Car Loan EMI Calculator
Plan your car financing with our comprehensive Car Loan EMI calculator
Car Loan EMI Calculator
Select Currency
Monthly EMI
₹0
Total Interest
₹0
Total Payment
₹0
Loan Amortization Schedule
Payment Schedule
How to Use
- Select your preferred currency using the currency selector
- Enter the total price of the car you want to purchase
- Input the down payment amount (if any)
- Set the interest rate offered by the lender
- Choose the loan tenure in years
- The calculator will automatically update the results
- Explore the graph to visualize your loan amortization schedule
- Review the detailed EMI payment schedule table
- Adjust the parameters to see how they affect your EMI and total payments
How It's Calculated
The Car Loan EMI calculator uses the following formula:
EMI = [P * R * (1+R)^N] / [(1+R)^N - 1]
Where:
- P = Principal loan amount (Car Price - Down Payment)
- R = Monthly interest rate (Annual rate / 12 / 100)
- N = Total number of monthly installments (Loan Tenure * 12)
About Car Loans
Car loans are financial products designed to help individuals purchase vehicles. These loans come with several key features:
- Shorter Tenure: Car loans typically have shorter repayment periods compared to home loans, often 3-7 years
- Fixed Interest Rates: Most car loans come with fixed interest rates, making budgeting easier
- Secured Loan: The car itself serves as collateral for the loan
- Down Payment: A down payment is often required, which can affect your loan terms and EMI
- Prepayment Options: Many lenders offer the option to prepay the loan, potentially saving on interest
Our Car Loan EMI calculator helps you plan your finances by providing a clear picture of your future EMIs, total interest, and overall loan cost. Remember to compare offers from multiple lenders and consider factors like interest rates, processing fees, and repayment terms before making a decision.