### What is Car Loan EMI Calculator?

Car loan EMI calculator helps you to calculate the amount you need to deposit and the amount of interest you need to pay for the given period of time. It will help you smoothly to get the final ownership of your car.

### Benefits of car emi calculator

There are few benefits of Car EMI Calculator which are like

- You can plan your monthly budget by understanding how much you have to pay for your car loan
- You can compare different loan amount, interest, tenure and choose the suitable option
- This calculator will save your time and give the accurate results
### How to calculate Car Loan EMI Amount?

You can simply calculate the Car loan EMI amount with the help of this formula:
E= [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal Amount
R = Rate of Interest
N = Time Period
E = Total EMI payable
So, for example if you take a car loan of ₹8,00,000 lakh at an interest rate of 10%
So the P = ₹8,00,000,
So, now change the interest in the monthly rate R = 10/100/12
Let’s assume the tenure of loan is N = 3 years or 36 months.
EMI = [8,00,000 x 10/100/12 x (1+10/100/12)^36] / [(1+10/100/12)^36-1]
EMI = ₹25,814
### How to use ELM Car Loan EMI Calculator?

With our ELM car loan calculator online, calculating is easy and free. You only need to follow these steps:
You need to first add the loan principal amount
Then enter the loan tenure
Now enter the rate of interest (at what rate you have taken the loan)
Now, finally add the date from which the emi will start. Although there are several Car loan calculators online, it's important to use the one which is user-friendly for accurate calculations. With Elearnmarkets's online car loan emi calculator, you can easily and accurately calculate it.
### Is using an online EMI calculator reliable for estimating my monthly payments?

Yes. An online EMI calculator gives us an accurate monthly budget estimation with which you can plan our monthly finance. It is time saving, and also saves a lot of effort. We can get our desired EMI Calculation quick and seamlessly. The online EMI calculator helps to eliminate the risk factor, which may happen in manual calculation. These EMI calculators are easy to access, anytime and as many times as you want.
### How to calculate Rs.5 Lakh Car Loan EMI?

To calculate the ₹5 lakh Car loan EMI, we can use this formula
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P= ₹5,00,000
R= Let’s assume it is 10%
N= Suppose it 2 years or 24 months
E = [500000 x 10/100/12 x (1+ 10/100/12)^24]/[(1+24)^24-1]
So the EMI payable amount will be ₹23,072