IDFC FIRST Bank Car Loan EMI Calculator

IDFC First Bank is among one of the fastest-growing banks today, and the bank is known to be offering its customers a variety of products and services.

Among its broad range of products and services, the bank also offers its customers car loans. These car loans, once availed, can be paid off through an EMI or an equated monthly installment. The EMI can be estimated by using the IDFC First Bank car loan calculator.

What is the IDFC Car Loan EMI Calculator?

The IDFC First Bank car loan calculator is an online tool with a programmed formula to calculate the EMI amount according to the principal borrowing, tenure of the loan, and the rate of interest that IDFC First Bank offers for car loans to its customers.

Anyone is free to use this IDFC First Bank car loan EMI calculator that is provided on the website of Groww. It could be used to estimate the EMI and interest amount of a car loan that they want to borrow.

Anyone can use this calculator as long as they have access to the internet; you would not have to sign up to use it. You will just have to provide some primary details, and you can instantly find out how much EMI and interest will be incurred on your car loan from IDFC First Bank.

How Will the IDFC Bank Car Loan EMI Calculator Help You?

The IDFC First Bank car loan calculator can be an assistance in terms of future estimations of an EMI. It can help you plan around a budget and affordability. It also enables you to see the details of the interest that will incur on the loan, and you will know if the scheme is good for your financial stand. It can also make sure you have the right insights towards the break up of the loan that you want to borrow.

You can use this calculator instantly, and there will be the elimination of human error or the tedious process of manual calculation of the EMI amount that could come out of the car loan that you borrow from IDFC First Bank.

How to Use the Car Loan EMI Calculator IDFC?

 Using the IDFC First Bank loan calculator is simple; it has been established to be user-friendly for everyone to use. All that you would have to do is enter some basic details on the IDFC First Bank car EMI calculator:

1) The Principal Amount

You can enter the principal amount that you want to borrow from the bank.

2) The Tenure of the Car Loan

You need to also enter the period of the loan.

3) The Interest Rate that IDFC First Bank Provides

This will be the interest rate that IDFC First Bank provides during that particular period.

After all this information has been entered - you will be displayed with the EMI amount, along with the amount of interest on the loan.

How to Calculate the EMI for an IDFC First Bank Car Loan?

The calculator uses a formula box to calculate the EMI amount from IDFC First bank car loans. The same formula can also be used to calculate the EMI manually, and that is:

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

In this formula, each letter will represent a different meaning, and they are:

P = The principal amount 

R = The rate of interest

N = The tenure of the loan

This formula can further be explained even through an example.

If Ria decides to take out a car loan from IDFC First Bank in June 2022, she can also use the formula to calculate the EMI of the loan.

The details of the loan have been mentioned below:

P = Rs. 5 lakhs

N = 3 Years (36 months)

R = 7.2%

Based on these data sets:

EMI = [5,00,000 x 12/100/12 x (1+7.2/100/12)^36] / [(1+7.2/100/12)^36-1]

EMI = Rs. 15,484

Amortization Table of the Car Loan

For the example of Ria's car loan from IDFC First Bank, we can look at the break-even points through this amortization table:

What are the Benefits of Using the IDFC Car Loan Calculator from Groww?

Here are some of the most crucial benefits of using the IDFC First Bank Car Loan Calculator from Groww:

• This is a calculator for everyone, so even if you are not tech-savvy, you can use this calculator. 
• This calculator also allows all kinds of customers to use it free of cost, which means you would never have to pay.
• The calculator carries 100% accuracy since it works on a robust algorithm.