EMI
0
Principal Amount
Interest
Total Payable
Buying a car with a car loan can be one of the most important decisions you make, as the EMIs on the loan will have an impact on your monthly budget. To plan your monthly budget right, you must first know how much EMI you need to pay on your car loan. And to determine the EMI, you can use a car loan EMI calculator. If you are looking into the car loans offered by Mahindra Finance then first use the Mahindra Finance car loan EMI calculator, which can help you in determining the EMIs you need to pay on the car loan.
The Mahindra Finance car loan EMI calculator is an online financial tool available on the Angel One website for free and easy to use. You just have to enter some basic details about your car loan and get the results instantly in less than a minute.
The working of an online car loan EMI calculator is simple. You just have to input basic details like loan amount, interest rate and tenure of the loan and the online calculator will compute the monthly payment (EMI), and the total payable amount, including the principal and the total interest on the loan.
The Mahindra Finance car loan EMI calculator formula is,
EMI = [PxRx(1+R)^N]/[(1+R)^N-1]
Here,
P = Principal amount
N = Tenure of the loan in months
R = Rate of interest charged
Let us use an example to understand the car loan EMI calculator formula better.
Suppose Mr. Ajay took a car loan of Rs. 3,00,000 at a rate of interest of 10% for 3 years. Once you enter these figures, the EMI of his car loan is calculated as given below:
EMI = [PxRx(1+R)^N]/[(1+R)^N-1]
P = Rs. 3,00,000
R = 10% (or 10/100/12=0.833 per month)
N = 3 * 12 = 36 months
EMI = [3,00,000 x 10/100/12 x (1+10/100/12)^36] / [(1+10/100/12)^36-1]
= Rs. 9,680
As per the car loan EMI calculator formula, the EMI that Mr. Ajay needs to pay is Rs. 9,680.
Using the car loan EMI formula and doing manual calculations is not easy. You can make several errors that can give a wrong result. Here is where an online Mahindra Finance car loan EMI calculator comes to your rescue. The usage of this calculator is simple and effortless. All you have to do is follow the steps below:
The online Mahindra Finance car loan EMI calculator computes the values and gives the EMI amount, the interest amount on the loan and the total payable amount.
Mahindra Finance offers only one car loan which any salaried person, self-employed person, farmer or trader is eligible for. The applicants should be 21 to 60 years of age and should meet the minimum income criteria set.
The Mahindra Finance car loan EMI calculator on the Angel One website is an online financial calculator that helps you calculate the car loan EMI from Mahindra Finance. The calculator provides instant results and there is no charge levied on the usage.
The usage of the Angel One’s online Mahindra Finance car loan EMI calculator is simple and quick. You just need to enter the loan amount, interest rate and the tenure of the loan. The calculator computes and provides the monthly EMI along with the total interest and total payable amount for the entire tenure instantly.
Yes. The online Mahindra Finance car loan EMI calculator on Angel One is free of charge. You can use the calculator at any time at your convenience.
The factors that affect the interest rate of the car loan are your (applicant’s) monthly income, profession, age and credit score. Apart from that, the social and economic factors also impact the loan interest rate.
The interest rate on the Mahindra Finance car loan is not fixed. It is determined according to the applicant’s profession, age and credit score. The company also considers economic factors while determining the interest rate on loans.
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