Monthly EMI  ₹ 
Principal amount  ₹ 
Total interest  ₹ 
Total amount  ₹ 
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.
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.
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 login or signin needs. You can instantly find a reliable source that will not have any errors because there were no manual calculations.
This is a userfriendly 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.
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)^N1]
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)^241]
EMI = Rs. 29,770
From the example that has been mentioned above, we can derive the belowstated amortization table:
Year 
Total Payment 
Loan Outstanding 

2022 
Rs. 1,78,620

Rs. 4,98,550 

2023 
Rs. 3,57,240

Rs. 1,73,891 

2024 
Rs. 1,78,612

Rs. 0 
You can take away multiple advantages from using the Federal Bank calculator from Groww, and some of them are:
No, it is a calculator that is free of cost.
The rate of interest will remain the same, but the EMI amount will change.
Then your EMI and interest on the loan will be reduced.
The process is easy; you need to visit the page and enter the same basic details such as amount, period, and rate. After this, the EMI amount will be displayed to you.
You can check the different schemes of the bank, but most banks will finance up to 85% of the value for you.