About the Car Loan EMI Calculator
What is the Car Loan EMI Calculator?
Car loans typically cover up to 80–100% of the on-road price for 1 to 7 years. The larger your down payment and the shorter the tenure, the less you pay in interest.
Enter the on-road price, your down payment, the rate and tenure. This car loan EMI calculator works out the loan amount, the monthly EMI, the total interest and the total cost of owning the car — down payment plus every EMI.
How to use the Car Loan EMI Calculator
- On-Road Price of the Car (₹) (sample: 10,00,000)
- Down Payment (₹) (sample: 2,00,000)
- Interest Rate (% per year) (sample: 9)
- Tenure (years) (sample: 5)
- Press Calculate Car Loan EMI (results also refresh as you type). The result card shows the Monthly EMI, along with Loan amount, Total cost of the car (down payment + all EMIs), Total interest and Total amount payable.
Formula used
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P = the loan amount
- r = the monthly interest rate = annual rate ÷ 12 ÷ 100
- n = the number of monthly instalments
Each month, interest = outstanding balance × r and the rest of the EMI repays principal, so interest falls and principal repayment rises over time.
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| On-Road Price of the Car (₹) | 10,00,000 |
| Down Payment (₹) | 2,00,000 |
| Interest Rate (% per year) | 9 |
| Tenure (years) | 5 |
| Result | Value |
|---|---|
| Monthly EMI | ₹16,607 |
| Loan amount | ₹8,00,000 |
| Total cost of the car (down payment + all EMIs) | ₹11,96,401 |
| Total interest | ₹1,96,401 |
| Total amount payable | ₹9,96,401 |
Tips for using the Car Loan EMI Calculator
- Follow the 20/4/10 rule of thumb: 20% down, at most 4 years, and car costs within 10% of income.
- Fixed-rate car loans often carry 2–5% foreclosure charges; check before prepaying.
- Compare the dealer's finance offer with your own bank's rate and processing fee.