Mahindra Finance Car Loan EMI Calculator

Buying a car with a car loan can be one of the most important decisions you make, as the EMIs on the loan will have an impact on your monthly budget. To plan your monthly budget right, you must first know how much EMI you need to pay on your car loan. And to determine the EMI, you can use a car loan EMI calculator. If you are looking into the car loans offered by Mahindra Finance then first use the Mahindra Finance car loan EMI calculator, which can help you in determining the EMIs you need to pay on the car loan.

The Mahindra Finance car loan EMI calculator is an online financial tool available on the Angel One website for free and easy to use. You just have to enter some basic details about your car loan and get the results instantly in less than a minute.

The working of an online car loan EMI calculator is simple. You just have to input basic details like loan amount, interest rate and tenure of the loan and the online calculator will compute the monthly payment (EMI), and the total payable amount, including the principal and the total interest on the loan.

The Mahindra Finance car loan EMI calculator formula is,

EMI = [PxRx(1+R)^N]/[(1+R)^N-1]

Here,

P = Principal amount

N = Tenure of the loan in months

R = Rate of interest charged

Let us use an example to understand the car loan EMI calculator formula better.

Suppose Mr. Ajay took a car loan of Rs. 3,00,000 at a rate of interest of 10% for 3 years. Once you enter these figures, the EMI of his car loan is calculated as given below:

EMI = [PxRx(1+R)^N]/[(1+R)^N-1]

P = Rs. 3,00,000

R = 10% (or 10/100/12=0.833 per month)

N = 3 * 12 = 36 months

EMI = [3,00,000 x 10/100/12 x (1+10/100/12)^36] / [(1+10/100/12)^36-1]

= Rs. 9,680

As per the car loan EMI calculator formula, the EMI that Mr. Ajay needs to pay is Rs. 9,680.

Using the car loan EMI formula and doing manual calculations is not easy. You can make several errors that can give a wrong result. Here is where an online Mahindra Finance car loan EMI calculator comes to your rescue. The usage of this calculator is simple and effortless. All you have to do is follow the steps below:

• Open Angel One’s Mahindra Finance car loan EMI calculator
• Enter the loan amount
• Enter the interest rate
• Enter the loan tenure

The online Mahindra Finance car loan EMI calculator computes the values and gives the EMI amount, the interest amount on the loan and the total payable amount.

• Plan finances: An online car loan EMI calculator can assist you in planning your monthly finances easily. You’ll know the EMI on your car loan and can work on your monthly budget accordingly.
• Assess affordability: Knowing how much EMI you can afford is a vital task while getting a loan. And the online Mahindra Finance car loan EMI calculator can help you evaluate that. According to your monthly budget range, you can check how much loan to borrow.
• Free to use: Angel One’s Mahindra Finance car loan EMI calculator is available for free. You can use the calculator at any time from anywhere at your convenience.
• Error-free and instant results: Manual calculations cause errors and give wrong results. And these errors can be avoided by using an online calculator. Also, the online car loan EMI calculator provides instant results which is time-saving. All you need to do is just enter the basic details like loan amount, interest rate and tenure.

• Interest rate: The interest rate on the car loan has an impact on the EMI. It will determine the monthly payments you make on the loan.
• Tenure: The loan period also affects the EMI amount. Opting for a higher tenure may make your monthly payments less, but the interest you will be paying on the loan can get high. So choose a tenure mindfully.
• Loan amount: The amount you borrow will determine the EMI you will be paying on the loan.

Mahindra Finance offers only one car loan which any salaried person, self-employed person, farmer or trader is eligible for. The applicants should be 21 to 60 years of age and should meet the minimum income criteria set.