EMI is the equated monthly installment, where a moneylender shall receive a fixed amount from a borrower at a specified date each month for a specified period of time. And the Auto Loan EMI Calculator can help you see how much you’ll need to pay each year in principal and interest. 

Mathematically, EMI = P x R x (1+R)^N / [(1+R)^N-1] 

Where the variables, P = Principal amount of the loan, R = Rate of interest, and N = Number of monthly installments. 

However, there are many tools available online to make accurate calculations. Also, you can use our EMI calculator at Blue Carz to determine your principal amount.