Monthly EMI  ₹ 
Principal amount  ₹ 
Total interest  ₹ 
Total amount  ₹ 
Mahindra Finance is a Nonfinancial banking institution; or simpler terms, it is an NBFC. This NBFC has been renowned for its car loans with attractive interest rates to its customers. You can also opt for the car loan option of Mahindra Finance.
Although, the repayment of this car loan is done through monthly installments or equated monthly installments, which are known as EMIs. An EMI will be a fixed sum you have to pay each month. This EMI amount can be estimated based on some of the primary factors of the loan, and you can identify what your EMI will be by using the Mahindra Finance car loan calculator.
The Mahindra Finance car loan EMI calculator is an automated tool that helps you calculate the EMI amount on your car loans from Mahindra Finance.
The tool operates on a formula box that will estimate the amount of EMI and also the total amount of interest that will be charged on your car loan.
This calculator is only available online, and you can access this calculator through Groww's website. All that you would have to do is key in some primary information regarding the car loan from Mahindra Finance, and the calculator will automatically show you the amount of EMI that you would have to pay on the car loan.
The Mahindra Finance car loan EMI calculator is an online tool, which means you can access it from anywhere and at any time. The calculator will be useful for you to check your EMI amount before you can apply for it; this will ensure that you can pay the EMI amount on a monthly basis.
You can also use this calculator to make a comparison with different tenures and principal amounts, which will give you different EMI amounts. From this, you can make decisions based on the tenures and amount that you would want to borrow from Mahindra Finance.
Utilizing the Mahindra Finance cat loan calculator is a simple and easy process; everything that you would have to do is enter the details that are mentioned below:
1) The Principal
This is the principal amount that you would want to borrow for a car loan from Mahindra Finance.
2) The Rate
It is the interest rate that Mahindra Finance charges you for a car loan.
3) The Tenure
It is the time span that you choose to repay the loan.
After you have entered all of these details correctly on the calculator, you will be shown the amount of EMI you will be paying on the car loan to Mahindra Finance.
The calculator uses a preprogrammed formula box to calculate the EMI amount, and that formula is:
[PxRx(1+R)^N]/[(1+R)^N1]
The letters of this formula stand for:
P = Principal
R = Rate of Interest
N = Term or Tenure
We can see how to use this formula with an example:
Sanjay wants to borrow a car loan from Mahindra Finance in June 2022. The information about the loan is as follows:
Principal = Rs. 4.3 lakhs
Tenure = 4 Years (48 months)
Rate = 7.1%
EMI = [4,30,000 x 12/100/12 x (1+7.1/100/12)^48] / [(1+7.1/100/12)^481]
EMI = Rs. 10,317
Based on the formula that has been mentioned above, we can look at the payment segments of the loan:
Year 
Total Payment 
Loan Outstanding 

2022 
Rs. 61,902

Rs. 3,82,668 

2023 
Rs. 1,23,804

Rs. 2,82,826 

2024 
Rs. 1,23,804

Rs. 1,75,659 

2025 
Rs. 1,23,804

Rs. 60,632 

2026 
Rs. 61,894

Rs. 0 
Here are the major benefits of using the Mahindra Finance car loan calculator from Groww:
This calculator is free of cost  and you would not be charged in any manner.
This calculator can assist you with comparisons, planning, and estimations of a car loan that you would borrow from this bank.
There are no limitations or restrictions to the number of times this calculator can be used.
It will only ask you for the amount, tenure, and rate of interest of the loan that you want.
Your interest rate for a car loan will be at the highest when it is in the first year or the beginning.