Monthly EMI  ₹ 
Principal amount  ₹ 
Total interest  ₹ 
Total amount  ₹ 
IDFC First Bank is among one of the fastestgrowing 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.
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.
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.
Using the IDFC First Bank loan calculator is simple; it has been established to be userfriendly 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.
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)^N1]
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)^361]
EMI = Rs. 15,484
For the example of Ria's car loan from IDFC First Bank, we can look at the breakeven points through this amortization table:
Year 
Total Payment 
Loan Outstanding 

2022 
Rs. 92,904

Rs. 4,23,963 

2023 
Rs. 1,85,808

Rs. 2,63,453 

2024 
Rs. 1,85,808

Rs. 90,996 

2025 
Rs. 92,916

Rs. 0 
Here are some of the most crucial benefits of using the IDFC First Bank Car Loan Calculator from Groww:
Yes, when the calculator is used, you can see the interest amount and the EMI to be paid.
You can always visit the official portal of the bank to find out about all the new rates and schemes.
Yes, you will have to enter the preferred tenure of the loan that you want to take.
Yes, the calculator is for all the visitors of the sites, irrespective of account holders.
Some other attributes are your credit score, the down payments, and more.