IndusInd Bank Car Loan EMI Calculator

IndusInd Bank offers eligible clients car loans, and these car loans are simpler ways to buy cars since you can pay the loan off through an EMI or an equated monthly installment.

This monthly installment will be a particular sum of money, needs to be paid on a specific date, and will be paid for the entire loan tenure.

If you are planning on getting a car loan from IndusInd Bank and want to know how much the EMI each month would be, you can use the IndusInd Bank car loan EMI calculator for instant assistance.

What is the IndusInd Bank Car Loan Calculator?

 The IndusInd Bank car loan EMI calculator is an online tool with a formula box for standard calculations of car loan EMIs from IndusInd Bank.

The calculator is an internet-based tool and will only work online. You can use it to know the amount of EMI you would incur in a car loan that you want to take from the bank. 

The calculator can be used 24/7 and also as many times as required. Therefore, you can enter different amounts and tenures to check the suitability of the EMI amount.

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

The IndusInd Bank car loan EMI calculator is one where you get instant solutions on the possible EMI you would be paying towards the car loan from IndusInd Bank. It can be used as a tool of comparison by adjusting different tenures and amounts. It can be an instrument used to estimate the most suitable car loan scheme that the bank provides you.

The IndusInd Bank will also eliminate any possible outcome of human error as there will be no need for any sort of manual calculations. The calculator will also show you the amount of total interest that would incur on your car loan.

How Do I Use the IndusInd Car Loan EMI Calculator?

Using the IndusInd Bank car loan calculator is simple and easy to use, and all that you would have to do is enter the below-mentioned data into the calculator. 

1) Principal

The initial amount that you need to buy the car.

2) Tenure

The period for which you want the loan to be paid off.

3) Rate

This is the interest rate that the bank is offering you for the car loan.

Once these details have been clearly adjusted into the calculator, you will be shown the EMI you would be paying on the loan each month and the interest that has been charged on the loan.

What is the Process for Manually Calculating the EMI for the Car Loan?

The calculator also uses a standard format to make these calculations, and you can also calculate the EMI amount of the car loans from IndusInd Bank with this formula.

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

Therefore, each letter of the formula stands for the following:

P - Principal

N - Tenure

R - Interest Rate

 This formula could be explained more clearly through an example.

If you have decided to take a car loan from IndusInd Bank, and you will be applying for it in the month of June 2022 with the below-mentioned structure:

P = Rs. 7.5 lakhs

R = 6.8%

N = 4 Years ( 48 months )

EMI = [7,50,000 x 12/100/12 x (1+6.8/100/12)^48] / [(1+6.8/100/12)^48-1]

EMI = Rs. 17,890

Amortization Table of the Loan

Based on the formula that has been spoken about before, here is an amortization table that can portray to you the segments of the repayment of the loa in detail:

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

There can be varied takeaway benefits from using the IndusInd Bank Car Loan calculator from Groww, but the main advantages are:

• The users of this calculator can completely eliminate the possibility of errors because there will be no manual calculations.
• It is time-saving for the borrower as he will find instant solutions.
• It is easier to use and does not need any advanced skills.
• It is free of cost for everyone, and it can be easily accessed.