Car Loan EMI Calculator

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Loan Amount

₹

Min ₹5K

Max ₹60L

Rate of Interest

%

Min 6%

Max 36%

Loan Tenure

Month(s)

Min 3 Months

Max 72 Months

Your monthly EMI will be

₹0

Interest Amount

₹0

Principal Amount

₹0

Total Repayment Amount

₹0

Loan Amount

₹

Min ₹5K

Max ₹60L

Rate of Interest

%

Min 6%

Max 36%

Loan Tenure

Month(s)

Min 3 Months

Max 72 Months

What is a Car Loan EMI Calculator?

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Few moments compare to the excitement of owning a brand-new car. To make the journey smooth, understanding your financial commitments is essential. A Car Loan EMI Calculator enables you to plan repayments with precision by factoring in the loan amount, tenure, and car loan interest rates.

Whether you’re eyeing a luxury sedan or a high-end SUV, a car loan calculator allows you to compare options from various car loan apps and secure the lowest interest rate car loans.

Benefits of Car Loan EMI Calculator?

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Smarter Financial Planning

Smarter Financial Planning

It can help you align your loan with your budget and expenses.

Precise EMI Calculation

Precise EMI Calculation

With a car loan EMI calculator, you can estimate your monthly repayments with accuracy.

Effortless Loan Comparison

Effortless Loan Comparison

You can evaluate multiple financing options with ease.

Detailed Interest Insights

Detailed Interest Insights

You can get a clear view of total interest payable.

How To Calculate EMI for a Car Loan

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You can quickly estimate your Car loan EMI with the following details.

  • Enter the Loan Amount – The amount you want to borrow.
  • The Repayment Tenure – The number of months to make the repayment.
  • Apply the Interest Rate – The interest rate to be applied to the loan.
  • View EMI Breakdown – Structured monthly installment details.

Formula for Car Loan EMI:

Car loan EMI is calculated with the help of the following formula.

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

Where

  • P = Loan Amount,
  • R = Monthly Interest Rate,
  • N = Number of Months.

For example:

If you take a ₹10 lakh car loan at 12% annual interest for 5 years, the EMI would be approximately ₹22,244.

Factors that affect Car Loan EMIs

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Loan Amount

Loan Amount

The loan amount is the total sum borrowed from a lender to purchase a vehicle, which has a direct impact on the monthly EMIs. A higher loan amount results in increased EMIs, requiring careful financial planning to ensure smooth repayment. Opting for a lower car loan amount or making a larger down payment helps reduce EMI burdens and minimizes overall interest costs. Choosing an amount that aligns with your financial capacity ensures a manageable repayment structure while securing the vehicle of your choice.
Credit Score

Credit Score

A credit score is a figure that represents an individual’s creditworthiness, based on their repayment history and financial behavior. A higher credit score often secures the lowest interest rate car loans, resulting in reduced EMIs and overall borrowing costs. However, a lower score may lead to higher interest rates, increasing monthly EMIs and making repayment more expensive. Maintaining a strong credit score through timely payments and responsible credit usage enhances eligibility for favorable loan terms, ensuring a cost-effective borrowing experience.
On the contrary, a lower score may result in higher rates, increasing repayment costs. Lenders assess past repayment history, credit utilization, and outstanding debt before finalizing terms.
Loan Tenure and Interest Rate

Loan Tenure and Interest Rate

Loan tenure refers to the timeframe over which the loan is repaid, while the interest rate determines the cost of borrowing. A longer tenure results in lower EMIs but increases total interest paid over time. In contrast, a shorter tenure leads to higher EMIs but reduces overall interest costs.
Similarly, a lower interest rate decreases EMIs, making the loan more affordable, whereas a higher rate raises repayment obligations. Choosing the right balance ensures financial efficiency and manageable repayments
Down Payment

Down Payment

A down payment is the upfront amount paid when financing a vehicle, influencing the car loan EMI structure. While a higher down payment can lower EMIs and reduce interest costs, borrowers can also opt for a higher loan amount to manage expenses without financial strain. Car loan apps offer flexible financing options to suit different financial preferences, ensuring seamless repayment

Explore other calculators

Hear from our customers

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Rhea N.

As a first-time buyer, the car loan EMI calculator helped me understand EMIs, tenure, and interest without any stress.

Rhea N.

Kolkata

Siddharth K.

I used the EMI calculator to adjust loan amounts and tenure until the EMI fit my budget—super helpful for planning.

Siddharth K.

Mumbai

Anita P.

Seeing both EMI and total interest made the car loan options feel more transparent. The calculator was spot on.

Anita P.

Mumbai

Manav J.

It was a quick and easy process and I got EMI and interest estimates in seconds based on the tenure I had in mind.

Manav J.

Kolkata

Tanya V.

The calculator showed how a longer tenure would reduce EMI but increase interest. Helped me find the right balance.

Tanya V.

Mumbai

Rhea N.

As a first-time buyer, the car loan EMI calculator helped me understand EMIs, tenure, and interest without any stress.

Rhea N.

Kolkata

Siddharth K.

I used the EMI calculator to adjust loan amounts and tenure until the EMI fit my budget—super helpful for planning.

Siddharth K.

Mumbai

Anita P.

Seeing both EMI and total interest made the car loan options feel more transparent. The calculator was spot on.

Anita P.

Mumbai

Manav J.

It was a quick and easy process and I got EMI and interest estimates in seconds based on the tenure I had in mind.

Manav J.

Kolkata

Tanya V.

The calculator showed how a longer tenure would reduce EMI but increase interest. Helped me find the right balance.

Tanya V.

Mumbai

Frequently Asked Questions?

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faq

A car loan EMI is the fixed monthly amount you need to pay to repay your car loan over time. It includes both principal and interest. You can try using an auto loan EMI calculator to easily calculate EMI for a car loan based on the loan amount, tenure, and interest rate.

To calculate EMI for a car loan, you can use this formula: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1] Where: • P = Principal loan amount • R = Monthly interest rate (annual interest rate ÷ 12 ÷ 100) • N = Loan tenure in months Plug in the values to get your monthly EMI amount. Or simply use an auto EMI calculator for a quicker result!

Here are the benefits of using an online Car Loan EMI Calculator: - Quick Calculations – Instantly get your car loan EMI amount without manual effort. - Better Planning – Helps you plan your loan and monthly budget efficiently. - Interest Insights – See how tenure or rate changes affect your EMI. - Easy to Use – Just enter the required details and get results within seconds. - Compare Options – Try different scenarios before finalizing your loan.

Anyone with a stable income, valid identification, and the repayment ability may be eligible for a car loan. Exact requirements may vary depending on your credit profile and the lender’s internal checks.

The salary required for a car loan depends on various factors like the amount of loan, tenure, interest rate, and your existing financial obligations. Lenders generally assess your repayment capacity before deciding the eligible loan amount.

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