# Car Loan EMI Calculator

This is the Car Loan EMI calculator tool, You can use this Car loan EMI Calculator to calculate the Car loan equated monthly installment amount (EMI), Total Interest Amount, and total payable amount.

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## What is Car Loan EMI Calculator?

The full form of EMI is Equated Monthly Installment. This means you have to repay the loan amount in a monthly installment. The installment amount consists of interest amounts and Loan amounts.

If you want the Car loan then using this Car loan calculator you can calculate the Car loan monthly Payable amount, total payable interest amount, and total payable amount (Which means total interest amount + Car Loan amount).

Also using this Car loan calculator you can 1 to 7 years Car loan tenure EMI details. So that you can correctly choose tenure according to EMI amount.

## How Car Loan EMI calculate?

The formula of EMI is : E= P.r.(1+r)^n/((1+r)^n-1) [Where E = EMI, P=Loan Amount (Here Car loan amount), r= rate of interest amount (r is calculated on monthly basis. r= rate of annual interest/12/100., Example: annually 9% interest rate., So r= 9/12/100, r=0.0075%), n = Loan tenure in month's.]

Example of EMI calculation: For example, you want 5 lakh of a Car loan at a 9% interest rate for 6 years. Then P=500000. r=9/12/100=0.0075%. n=6×12=72 months. Then calculation will be: E=500000×0.0075×(1+0.0075)^72/((1+0.0075)^72-1) E=9012.77