Mahindra Finance Car Loan EMI Calculator

Mahindra Finance is a Non-financial 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.

What is the Mahindra Finance Car Loan EMI 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.

How Will the Mahindra Finance EMI Calculator Help Me?

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.

How Can I Use the Mahindra Finance Car Loan Calculator?

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.

How to Calculate the EMI for Mahindra Finance Car Loan?

The calculator uses a preprogrammed formula box to calculate the EMI amount, and that formula is:

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

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)^48-1]

EMI = Rs. 10,317 

Amortization of the Mahindra Finance Car Loan

Based on the formula that has been mentioned above, we can look at the payment segments of the loan:

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

Here are the major benefits of using the Mahindra Finance car loan calculator from Groww:

• You can avail of this calculator for free of cost, which is always accessible.
• You can also compare different tenures and amounts to estimate the amount you should make up as a downpayment.
• You can use the calculator to draw a good expense plan around the month.