Do I need a guarantor for a car loan?
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You might not need a guarantor for your car loan if you have a good credit score and the loan amount is not large.
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Car Loan EMI Calculator
If you are planning to get a car loan to buy a new car, it is best to be aware of the repayment commitments you will be facing in the future. A car loan EMI calculator can help you in this regard. It is an online tool that you can use to calculate the potential EMIs for the car loan you have in mind. Enter the loan amount, interest rate, and tenure. You will get a clear estimate of your monthly EMI amount in a matter of seconds.
Here are several ways this EMI calculator can assist in your car-buying journey.
How do Retirement Calculators work?
Month | Principal Paid | Interest Charged | Total Payment | Balance |
---|---|---|---|---|
Aug ‘25 | ₹16,331 | ₹8,000 | ₹24,332 | ₹11,83,668 |
Sep ‘25 | ₹16,440 | ₹7,891 | ₹24,332 | ₹11,67,228 |
Oct ‘25 | ₹16,550 | ₹7,781 | ₹24,332 | ₹11,50,678 |
Nov ’25 | ₹16,660 | ₹7,671 | ₹24,332 | ₹11,34,017 |
Dec ‘25 | ₹16,771 | ₹7,560 | ₹24,332 | ₹11,17,246 |
Jan ‘25 | ₹16,883 | ₹7,448 | ₹24,332 | ₹11,00,362 |
Feb ‘25 | ₹16,995 | ₹7,335 | ₹24,332 | ₹10,83,366 |
Mar ‘25 | ₹17,109 | ₹7,222 | ₹24,332 | ₹10,66,257 |
Apr ‘25 | ₹17,223 | ₹7,108 | ₹24,332 | ₹10,49,034 |
May ‘25 | ₹17,338 | ₹6,993 | ₹24,332 | ₹10,31,696 |
Jun ‘25 | ₹17,453 | ₹6,877 | ₹24,332 | ₹10,14,242 |
Jul ‘25 | ₹17,570 | ₹6,761 | ₹24,332 | ₹9,96,672 |
As you can see, the interest portion gradually decreases while the principal portion increases, even though the EMI remains constant throughout the loan tenure.
With a car loan monthly EMI calculator, you can generate the full amortisation schedule for all 60 months in an instant.
Here’s how you can use the IndiaFirst Life car loan EMI calculator.
You might not need a guarantor for your car loan if you have a good credit score and the loan amount is not large.
The tenure for a car loan in India depends on the applicant. However, the typical tenure is usually 1 to 7 years. It may stretch longer for a large loan amount or if the borrower has opted for it. You can also reduce your tenure by prepaying the loan. A car loan EMI calculator can help you choose the best tenure based on your financial situation.
Your home loan EMIs usually start after the loan has been sanctioned. Regardless, it is best to reach out to your lender to get clarification about this matter.
Your EMIs are fixed throughout the tenure. The EMI amount set during the car loan application process remains the same throughout the entire repayment period. It might change in case of prepayment or other specific cases. That is why it is advisable to use the car loan EMI calculator and choose an appropriate amount at the start.
An EMI calculator works assuming a fixed rate of interest over a period. As the interest changes in a floating interest rate scenario, it may not fit into the EMI calculation formula. To get EMI estimates for a floating interest rate, it is advisable to consult the lender. You will also receive an amortisation schedule when you apply for a loan.
Yes, the car EMI calculator works for both new and used car loans. Just input the correct loan amount, rate, and tenure to get clear estimates for your second-hand car loan.
Yes, it may be possible for you to get a loan against your life insurance plan, using the policy’s accumulated cash value as collateral. However, it is important to read through the related terms and conditions when you buy life insurance plans and/or apply for a loan.
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