yield a smaller EMI.
- Interest Rate: Car loan EMIs are subject to change. If the interest goes up, the EMI will increase. Similarly, a lower interest rate will decrease the EMI on your loan.
- Loan Tenure:The duration of the loan also plays a crucial role in deciding the EMI. Increasing the number of months to pay the loan will reduce the monthly EMI value. Conversely, a shorter tenure will increase the EMI amount, as now you have to pay it in a shorter period.
- Down payment: A downpayment is the amount you'll pay upfront to buy your car. The higher the down payment, the lower the loan amount and the EMI.
- Prepayment or Foreclosure: If you decide to make prepayments or foreclose the loan before the designated tenure, it can influence the EMI amount. Early repayment of the principal amount will lower your EMI.
The car loans offered by Federal Bank are primarily of two types:
- Personal Car Loan: The car loan is offered to individuals, sole proprietorships, partnership firms, companies, trusts, educational institutions, and any other lawful organisations, with a regular monthly income.
- NRI Car Loan: It is offered to NRI and PIO (People of Indian Origin) customers holding Indian passports. NRI customers can make EMI payments through their NRE/NRO accounts.
A car loan EMI calculator is a digital tool that helps individuals estimate their equated monthly instalment (EMI) amount for a car loan based on factors such as loan amount, interest rate, and tenure.
You can use the Federal Bank car loan EMI calculator by entering simple inputs such as the principal loan amount, interest rate, and loan tenure. The calculator will automate the EMI calculation by accurately calculating your monthly EMI obligation, helping save time and effort.
- The calculator uses the following EMI calculation formula.
- P = principal amount
- N = period of loan in months
- R = rate of interest calculated monthly
Yes, the Federal Bank car loan EMI calculator on Angel One’s website is a free tool available to anyone who needs to calculate the EMI on a car loan in advance.
The interest rate on Federal Bank car loans is determined according to the loan applicant’s monthly income, profession, credit score, age, etc. Banks also consider economic factors while determining the interest rate. Contact the bank to get the prevailing interest rate.