Car Loan EMI Calculator
Calculate your car loan EMI with our easy-to-use calculator. Get instant results with detailed amortization schedule.
Get instant results with detailed breakdown
About Car Loan EMI Calculator
India is currently the world's 4th largest market for 4-wheelers. Growth has been steady at 9.5% year-on-year. It is no wonder that the demand for a reliable and easy to use car loan EMI calculator has also skyrocketed.
While the Internet is flooded with calculators determining car loan EMIs, simplicity is the key that make it stand out. Our Car Loan EMI Calculator brings you the best and easy to use EMI calculating tool which will help you take an informed decision on how much funding you need to purchase your dream car, how much your EMIs are likely to be and other details.
How to Calculate Car Loan EMI Amount?
We follow a standardised formula:
The various components of the formula are as follows:
- P - Determines the principal amount (Loan Amount)
- R - The rate of interest payable every month (monthly interest rate)
- n - The total tenure in months
- E - Total EMI payable each month
Example Calculation
As an example, if you borrow Rs 10 Lakh from a financial institution (P), with the rate of interest 10% (R), for a total tenure (N) of 7 years (84 months), using the formula, your EMI comes to Rs 16,602. The sum payable at the end of the tenure is Rs. 16,602 x 84 or Rs. 13,94,568. Of this, your interest amount payable is Rs 3,94,568.
Amortization Schedule
An amortization schedule is the complete table of periodic loan payments including the principal and interest amount in each payment until the loan is fully repaid. It provides a complete guide to breaking down a credit option such as a car loan into a series of fixed payments. The monthly payment remains the same, the payment is made up of parts that differs over time. The best thing about an amortization schedule is it is very helpful for banks and financial institutes to keep a complete track of the loans.
How to Use Our Car Loan EMI Calculator?
You can easily use our Car Loan calculator on our website by following these steps:
- Enter your car price, down payment, interest rate and tenure
- Click "Calculate Car Loan EMI" and know your EMI payable
- View detailed amortization schedule and payment breakdown
Frequently Asked Questions (FAQs)
What is a Car Loan EMI Calculator?
A Car Loan EMI Calculator is an online tool that helps you calculate the monthly installment (EMI) you need to pay for your car loan. It considers factors like loan amount, interest rate, and tenure to provide accurate EMI calculations.
How accurate is the Car Loan EMI Calculator?
Our Car Loan EMI Calculator provides highly accurate results based on the standard EMI calculation formula. However, actual EMI may vary slightly depending on the lending institution's specific terms and conditions.
Can I calculate EMI for used cars?
Yes, you can use our calculator for both new and used car loans. Simply enter the loan amount you need for your used car purchase, and the calculator will provide the EMI details.
What is the minimum down payment required?
Most lenders require a minimum down payment of 10-20% of the car's on-road price. However, this can vary based on the lender's policies and your credit profile.
How does interest rate affect my EMI?
Higher interest rates result in higher EMIs and total interest paid over the loan tenure. Even a small difference in interest rate can significantly impact your monthly payments and total cost.
Can I prepay my car loan?
Most lenders allow prepayment of car loans, but they may charge prepayment penalties. Check with your lender about their prepayment policies before making additional payments.