What is the formula required to estimate the EMI?
The formula required to estimate the EMI is [E = P * r * (1 + r)^n ] / [(1 + r)^n - 1]]. In this formula, the E is the EMI, and ‘P’ is the principal amount that you are planning to borrow, the ‘r’ is the rate of interest and the ‘n’ is the tenure of the car loan.
Do not worry! You do not have to remember or enter this formula anywhere. The car loan EMI calculator is programmed to use this formula for estimating the EMI. Your contribution in the process simply involves entering the three variables.
- What is the formula required to estimate the EMI?
- What documents are needed to use the car loan EMI calculator?
- How many times can I use the car loan EMI calculator for free?
- Is buying a car insurance policy mandatory for car loan approval?
- How much is the difference between the EMI estimated by the car loan calculator and the actual EMI quoted by the lender?