About Car Loan EMI Calculator

India is the world's 4th largest market for 4-wheelers with steady growth of 9.5% annually. With many opting for car loans, an easy-to-use car loan EMI calculator is invaluable to plan your purchase.

Our calculator helps you understand how much funding you require, the monthly EMIs, total interest, and total payment over your loan tenure.

Benefits of Using a Car Loan EMI Calculator:

• Save time and effort with instant calculations based on your inputs.
• Get accurate EMI values without manual errors.
• Plan your finances better by knowing your monthly commitments.
• Understand the impact of changing interest rates, loan amounts, and tenure.
• Break down your total payable amount by principal and interest components.

How is EMI Calculated?

We use the standard formula:

EMI = [P × R × (1+R)n] / [(1+R)n – 1]

Where:
P = Loan principal amount
R = Monthly interest rate (annual rate / 12 / 100)
n = Loan tenure in months

Amortization Schedule

An amortization schedule breaks down your monthly payments into interest and principal amounts over time. Initially, interest makes up a larger portion which gradually decreases as principal repayment increases.

For example, on an ₹8 Lakh car loan at 9.5% interest for 5 years, monthly payments remain fixed but principal and interest portions vary each month.