🚗 EMI & Range Cost Calculator ⚡
📝 Results:
| Parameter | Value (₹) |
|---|---|
| Loan Amount | |
| EMI (at entered rate) | |
| Total Payment | |
| Total Interest | |
| At Lower Rate (EMI) | |
| At Higher Rate (EMI) |
Payment Breakdown Chart
This chart illustrates how your total payment is divided between your Principal (the loan amount) and Interest (the extra cost due to interest).
Principal: ₹ Total Interest: ₹
Hover over the segments for more details. The chart is animated for a smoother visual experience.
EMI Payment Schedule (Yearly Summary)
This table shows a yearly breakdown of your EMI payments. For each year, you can see:
- Total EMI Payment: The total amount you pay that year.
- Principal Paid: The portion of the payment that reduces your loan balance.
- Interest Paid: The cost of borrowing money for that year.
- Remaining Balance: The outstanding loan amount after that year’s payments.
Additionally, please note that monthly EMI payments are scheduled on the same date every month, starting from the selected EMI Start Date. For example, if you choose the EMI Start Date as the 15th of a month, your EMI payments will be due on the 15th of every subsequent month.
For a 3-year plan, the table will display details for Year 1, Year 2, and Year 3 so you can track how your loan is amortized over time.
| Year | Start Date | Total EMI Payment (₹) | Principal Paid (₹) | Interest Paid (₹) | Remaining Balance (₹) |
|---|
🔍 Additional Notes:
1. 💡 Loan Amount:
The loan amount is calculated as the vehicle price minus the down payment. It represents the principal amount you need to borrow.
2. 💰 EMI (Equated Monthly Installment):
EMI is the fixed amount you pay every month to repay the loan. It remains constant throughout the loan tenure.
3. 📈 Lower Interest Rate EMI:
This EMI is calculated using a 1% lower interest rate, resulting in reduced monthly payments.
4. 📉 Higher Interest Rate EMI:
This EMI is computed with a 1% higher interest rate, leading to higher monthly payments.
5. 📅 Total Payment:
Total Payment is the sum of all EMIs over the loan tenure, including both the principal and interest.
6. 📊 Total Interest:
Total Interest is the extra amount you pay over the principal due to the applied interest rate during the loan tenure.
7. 📆 Monthly EMI Payment Date:
EMI payments are due on a monthly basis on the same date as your chosen EMI Start Date. For example, if you select the 15th of a month as your start date, your EMI will be due on the 15th of every month.
📌 Recommendation:
Compare interest rates from different financial institutions to secure a lower EMI. A lower interest rate can significantly reduce your total interest paid.