Car Loan EMI Calculator
Set the on-road price, what you are putting down, the rate and the tenure. The EMI, the interest you will pay and the full repayment schedule update as you type.
Ex-showroom price. On-road is usually 8–12% higher once registration, insurance and accessories are added.
Monthly EMI
₹0
for 60 months
An estimate on reducing-balance interest. Lenders add processing fees and insurance, and confirm the rate only on sanction.
Year-by-year repayment
How much of each year goes to interest and how much actually reduces what you owe.
| Year | Principal paid | Interest paid | Total paid | Balance |
|---|
Car loan questions
How is a car loan EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100) and n is the number of monthly instalments. This page applies that formula the moment you move a slider.
What interest rate should I expect on a car loan in India?
New car loans generally run between 8.5% and 12% a year. The rate you are offered depends on your credit score, income, the lender and whether the car is new or used. Used car loans are usually two to four percentage points higher.
How much down payment is sensible?
Most lenders finance 80% to 90% of the on-road price, so a down payment of 10% to 20% is typical. Paying more upfront lowers both the EMI and the total interest, and often earns a slightly better rate.
Does a longer tenure make the loan cheaper?
No. A longer tenure lowers the monthly EMI but raises the total interest, because you are borrowing the money for longer. Compare the "Total interest" figure at five years against three years to see the difference on your own numbers.
Is the EMI shown here the final figure from the bank?
Treat it as a close estimate. Your lender may add processing fees, insurance or documentation charges, and the exact rate is confirmed only after the loan is sanctioned.