This special Loan calculator is one step ahead of any normal Auto Loan Calculator as it considers government taxes in the calculations and give you every detail and help you plan better.
Most of the online tools will take your Principal amount, rate of interest and time duration only. That is not bad but as it gives relevant output to the individuals. But if you are too precise in planning your Vehicle loan, then considering tax will be helpful for you.
Here is the free calculator for calculating any loan details with taxes into consideration:
Steps to use the tool
You need to enter the following details:
- Amount of loan you wish to take (No need to enter currency)
- Applicable rate of interest as quoted by your money lender (in percentage)
- Total duration for which you are borrowing money (in months)
- Tax applicable for your region (in %, generally it is 7 % for most of the regions across the world).
Now as soon as you give the inputs, the calculation are done automatically. Your applicable interest and every detail will be visible to you. You can change the input value and the tool gives you output accordingly.
The output will give you the value of EMI as well. The monthly instalments are calculated by a generic mathematical formula :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1] , where P = Loan Principal R = Rate of interest N = Time duration. The additional tax which the government charges is not in the formula. Our tool intelligently considers the tax and then give you the output with the clear details of loan interest and monthly instalments.
If you have any queries, you can reach us via our contact page. If you are getting difficulties in getting a loan, just send us your queries, we will assist you in the best way to get the loan for you.
Also check other popular loan calculators.