IOB Car Loan EMI Calculator

IOB Car Loan EMI Calculator

The IOB Car Loan EMI Calculator is a digital tool that helps you quickly estimate your monthly car loan repayments when borrowing from Indian Overseas Bank (IOB). Whether you’re planning to buy a new or used car, this calculator allows you to adjust key loan parameters and get accurate EMI details within seconds.

How the IOB Car Loan EMI Calculator Works

This calculator uses the standard EMI formula to determine your monthly installment based on the loan amount, interest rate, and tenure. It eliminates guesswork and helps compare different loan scenarios to plan your finances effectively.

Inputs Required

• Loan Amount: The total amount you wish to borrow for your car purchase.
• Interest Rate (% p.a.): The applicable interest rate, currently starting from 8.75% p.a. (as of Q1 FY 2024–25).
• Loan Tenure: The loan repayment duration ranges from 12 to 84 months.

EMI Formula Used

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

• P: Loan amount (principal)
• R: Monthly interest rate (annual rate ÷ 12 ÷ 100)
• N: Loan tenure in months

Example

If you borrow ₹6,00,000 at an interest rate of 9% p.a. for 5 years (60 months):

• R = 9 / 12 / 100 = 0.0075
• EMI = ₹12,490 (approx.)

Key Benefits

• Instant EMI calculations
• Helps in planning your car purchase budget
• Compares different interest rates and tenures
• User-friendly and mobile-friendly interface

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.