EMI Calculator : Calculate Your Vehicle Loan EMI

Interested in buying a new vehicle? Can’t find the right deal? Not sure if you are being charged the right interest rate for your vehicle loan? Check out the Gupta Automobile EMI calculator to find the best vehicle finance scheme and calculate equated monthly instalments (EMI) by entering loan interest rate, loan period and the amount of vehicle loan that you wish to take. The Gupta Automobiles EMI calculator calculates instalment on reducing balance. As per the rules of financing institutions, processing fee or possible charges may be applicable which are no shown in the EMI we calculate.
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Instructions to use EMI Calculator

What is an EMI?
A loan is a financial agreement between two parties, a lender and a borrower. Under this agreement, the lender gives a specific amount of money to the borrower with the intent that the amount borrowed is paid back with interest as monthly installments over a predetermined period of time by the borrower. Using an EMI calculator is the easiest way to determine your monthly payouts and balance your budget accordingly. Everyone has to borrow a loan at some point in time in their life whether for buying a car or a house, funding their child’s education or consolidating debts, etc. Thus, loans have become an important part of everyone's life in today’s times. Loans can be availed for various purposes, but the key components on loans are always the same, namely - loan amount, loan tenure and interest rates.

What is the difference between EMI in advance and EMI in arrears?
EMI in Advance: Under this repayment option, you are required to pay your first EMI to the bank in advance. This implies that the loan amount disbursed by the bank in your account will be Principal Amount minus the Processing Fee and the 1st EMI. The twist in the tale is that the deducted EMI only comprises of Principal Component, and not the Interest Component. Hence, the interest that you pay over the remaining tenure of the loan will be on a lower Principal Amount than your loan amount. Of course, from your 2nd EMI onwards, both the principal component and the interest component will be a part of the monthly instalment.
EMI in Arrears: Essentially known as the standard EMI, under this repayment plan you are required to pay your EMI, every month on the pre-decided date. In this case, the loan amount disbursed by the bank in your account will be the Principal Amount minus the Process Fee. This is an ideal repayment alternative if you do not have the means to pay the first EMI upfront.

How are Loan EMIs Calculated?
Loan amount, tenure and interest rate are the three key parameters of a loan and these vary in case of different loan providers. EMI applicable to a loan varies according to all these three parameters. Therefore, before choosing a particular loan, it is very important to have an understanding of these three parameters and how do they relate to the loan EMI. An EMI, or equated monthly installment, is the amount that is payable by you every month to the lender in order to satisfy the principal and the accumulated interest.

What are the Factors Affecting Loan EMI?
EMI or Equated Monthly Installments are often not fixed over the loan period and can change due to a number of factors. When you consider taking a loan, you may use EMI calculators and calculate your EMI estimate by taking into account different factors related to your loan which include loan amount, interest rate and loan tenure. However, these factors do not stay the same and can change over time leading to changes in your EMI payments. This is especially true in case of loans that feature long tenures such as home loan, which are currently linked to the MCLR (marginal cost of lending rate)-based interest rates.

These factors which can affect the monthly EMI amount include the following:

Change in interest rate during the loan tenure
Loans can be offered at fixed, floating or hybrid interest rates. In the case of fixed interest rate, the rate stays the same throughout the duration of the loan and the loan repayment made is fixed for the entire tenure. However, in floating interest rate loans, the interest rates can change many times during the tenure of the loan. This change can impact the loan EMI either positively, negatively or not at all. In hybrid interest rate loans, a mixed interest rate of fixed and floating rate is applied. In the starting, fixed interest rate is applied and later in the loan tenure the interest rate becomes floating.

The rate of interest on different loans changes as and when the Reserve Bank of India regulates its standard rates. This change does not affect fixed interest rate loans. On the other hand, in the case of the floating rate of interest the EMI payments can increase or decrease.

Prepayment of the Loan Amount
Prepayment of the loan amount can be done for most of the loans and usually all banks allow you to prepay the loan ahead of schedule by making lump sum payments, however, there may be a penalty associated with the prepayment. If you make any payments which are greater than your monthly EMI, the principal amount will be decreased, which will in turn reduce the EMI payment you need to make each month to pay off the loan amount payable.

Prepayment can be done after a certain time as stipulated under the terms and conditions provided by the lender. But, prepayment can only be done on payment of prepayment charges which are levied on the outstanding amount. This charge is usually 1-3% of the outstanding amount and some lenders even waive this prepayment fee subject to certain terms and conditions.

Change in Loan Tenure
If you can work out with your loan provider for a new loan term or switch over to a new loan tenure with a new loan provider (such as home loan balance transfer), then your EMI may increase or decrease accordingly. Changes in loan tenure can impact your EMIs in a big way, so take a thoughtful decision after considering all the factors and after using EMI calculators to check with probable EMIs. The longer the loan tenure, the lesser the value of the individual EMI payable as compared to shorter tenures. In case of shorter tenures, the loan is repaid faster and total interest paid out to repay the loan amount is lower than longer tenure loans.

Loans with Flexible Repayment Options
Some loan providers offer flexible loan repayment options that feature varying EMIs. In step-up loans, you pay lower EMIs initially and the EMI payable increases as you progress along the loan tenure. In step-down loans, you have to pay higher EMIs at the start which get reduced at a later stage. Step-up loans are a better option for borrowers who are borrowing towards the beginning of their career, whereas step-down loan option is useful for borrowers who are close to their retirement years.

EMI payment is an integral part of a loan and you take pains to plan ahead when determining the EMI amount that you are comfortable to pay back. As you will need to aside a particular amount each month from your income, make sure you choose an EMI which does not put your monthly budget under undue stress. So make sure you assess your repayment capacity using a loan EMI calculator before you make the final decision on your home loan.

What is a Loan EMI Calculator?
EMI is the payment which the borrower makes every month towards loan repayment of the loan. EMI constitutes the principal amount along with the accrued interest. You can use the EMI calculator to calculate your monthly loan EMI payouts. The borrower just needs to enter the variables of the loan such as the principal amount, tenure and interest rate and it instantly fetches an result which is the EMI. Calculating EMI using the online EMI calculator is easy and you get to know your loan EMI in seconds.Gupta Automobile’s online loan EMI calculators are available 24*7 without any cost! So calculate or compare various loan EMIs any number of times you wish to, for free.

How an EMI Calculator Works?
EMIs can be calculated by using EMI calculators that are available online on the Gupta Automobile website. These calculators are handy tools for calculating loan EMIs and require just seconds to display the final result, which shows the payable EMI.EMI calculators require certain variables to be input by the user for determining the loan EMIs, which include:
Loan amount The loan principal or the actual amount borrowed as a loan for purchasing the house, car, or any other requirement. This loan amount depends upon a number of factors related to the loan applicant and the cost of the purchase. The interest is applied on this loan principal amount. Higher the loan amount, higher is the EMI that you will pay each month. The principal amount that you wish to borrow should be entered into the EMI calculator in the space which says loan amount.
Tenure of the loan This refers to the total time period of repayment of the loan. Loan tenures vary depending on the type of loan, loan principal and also the lender you are borrowing from. For example, personal loans are shorter tenure loans up to a maximum of 5 years whereas home loans are longer tenure loans which can go up to a maximum of 25-30 years. The longer the tenure of the loan, the more will be the interest that you will have to pay and thus higher will be the EMIs.
Interest Rate It is the rate at which the interest is charged on the amount lent to the borrower. The interest rate also varies from one type of loan to another, on the basis of the amount lent and from one lender to another. It is best to compare the interest rates offered by different lenders for a particular loan, before you make the final choice for the loan. The EMI can vary according to the type of interest rate charged on the loan, fixed, floating or hybrid.

What are the Benefits of EMI Calculator?
The main benefit of an EMI calculator for borrowers is that they get to know how much money they will need to pay towards their loan each month so that they do not end up straining themselves financially and end up in financial distress. Loan EMI calculator helps the borrower decide on an EMI amount which can be comfortably repaid over the tenure of the loan.

The benefits of this calculator are just not restricted to the above-mentioned point. There are additional benefits to it, these are:

Disclaimer: The calculation performed by EMI Calculator is based on the information you entered and is for illustrative purposes only. This calculation reflects amounts in Indian Rupee. Estimated monthly payments DO NOT include any processing or other possible fees which may depend on the financial institution / banks. All loan figures are based upon non-commercial usage and are subject to credit approval from an independent lending source. Actual down payment and resulting monthly payments may vary depending upon type and use of vehicle, regional lender requirements, and the strength of your credit.Check with your dealer for exact monthly payment.