Car Loan EMI Calculator - Calculate Car Loan EMI in India

Calculate your Car Loan Monthly Installment easily with the online Car Loan EMI Calculator in India


EMI Rs. 1658
Total Interest Rs. 10658
Total Payment(Principal + Interest) Rs. 10658
Principal Amount 40%
Interest Amount 60%

Car Loan EMI Calculator

On one hand, it's pretty easy to buy a car on a loan today, but on the other hand, calculating the monthly instalment manually is complex. That's why the car loan EMI calculator exists. It helps you determine the monthly instalment and tenure period for repaying all the loans and managing future expenses.


What is a car loan EMI?

Car loan EMI is the Equated Monthly Instalment to be paid by the borrower to the lender on a given date every month. It's the total sum of the principal and the interest amount.


What does a car loan EMI calculator do?

The car loan EMI calculator is an online utility that will ease your task of calculating the monthly EMI amount to pay for a certain tenure period. Using it, you can do further planning and budgeting of your finances. The tool basically contains three things: loan amount, tenure, and interest rate.

As you will have all the loan and EMI details in your hand, it will also help in keeping a decent credit score throughout the loan repayment period.


How is the car loan EMI calculated manually?

The EMI for any kind of loan can be found with the help of the following formula:

E = P x R x (1+R)^n / {(1+R)^n – 1}

where "E" represents the EMI

"P" is the principal amount

"R" is the interest rate applicable to your car loan

and "n" refers to the tenure of the car loan


Benefits of Using a Car Loan EMI Calculator

Easily accessible

Nowadays, a car loan EMI calculator is easily accessible online. You only have to provide the required data to get the EMI results.


On average, it may take 10-15 minutes to get the end value of your EMI in the case of manual calculation. On the other hand, a car loan EMI calculator can do it instantly as soon as you provide the details.

Budget Planning

Once you are aware of your monthly EMI amount, it becomes easier to control your expenditures. You can choose the most suitable tenure period to avoid default on the loan.

Accurate Results

A human may not succeed in providing you with accurate results all the time. There is a possibility of error, but the online EMI calculator always yields accurate results.

Perform Infinite Calculation

Choose as much value as you want, and still, the car loan calculator will not get tired of providing you with final results. Use it endless times until you don't get the EMI meeting your financial needs.

Make comparisons simpler.

Getting an affordable car loan without careful research is not possible. You have to compare the deals from different lenders before finalizing one. Now, you can make use of a car loan EMI calculator online to compare the deals of your favourite lenders.


Factors Affecting Car Loan EMI

Credit History

Your credit history governs the interest rate on your loan amount. It means that the higher your credit/CIBIL score, the greater the chances of loan approval. If your credit history is good, you can even negotiate with the lender for a reduction in the interest rate.

Debt-to-Income Ratio

Lenders always go through your debt-to-income ratio to find out your loan eligibility. If your debt-to-income ratio is too high, your loan may not be approved. Even when it does, the interest rate will be excessive. Thus, you must have a stable source of income before applying for a car loan.

Vehicle Age

If you are taking a loan for a vehicle but failing to repay it as per the tenure, your lender can seize it. A lender, such as a bank, can sell your car on the market to get back the money.

That's why banks check the car model first to calculate its approximate resale value. Your loan interest rate will be low for the new car and high for the old models.

Down Payment

For the best interest rates and highest loan amount, you will have to pay an initial lump sum amount and then continue with monthly instalments.


On average, the car loan amount is available for six years but can range between three and eight years. For a shorter tenure, be prepared for higher interest rates, which remain low during longer tenures. However, you need to know the total interest paid and choose one that fits your budget.



1. How can you use a car loan EMI calculator?

It's simple! Provide the tenure, amount, and interest rate and then hit the calculate button. The results will be shown immediately by the car loan EMI calculator online.


2. How can you pay the car EMI loan?

It can be paid by the following means:

  • Standing Instructions:
  • National Automated Clearing House (NACH)/ECS mandate
  • Post Dated Cheques


3. Who is eligible for a car loan?

Any one of the following categories is eligible for a car loan:

  • Salaried Person
  • Self-employed person
  • Partnership Companies
  • HUFs and Trusts


4. Will the car loan remain fixed or be changed?

The car EMI will only change if you choose a floating interest rate. For the fixed interest rate loan takers, the EMI remains the same.


5. What are the requirements for the car loan?

Carry the following documents to get the car loan:

  • Identity Proof
  • Address Proof
  • Income Proof
  • Self-Employed


6. Can you apply for a loan to buy a used car?

Yes! Many banks offer loans for used cars, so there is no need to worry.


7. Is it possible for NRIs to get a car loan in India?

An NRI is eligible for a car loan in India only after providing an Indian resident as the guarantor. The age of both should be between 21 and 65 years old.


8. How much car loan can a salaried individual get?

Salaried individuals can apply for a car loan 48 times more than their actual salary. However, the minimum annual salary should be 2.5 lakh.


9. What is a car repayment table?

A car repayment table contains the periodic loan repayment schedule of your car loan, including details like principal amount, EMI, interest payment, and outstanding amount.


10. Do you have to pay a penalty for the default of the loan?

Of course, the penalty is there when you miss repaying the loan on time.


11. Does the car loan EMI calculator work similarly to the personal and home loan calculators?

All EMI calculators work similarly, but the information provided by the car loan calculator is particularly related to car loans.