Car Loan EMI Calculator

How to use this car loan EMI calculator

Enter the on-road price, your down payment, the interest rate and the loan tenure. The monthly EMI, total interest, total amount payable and a year-by-year balance chart update instantly.

How the numbers work

• Loan amount = on-road price − down payment.
• Monthly EMI uses the standard amortisation formula on the loan amount.
• Total interest = total of all EMIs − loan amount.

Estimates use standard formulas. Your actual rate depends on your credit profile, the lender and the tenure, and insurance, registration and fees will add to the total — confirm the final figures with your lender or dealer.

Frequently Asked Questions

How is the car loan EMI calculated?

The loan amount (on-road price minus down payment) is amortised over the tenure using the standard EMI formula: EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where r is the monthly interest rate (annual rate ÷ 12) and n is the number of months.

How much down payment should I make?

A larger down payment lowers your loan amount, your EMI and the total interest you pay. Many buyers put down 15–20% or more. Lenders typically finance up to 80–90% of the on-road price.

What interest rates apply to car loans in India?

Car loan rates vary by lender, your credit (CIBIL) score and whether the car is new or used. New car loans usually carry lower rates than used car loans. A higher score helps you negotiate a better rate.

What tenure is common for a car loan?

Car loans in India usually run from 1 to 7 years. A longer tenure lowers the monthly EMI but increases the total interest you pay, so weigh the monthly outgo against the lifetime cost.

Does this include insurance, registration or processing fees?

No. This calculates interest on the loan amount only. Insurance, registration, processing fees and any add-ons are not included and will add to your overall cost.