Calculate EMI of your car loan.
Your loan details as specified by you
| Year | Opening Balance (₹) | EMI (₹) | Interest paid monthly (₹) | Principal paid monthly (₹) | Closing Balance (₹) |
|---|---|---|---|---|---|
| 2023 | 1,00,000 | 11,100 | 4,858 | 6,240 | 93,760 |
| 2024 | 93,760 | 11,100 | 4,539 | 6,559 | 87,200 |
| 2025 | 87,200 | 11,100 | 4,203 | 6,896 | 80,305 |
| 2026 | 80,305 | 11,100 | 3,852 | 7,248 | 73,057 |
| 2027 | 73,057 | 11,100 | 3,479 | 7,619 | 65,438 |
| 2028 | 65,438 | 11,100 | 3,090 | 8,008 | 57,429 |
| 2029 | 57,429 | 11,100 | 2,680 | 8,419 | 49,011 |
| 2030 | 49,011 | 11,100 | 2,249 | 8,850 | 40,161 |
| 2031 | 40,161 | 11,100 | 1,796 | 9,302 | 30,860 |
| 2032 | 30,860 | 11,100 | 1,321 | 9,778 | 21,082 |
| 2033 | 21,082 | 11,100 | 821 | 10,279 | 10,804 |
| 2034 | 10,804 | 11,096 | 295 | 10,808 | 0 |
Formula for Car Loan EMI Calculation:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
E: Equivalent Monthly Installment,
P: Principal or total loan amount,
r: Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and
n: Number of monthly instalments or loan tenure in months.
*This formula excludes the car loan processing fee charged by the bank.