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Car loan interest rate is one of the prime considerations while seeking car loans. Bankbazaar will help you check the interest rate and also allows you to calculate the EMI with the help of EMI calculator. I was really impressed with the EMI calculator and also helped me know the best car loans offered by different companies.
Economic crisis is still lingering and consumers don't have enough cash for a car. Thus, many choose to take out loans to get their dream cars. With this site that I found, you can pick whatever loan is going to work best for you. It is also helpful in finding the vehicle you need to buy at a dealership near you.
EMI calculator is based on the following formula:
[P x R x (1+R)^N]/[(1+R)^N-1
where P stands for the loan amount or principal,
R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)],
and N is the number of monthly installments
Car loan EMI calculator is based on the above mentioned formula.