How do you calculate a car loan EMI manually?

How can I calculate my total car loan EMI manually? I don’t remember how much it’s supposed to be. I want to make sure that I pay the right amount to avoid any penalties.

Answer
Don’t worry! Calculating EMI is pretty straightforward. To calculate the EMI or equated monthly installment on a typical car loan, you’ll need to know the original loan amount, the term length, and the total cost of the interest, taxes, and additional fees.
Once you have those values, you can use this equation:
(loan amount before fees and interest + taxes, fees, and interest) ÷ loan term = EMI
If you don’t have that information readily available, don’t worry! Most lenders will make your EMI and other loan details available online. You can contact your lender directly with questions about your monthly payment amount.
While you’re researching your car loan EMI, why not take a minute to learn more about your insurance options, too? The Jerry app is an easy way to explore your car insurance options. Jerry collects customized quotes from over 50 top insurance providers to find you the best rates and coverage.
Liz Jenson
Answered on Dec 03, 2021
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