BudgetGear

About BudgetGear

Empowering smart car financing decisions through accurate calculations and financial education

Free and independent | No sign-up required | Calculations follow the standard reducing-balance formulas used by major Indian banks

Our Mission

BudgetGear was created in 2024 by Arjun Mehta, a software engineer who saw a gap in the Indian market: accessible, accurate, and unbiased car financing tools. Purchasing a vehicle is one of the largest financial commitments most people make, and having the right tools and knowledge is crucial for long-term financial health.

Our calculators follow the industry-standard reducing-balance formulas used by major Indian banks including State Bank of India, HDFC Bank, ICICI Bank, and Axis Bank, and the results are cross-checked against the EMI schedules those banks publish. We update our tools to reflect current interest rates, RBI guidelines, and market conditions.

What sets us apart is our commitment to financial education. Beyond calculators, we publish in-depth guides on car loans, EMI planning, and ownership costs, researched from official sources such as RBI publications and bank websites, and updated regularly to keep the information current and relevant.

Financial Empowerment

We provide free, accessible tools that help you understand the true cost of car ownership and make budget-conscious decisions.

Our Core Values

Accuracy

Our calculations follow industry-standard formulas used by major banks and financial institutions for maximum accuracy.

Transparency

No hidden agendas or biased recommendations. We provide clear, honest information to help you make informed decisions.

Accessibility

Our tools are completely free and designed to be user-friendly for everyone, regardless of their financial expertise.

Our Calculation Methodology

Industry-Standard EMI Formula

Our EMI calculator uses the reducing balance method with the formula: EMI = P × r × (1+r)^n / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is tenure in months. This is the exact formula used by all major Indian banks and is mandated by the Reserve Bank of India for transparent lending practices.

20/4/10 Rule Implementation

Our affordability calculator implements the proven 20/4/10 rule: 20% minimum down payment, maximum 4-year loan tenure, and total car expenses not exceeding 10% of gross monthly income. This rule is recommended by financial advisors globally and helps prevent over-leveraging.

Prepayment Calculations

Our prepayment calculator accounts for the reducing principal balance and recalculates interest savings based on the actual outstanding amount at the time of prepayment. We also factor in prepayment penalties as per RBI guidelines (0% for floating rate loans, up to 5% for fixed rate loans).

Verification Process: Our calculations are cross-checked against the publicly available EMI schedules and calculators of major banks such as SBI, HDFC, ICICI, and Axis Bank, and reviewed periodically to stay in line with current banking practices.

About the Creator

BudgetGear is built and maintained by Arjun Mehta, a software engineer with a strong interest in personal finance. He designs the calculators, writes the guides, and keeps the tools up to date — combining an engineer's attention to correctness with a car buyer's practical questions about EMIs, down payments, and total ownership costs.

All content is researched from official and publicly available sources, including Reserve Bank of India guidelines, bank websites, and automotive industry publications. Calculations are checked against the EMI schedules and calculators published by major Indian banks.

Our commitment is to provide reliable, unbiased, and free tools that help car buyers across India make smarter financing decisions. We don't accept payments from banks or car dealers, so our recommendations remain completely independent and in your best interest.

Questions or Feedback?

We're always looking to improve our tools and help more people make better financial decisions.