Creta EMI Calculator

Calculator

Amount
Interest Rate
Tenure (in months)

Loan EMI

123

Total Interest Payable

1234

Total Amount

12345

The EMI (Equated Monthly Installment) calculator helps you estimate the monthly installment amount you would need to pay towards a loan for a Hyundai Creta. Please note that the calculations provided are based on general assumptions and may not reflect the exact terms offered by a specific financial institution. Here’s an example of how you can calculate the EMI:

Loan Amount: Determine the loan amount you require for purchasing the Hyundai Creta.

Interest Rate: Check the prevailing interest rate offered by the financial institution from which you plan to take the loan. The interest rate may vary based on factors such as your credit score and the loan tenure.

Loan Tenure: Decide on the duration (in months) for which you want to avail the loan. It typically ranges from 12 to 84 months.

Once you have these details, you can use the following formula to calculate the EMI:

EMI = (P x R x (1+R)^N) / ((1+R)^N-1)

Where:
EMI = Equated Monthly Installment
P = Loan Amount
R = Monthly Interest Rate (Annual Interest Rate divided by 12 and then by 100)
N = Loan Tenure in months

For example, let’s assume:
Loan Amount (P) = $10,00,000
Interest Rate (R) = 8.5% per annum
Loan Tenure (N) = 60 months

First, calculate the monthly interest rate (R):
R = 8.5 / 12 / 100 = 0.00708 (approx.)

Next, calculate (1+R)^N:
(1+R)^N = (1+0.00708)^60 = 1.50126 (approx.)

Now, substitute the values in the EMI formula:
EMI = (10,00,000 x 0.00708 x 1.50126) / (1.50126 – 1)
= (7,08.08) / 0.50126
= $14,11.64 (approx.)

Therefore, the estimated EMI for a loan amount of $10,00,000 for a Hyundai Creta with an interest rate of 8.5% per annum and a loan tenure of 60 months would be approximately $14,11.64.

Remember that this is just an example, and the actual EMI amount may vary depending on the specific loan terms offered by the financial institution. It’s always a good idea to consult with your lender or use an online EMI calculator for accurate results.