Car Loan EMI Calculator
Calculate your monthly EMI, total interest payable, and total payment for your car loan.
Adjust Parameters
₹1,00,000₹1,00,00,000
0.5%15%
1 years8 years
Loan Details
How to Calculate Car Loan EMI
The Equated Monthly Installment (EMI) for a car loan is calculated using the same formula as other loans:
EMI = [P × R × (1+R)^N]/[(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N = Total number of monthly installments (Loan tenure in years × 12)
Example Calculation
For a car loan of ₹8,00,000 at 9.5% interest for 5 years:
- P = 8,00,000
- R = 9.5 ÷ 12 ÷ 100 = 0.00792
- N = 5 × 12 = 60 months
- EMI = ₹16,748 per month
Car Loan Considerations
- Down payment typically 10-20% of car value
- Interest rates usually higher than home loans
- Shorter loan tenure (typically 3-7 years)
- Processing fees and other charges may apply
About Car Loans
A car loan is a secured loan specifically designed to help individuals purchase a vehicle. The vehicle itself serves as collateral for the loan, which means the lender can repossess it if you default on payments.
Car Loan Features
- Financing up to 90% of vehicle cost
- Fixed or floating interest rates
- Flexible repayment options
- Quick loan approval process
- Option for pre-approved loans
How to Use This Calculator
- Enter your desired car loan amount
- Set the interest rate offered by your lender
- Choose your preferred loan tenure
- View your monthly EMI and total interest payable