Loan Against Car EMI Calculator Online

The TATA AIG loan against car EMI calculator is a very convenient tool that is designed to assist borrowers. It calculates the exact EMI (Equated Monthly Instalment) amount, interest amount, etc., and helps borrowers find out their future expenses. With the help of our India car loan calculator, borrowers can instantly find out the EMI required to repay the loan.

It eliminates the need for lengthy and complex calculations and formulas and allows one to get an answer in the simplest manner.

The accuracy of our calculator is high, which means it gives the precise EMI amount, allowing the borrowers to plan their finances well. The EMI includes the interest and the principal amount that must be paid through the tenure of the loan.

To use our calculator, all one needs to do is fill out the details as required, such as the loan amount, the interest rate of the lender, and the tenure of the loan. At one click the calculator will display the amounts in an accurate manner.

Our car loan premium calculator uses a mathematical formula to calculate the EMI of the loan against your car. You must enter a few values to enable the tool to make precise calculations.

To arrive at the EMI amount, the calculator uses the loan amount, interest rate and tenure of the loan as the values. It then applies a complex financial formula to the values you have input and shows the exact amount of EMI.

Here is what each of the values used in the calculator means:

Principal Amount: It is the amount that you want to borrow against your car, also known as the loan amount. The loan amount which the lender gives you depends on various factors such as your budget, car’s value, credit score, lender’s policies, etc.

Tenure of the Loan: Tenure is the duration for which you want to borrow the money. You must repay the loan within its stipulated tenure. You can choose a tenure based on your repayment capabilities. Choosing a longer tenure will give you the advantage of low EMIs and vice versa.

Interest Rate: The lender levies a charge for lending you the money, known as the interest rate. It is in addition to the loan amount that you have borrowed. Thus, when you repay the loan, you must pay the interest and principal amounts.

After you provide all the information in the calculator, you will instantly be able to see the EMI breakup along with the principal and interest details.

Make Complex Calculation Simple: The calculator assists you by simplifying the complex calculation of the EMI amount. Beneath its easy-to-use interface is a mathematical formula with multiple values. Using this calculator is simple and does not require any financial knowledge.

Assist Financial Management: You can find out the EMI amount against the loan which you need to pay in the future. Once you know the amount, you can plan your finances to accommodate this added expenditure seamlessly into your monthly budget. Thus, you are in a better position to pay off the loan.

Detailed Values: The calculation of the tool is very precise and detailed. At the end of the calculation, a detailed breakdown of the EMI is provided. It consists of the principal and the interest amount that goes every month towards the loan repayment. Thus, you are aware of the complete break up of your repayment expense.

Compare the Different Options: Using our car EMI calculator online, you can find the EMI values for loans offered by different lenders. Since the rate of interest, loan tenures and loan amount vary from one lender to another, the EMI also varies significantly. The calculator can assist you in knowing the EMI for borrowing from different lenders and choosing the best one.

Efficient Decision-Making: The calculator instantly provides you with all the details relating to the loan. Therefore, you can analyse each option carefully, assess the financial impact that it will have on you, and so on. In the end, you can make an informed decision, which can maximise your benefit.

The calculator uses a specific formula to calculate the EMI (Equated Monthly Instalment) for a loan against a car.

EMI= PR(1+R)n(1+R)n-1

P= Principal amount/loan amount

R= Monthly rate of interest (divide the yearly interest rate by 12)

N= Tenure of the loan

Let us consider an example to understand how the formula works.

Mehal wishes to take a loan of ₹1,00,000 for 24 months at 12% p.a. Using this formula, we shall calculate the EMI for Mehal.

Here,

P= 100000,

R=1% 0r 0.01 (12/12)

N=24

As per the formula,

EMI= 100000 x 0.01 x (1+0.01)^24 / (1+0.01)^24-1

Calculating the values,

100000x 0.01 =1000

(1+0.01)^24 = 1.2697

Now, putting the values together, we get,

EMI= 1000x 1.2697 / 1.2697-1

EMI = 1269.7 / 0.2697

EMI =4707.82

Mehal would have to pay a monthly instalment of ₹4707.82 for the next 24 months to repay the loan.

An amortisation table is a tabular representation of the loan repayment schedule, which shows the monthly breakdown of your EMI and consists of two components: principal and interest. The table gives you a fair idea of the interest and the principal component and how each one changes over time.

At the beginning of the loan tenure, a major part of the EMI consists of interest. As the payments go by, the interest amount reduces and the principal amount increases.

To understand this concept, let us continue the above example.

Loan Amount: ₹1,00,000

Interest Rate: 12%

Tenure: 24 months

The amortisation table for this loan amount appears as follows:

TATA AIG car EMI and down payment calculator is very simple to use. Anyone can use this online calculator with zero hassle and find out the EMI and interest amount instantly.

Here is a detailed guide to using this efficient calculator:

Visit The Calculator Page- Navigate to the TATA AIG official website and locate the EMI calculator. It is a straightforward tool that will assist you.

Provide the Loan Details- Next, you must provide the loan details, such as the loan amount you require, the interest rate and the tenure. For instance, if you wish to borrow ₹50,000 for 30 months at a 10% interest rate, you must adjust the values accordingly in the calculator.

Get Immediate Answer- The calculator is fast and efficient. As soon as you provide the values and click, the calculator will display the EMI amount, interest amount and the total loan amount payable at the end of the tenure.

Make Changes As Needed- If the EMI is beyond the budget or you wish to check the EMI with a different interest rate and tenure, you can adjust the values accordingly. For instance, if another lender is providing a loan at a different rate of interest and tenure, you can put in those values and find out the EMI amount.

-Gives Accurate Results

TATA AIG calculator gives accurate EMI amounts with the help of a formula that uses specific values. Thus, you can find out the exact EMI that you would have to pay before taking the loan.

-Free of Cost

You can use our calculator free of cost to determine the EMI of your loan against your car. You do not have to pay any fee or charges to use it. Also, you can use the calculator to find out the EMI amount multiple times.

-Easy-To-Use

Our calculator is a simple tool that can be used by anyone who wishes to take out a loan against a car. Though it applies a complex formula, the interface is straightforward. All you have to do is fill the values in the calculator and it’s done!

-Comparative Analysis

You can find out the EMI amount for multiple loans using our India car loan calculator. If you have the option to borrow money from multiple lenders at varying rates and tenures, you can use our calculator to find out the EMI for each lender and compare them carefully. It will enable you to choose the best option.

-Assess Financial Capacity

Once you find out the EMI using the EMI calculator, you can assess your financial situation and find out your financial capacity to repay the loan. You can choose between different tenures and lenders or reduce the loan amount to suit your budget.

• Loan against a car is a very convenient way for those who require immediate finances to support a new car purchase.

• Under this type of loan, your car is kept as collateral with the lender throughout the tenure of the loan.

• An expert will assess the value of the car and on the basis of his estimation, the lender will lend you money. The loan provided by lenders varies from one institution to another. Some provide 100% of the car value loan, whereas some provide 150%.

• Once you get the loan, you cannot sell the car till the repayment is completed. However, you can continue using the car for your daily commuting.

• The lender has a right to sell the car and recover the loan amount in case you fail to repay the loan.

Car insurance policy is the most fruitful investment to protect your asset from a host of incidents that may damage it. TATA AIG helps you to do so by providing comprehensive car insurance. It is a shield to protect you financially and legally.

The benefits of insurance for four wheeler from TATA AIG includes the following:

-Extensive Coverage-

TATA AIGs car insurance offers extensive/comprehensive coverage which protects your car against damages occurring from accidents, thefts, natural or man-made disasters and much more. Thus, you can rest assured that your asset is protected at all times.

-Simple Buying and Renewal Process-

We strive to make your life easier with our hassle-free and simple insurance buying and renewal processes. You can buy and renew your vehicle’s insurance online without leaving your home. All the formalities can be done online at your fingertips.

-Affordable Plans-

When buying an insurance plan with us, you need not worry about emptying your bank account. Our insurance policies are reasonably priced, ensuring that it is affordable by all. You can use our car insurance premium calculator to find out the premium and compare it to choose the best plan.

-Customise Your Policy With Add-Ons-

You can enhance the scope of your insurance and tailor it according to your requirements. We offer various add-on options such as NCB cover, engine protection, roadside assistance, daily allowance, zero depreciation cover, and so on.

Our insurance plans are carefully curated to protect your vehicle from unpredictable damages and provide you with the required assistance in times of difficulty.