1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (₹)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified tenure.

3. About IndusInd Bank Car Loans

Details: IndusInd Bank offers competitive car loan interest rates starting from 8.50% p.a. with loan tenures up to 7 years (84 months). They provide loans for both new and used cars with quick approval processes.

4. Using the Calculator

Tips: Enter the loan amount you wish to borrow, the annual interest rate offered by the bank, and the repayment period in months. The calculator will show your monthly EMI, total interest payable, and total repayment amount.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect my car loan EMI?
A: The three main factors are loan amount, interest rate, and loan tenure. Higher amounts/rates increase EMI, while longer tenures reduce EMI but increase total interest.

Q2: How does Groww help with IndusInd car loans?
A: Groww provides a platform to compare and apply for IndusInd Bank car loans with competitive rates and transparent processing.

Q3: What is the maximum tenure for IndusInd car loans?
A: Typically up to 7 years (84 months) for new cars and up to 5 years (60 months) for used cars.

Q4: Are there prepayment charges?
A: IndusInd Bank may charge prepayment penalties depending on the loan terms. Check with the bank for current policies.

Q5: What documents are needed for application?
A: Typically includes ID proof, address proof, income documents, car quotation, and bank statements.