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Banks offer car loans at affordable interest rates and tenures without you having to stretch your budget. The car loan EMI is made up of the principal and interest portion of the loan.

The EMI would remain fixed throughout the loan and would be repaid through instalments each month. The Car Loan EMI Calculator is a utility tool that helps you to determine the equated monthly instalments you must pay the lender, throughout the car loan. You get to know the amount you must borrow, the interest rate and the Car Loan EMIs over the tenure of the loan before you walk into the bank.

This also means that the EMI value will change, each time you change any of the three variables. It is the original loan amount given to you by the bank on which the interest will be calculated. N is the number of years given for the repayment of the loan. As you must pay the EMIs each month, the duration is calculated in the number of months. You get a clear idea on the car loan EMIs you would be paying the lender.

This will help you to get your finances in order, before applying for the car loan.

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