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Frequently asked questions
How is car loan EMI calculated?
EMI is calculated using the reducing-balance formula: EMI = P × r × (1+r)n / ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments.
Can I enter the loan tenure in months instead of years?
Yes. Use the years/months toggle next to the tenure field to switch units before calculating.
Does a lower interest rate always reduce the total cost of the car loan?
Yes, a lower annual interest rate reduces both the EMI and the total interest paid over the loan tenure, assuming the principal and tenure stay the same.