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Car Loan EMI Calculator
A car loan EMI calculator is an online tool that helps you calculate the EMI you will have to pay before availing a car loan. With India emerging as the fourth-largest car market in the world, acquiring a car loan has become simpler than before. An EMI calculation is essential because it saves time and helps you manage your finances properly. This calculator lets you calculate EMI in advance, whether you are purchasing a new or second-hand car.
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What is a Car Loan EMI Calculator?
A car loan EMI calculator helps you calculate your monthly EMI payments on a car loan. The calculator considers the loan amount, interest rate, and tenure to provide an exact EMI estimate. When you opt for a car loan, you basically borrow a huge amount of money that you have to repay with interest. The EMI calculator helps you understand how much you have to repay every month, which is very important when you are calculating how much loan you can afford. In short, it gives you a clear idea of your financial commitment without requiring you to perform any complex calculations.
How Does a Car Loan EMI Calculator Work?
The formula used by car EMI calculators is:
E= P. R. (1+R)^n/[(1+R)^n -1]
Where,
| P | It is the principal amount |
| R | Iys is the rate of interest payable every month |
| N | It is the total tenure in months |
| E | Is the total EMI payable each month |
For Example:
Suppose Mr A took a car loan of Rs. 10 Lakhs at an annual interest rate of 10% for 7 years (84 months). Using the above formula, we can calculate the EMI for Mr A:
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Principal Amount (P) = ₹10,00,000
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Annual Interest Rate = 10%, hence the Monthly Interest Rate (R) = 10%/12 = 0.0083
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Loan Tenure (N) = 7 years = 84 months
The EMI Mr A will have to pay for the next 7 years will be Rs. 16,602, and the total amount to be paid at the end of the loan tenure will be ₹13,94,568 (EMI × 84 months), out of which Rs.. 3,94,568 will be the loan interest.
Amortization Schedule for Car Loan EMI Calculator
An amortization schedule shows how much a car loan will cost each month until it is paid off. It divides each EMI into two parts: the loan amount and the interest charged for that month. The EMI stays the same for the whole loan period, but the way you pay might change.
A car loan EMI calculator with an amortization schedule makes it easy to see how your balance goes down after each payment. Also, it helps you better understand the total interest paid over the life of the loan and plan your prepayments.
The EMI number, principal paid, interest paid, total EMI amount, and the loan balance after the payment are usually all in the same row of the schedule. This level of clarity helps both borrowers and lenders keep track of loan payments over time.
Amortization Schedule for a Rs. 5 Lakh Car Loan (5 Years, 10% Interest)
| Year | Principal Repaid (₹) | Interest Paid (₹) | Total EMI Paid (₹) | Loan Balance at Year End (₹) |
| 1 | 79,600 | 47,888 | 1,27,488 | 4,20,400 |
| 2 | 88,100 | 39,388 | 1,27,488 | 3,32,300 |
| 3 | 97,600 | 29,888 | 1,27,488 | 2,34,700 |
| 4 | 1,08,200 | 19,288 | 1,27,488 | 1,26,500 |
| 5 | 1,26,500 | 988 | 1,27,488 | 0 |
Benefits of Using a Car Loan EMI Calculator
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It saves you time and effort to use a car EMI calculator instead of doing the math yourself. You just need to enter the loan amount, interest rate, and term, and the calculator will give you the EMI right away.
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Calculating the EMI by hand can lead to mistakes. A calculator can help you avoid this problem and make sure you know the exact EMI amount.
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Knowing the EMI value in advance makes it easier for you to keep track of your finances. You can decide whether you can afford the loan and whether you should get a different amount or a different term.
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Using a Car EMI calculator lets you compare loan options by adjusting the loan amount, interest rate, and tenure.
How to Use a Car Loan EMI Calculator?
A Car Loan EMI Calculator helps you figure out how much your car loan will cost each month. To calculate your EMI in a few simple steps, follow the steps below:
Step 1: Enter the total amount of the loan you plan to take.
Step 2: Enter the interest rate that your lender is offering.
Step 3: Choose the time period for which you will borrow the money.
Step 4: Click on the "Calculate" button after you have entered all the details to know how much your EMI is.
The EMI calculator will tell you how much you need to pay each month, as well as how much of that is interest and how much is the principal.
Wrapping It Up:
Using an Auto Loan EMI calculator is an important part of your plan to buy your dream car. This helps you to understand your financial commitments right from the start, giving you the clarity and confidence to make the right decisions. With the right results, this tool will ensure you are ready before you even enter the showroom. Before you buy your new car, make sure you check the EMI.
FAQs
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How long will it take to calculate EMI using the EMI Loan calculator?
It only takes a few minutes to enter the required information (loan amount, interest rate, and tenure) to get your EMI calculation. -
What is the average tenure of a car loan in India?
The average tenure of a car loan in India is 1 to 5 years. However, some banks provide loans up to 7 years, with the general rule that the shorter the tenure, the higher the EMI. -
Will I get a car loan for a second-hand car?
Yes, most banks and financial institutions provide car loans for second-hand cars. The EMI calculator will also help you calculate the EMI for a second-hand car. -
Can my Auto loan application be rejected?
Yes, your car loan application can be rejected if you don't meet the minimum requirements. Often, a low credit score or low income are the main reasons for loan rejection. A high credit score of 750 or above is usually required for loan approval. -
What is the auto loan EMI calculator formula?
The auto loan Equated Monthly Installment (EMI) formula is EMI=[P×R×(1+R)N]/[(1+R)N−1] -
What is the EMI for a ₹10 lakh car loan?
The EMI for a ₹10 lakh car loan will be approximately ₹16,700 per month, provided you borrow the amount at an interest rate of 10% per annum for a period of 7 years (84 months). The EMI will be higher for shorter repayment terms and lower for longer repayment terms. -
What is the EMI for a ₹7 lakh car loan?
The EMI for a ₹7 lakh car loan will be approximately ₹11,700 per month, provided you borrow the amount at an interest rate of 10% per annum for a period of 7 years. -
Which bank gives the cheapest car loan?
State Bank of India (SBI) offers one of the lowest car loan rates among big banks in India. You can get a new car loan at interest rates starting from around 8.75% p.a. – 9.90% p.a. depending on your credit profile and loan tenure.
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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
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*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.
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Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
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Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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