Car Loan EMI Calculator
- Car Loan EMI (or equated monthly instalment) is a fixed amount of money calculated by the car loan EMI calculator you pay towards repayment of your car loan every month on a fixed day of the month till your loan is fully paid back. The EMI comprises of both principal repayment and interest payment.
- For car loans offered at fixed rate of interest, both the EMI and the loan tenure remain constant. The interest component of the EMI keeps reducing and the principal component of the EMI keeps increasing.
- For car loans offered at floating rate of interest, the EMI amount as calculated initially by the bank using car loan EMI calculator remains constant but the tenure may either increase or decrease by a few months depending upon movement in interest rates.