Calculate your monthly EMI, total interest and total payment for your car loan
The EMI (Equated Monthly Installment) is calculated using the following formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual rate divided by 12 and then divided by 100)
N = Loan tenure in months