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Thread: Car Loan Interest Rate

  1. #1
    Junior Member
    Join Date
    May 2014

    Car Loan Interest Rate

    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.

  2. #2
    Junior Member
    Join Date
    Sep 2014
    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.

  3. #3
    Junior Member jitendrakulkarni's Avatar
    Join Date
    Jan 2017
    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.

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