Federal Bank Car Loan EMI Calculator

The Federal Bank, along with its many other products and services, also offers its customers car loans. These car loans can be easily paid back through EMI (equated monthly installments) options.

Though there are several factors that would typically contribute to the amount of EMI that will be paid by each person, there are only a few primary factors that can make sure of it. In order for any customer or potential customer to know the amount of EMI that they would be paying, they can use the Federal Bank car loan calculator for instant solutions.

What is the Federal Bank Car Loan EMI Calculator?

The Federal Bank car loan EMI calculator is an online tool that will help you to identify the amount of EMI that you would be paying on a car loan. It has a formula box that can give you the result within seconds of the process. You can also know the amount of interest that you will be paying by using this tool.

It has been established in order to eliminate the wastage of time manually calculating the EMI or the interest amount of the Federal Bank car loans. It can be used multiple times by one person to compare different tenures and amounts of car loans. 

How Will the Federal Bank Car Loan Interest Rate Calculator Help You?

The Federal Bank car loan EMI calculator is an instant answer to know if this bank is suitable and you can afford the car loan efficiently.

You can easily find out how much interest will be changed, and you can also know how to plan your monthly budget based on a predetermined EMI. The calculator is also free for anyone to use, which makes it highly accessible at no cost.

You can also use this tool to make sure you are choosing the right car loan and the different possibilities of buying cars. The car loan calculator is one of the most accurate results you can find with no log-in or sign-in needs. You can instantly find a reliable source that will not have any errors because there were no manual calculations.

What are the Steps to Use the Car Loan Calculator Federal Bank?

This is a user-friendly tool, and it has only three simple steps that you have to follow:

1) The Principal

You will have to enter the principal amount into the calculator.

2) The Tenure

You will have to enter the period for which you want to pay off the loan.

3) The Rate

You will then have to enter the interest rate that is charged by the Federal Bank for the car loan.

After all of these data sets have been entered, you will be presented with the EMI amount and also the total amount of interest that you will be paying over the car loan from Federal Bank.

How Can I Calculate the EMI of Federal Bank Car Loans Manually?

You could also use a manual method to calculate the Federal Bank car loan EMI, and that can be done through a formula, which is:

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

In this formula, the terms mean:

P = Principal

N = Period of the Loan

R = Interest Rate

This formula can also be explained through a simple example:

When you want to take a loan from the Federal bank to buy a car loan in the month of June 2022 for Rs. 6.5 lakhs, at the rate of 9.25% for a period of 2 years. Therefore, the manual calculation can be mentioned in the below way:

P = Rs. 6.5 lakhs

R = 9.25%

N = 2 Years (24 months)

EMI = [6,50,000 x 12/100/12 x (1+9.25/100/12)^24] / [(1+9.24/100/12)^24-1]

EMI = Rs. 29,770

Amortization Table of Federal Bank Car Loan

From the example that has been mentioned above, we can derive the below-stated amortization table:

What are the Advantages of Using the EMI Calculator for Car Loan Federal Bank from Groww?

You can take away multiple advantages from using the Federal Bank calculator from Groww, and some of them are:

• You can make speculations before applying for a car loan in Federal Bank.
• You can also calculate different amounts and tenures and make sure you purchase cars that suit you and that you can afford them.
• You can use this calculator instantly from anywhere and at any given time, and you would not have to register or pay.