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Car Loan EMI Calculator

Calculate your monthly car loan EMI, total interest and total repayment amount instantly.

Formula

How Car Loan EMI is Calculated

The Equated Monthly Installment (EMI) for a car loan is calculated using the same standard formula banks and NBFCs use, based on your loan amount, interest rate, and repayment tenure.

EMI Formula

EMI = P × R × (1 + R)N

(1 + R)N − 1

Principal (P)

₹8,00,000.00

Monthly Rate (R)

0.7917%

Tenure (N)

60 Months

Monthly EMI

₹16,801.49

Where: P represents the car loan amount, R is the monthly interest rate, and N is the total number of monthly installments.

Example

Car Loan EMI Calculation Example

See how the EMI formula works with a practical example using the values you've entered.

Worked Example

Suppose you take a car loan of ₹8,00,000.00 at an annual interest rate of 9.5% for 5 years.

Based on these values, your estimated monthly EMI is ₹16,801.49.

Every monthly EMI consists of two parts:

  • During the initial months, a larger portion of your EMI goes toward paying interest, while only a small portion reduces the principal amount.

  • As your loan progresses, more of each monthly EMI is applied toward reducing the principal, while the interest portion gradually decreases. Since a car loan is secured against the vehicle, lenders typically price in a lower rate than an unsecured loan, which keeps the early-months interest share comparatively smaller.

Before You Apply

What Affects Your Car Loan EMI

Car loans are secured against the vehicle, so a few factors specific to the car itself play a bigger role than they do in unsecured loans.

Down Payment (LTV)

Most lenders finance 80-90% of the car's on-road price, known as the loan-to-value ratio. A larger down payment reduces the loan amount you borrow, which lowers both your EMI and total interest.

New vs. Used Car Rates

New car loans typically get lower interest rates than used car loans, since a new vehicle holds its value better and is easier for the lender to repossess and resell if needed.

Depreciation vs. Tenure

A car loses value faster than most loans get repaid. Stretching your tenure to lower the EMI can mean owing more than the car is worth for a chunk of the loan — a shorter tenure you can afford usually works out better overall.

Quick check: to keep your total EMI outflow (including this loan) within a healthy 40% debt-to-income ratio, your net monthly income should ideally be at least 2.5 times this EMI amount.

Repayment Schedule

Amortization Schedule

View a month-by-month breakdown of your car loan repayment, including EMI, principal paid, interest paid, and the remaining loan balance.

Swipe horizontally to view the complete repayment schedule.

MonthEMIPrincipalInterestBalance
1₹16,801.49₹10,468.16₹6,333.33₹7,89,531.84
2₹16,801.49₹10,551.03₹6,250.46₹7,78,980.82
3₹16,801.49₹10,634.56₹6,166.93₹7,68,346.26
4₹16,801.49₹10,718.75₹6,082.74₹7,57,627.51
5₹16,801.49₹10,803.60₹5,997.88₹7,46,823.91
6₹16,801.49₹10,889.13₹5,912.36₹7,35,934.77
7₹16,801.49₹10,975.34₹5,826.15₹7,24,959.43
8₹16,801.49₹11,062.23₹5,739.26₹7,13,897.21
9₹16,801.49₹11,149.80₹5,651.69₹7,02,747.40
10₹16,801.49₹11,238.07₹5,563.42₹6,91,509.33
11₹16,801.49₹11,327.04₹5,474.45₹6,80,182.29
12₹16,801.49₹11,416.71₹5,384.78₹6,68,765.58
13₹16,801.49₹11,507.09₹5,294.39₹6,57,258.48
14₹16,801.49₹11,598.19₹5,203.30₹6,45,660.29
15₹16,801.49₹11,690.01₹5,111.48₹6,33,970.28
16₹16,801.49₹11,782.56₹5,018.93₹6,22,187.72
17₹16,801.49₹11,875.84₹4,925.65₹6,10,311.89
18₹16,801.49₹11,969.85₹4,831.64₹5,98,342.03
19₹16,801.49₹12,064.61₹4,736.87₹5,86,277.42
20₹16,801.49₹12,160.13₹4,641.36₹5,74,117.29
21₹16,801.49₹12,256.39₹4,545.10₹5,61,860.90
22₹16,801.49₹12,353.42₹4,448.07₹5,49,507.47
23₹16,801.49₹12,451.22₹4,350.27₹5,37,056.25
24₹16,801.49₹12,549.79₹4,251.70₹5,24,506.46
25₹16,801.49₹12,649.15₹4,152.34₹5,11,857.31
26₹16,801.49₹12,749.29₹4,052.20₹4,99,108.03
27₹16,801.49₹12,850.22₹3,951.27₹4,86,257.81
28₹16,801.49₹12,951.95₹3,849.54₹4,73,305.86
29₹16,801.49₹13,054.48₹3,747.00₹4,60,251.38
30₹16,801.49₹13,157.83₹3,643.66₹4,47,093.55
31₹16,801.49₹13,262.00₹3,539.49₹4,33,831.55
32₹16,801.49₹13,366.99₹3,434.50₹4,20,464.56
33₹16,801.49₹13,472.81₹3,328.68₹4,06,991.75
34₹16,801.49₹13,579.47₹3,222.02₹3,93,412.28
35₹16,801.49₹13,686.98₹3,114.51₹3,79,725.30
36₹16,801.49₹13,795.33₹3,006.16₹3,65,929.97
37₹16,801.49₹13,904.54₹2,896.95₹3,52,025.43
38₹16,801.49₹14,014.62₹2,786.87₹3,38,010.81
39₹16,801.49₹14,125.57₹2,675.92₹3,23,885.24
40₹16,801.49₹14,237.40₹2,564.09₹3,09,647.84
41₹16,801.49₹14,350.11₹2,451.38₹2,95,297.73
42₹16,801.49₹14,463.72₹2,337.77₹2,80,834.01
43₹16,801.49₹14,578.22₹2,223.27₹2,66,255.79
44₹16,801.49₹14,693.63₹2,107.86₹2,51,562.16
45₹16,801.49₹14,809.96₹1,991.53₹2,36,752.21
46₹16,801.49₹14,927.20₹1,874.29₹2,21,825.01
47₹16,801.49₹15,045.37₹1,756.11₹2,06,779.63
48₹16,801.49₹15,164.48₹1,637.01₹1,91,615.15
49₹16,801.49₹15,284.54₹1,516.95₹1,76,330.61
50₹16,801.49₹15,405.54₹1,395.95₹1,60,925.07
51₹16,801.49₹15,527.50₹1,273.99₹1,45,397.57
52₹16,801.49₹15,650.42₹1,151.06₹1,29,747.15
53₹16,801.49₹15,774.32₹1,027.16₹1,13,972.83
54₹16,801.49₹15,899.20₹902.28₹98,073.62
55₹16,801.49₹16,025.07₹776.42₹82,048.55
56₹16,801.49₹16,151.94₹649.55₹65,896.61
57₹16,801.49₹16,279.81₹521.68₹49,616.80
58₹16,801.49₹16,408.69₹392.80₹33,208.11
59₹16,801.49₹16,538.59₹262.90₹16,669.52
60₹16,801.49₹16,669.52₹131.97₹0.00
Frequently Asked Questions

Car Loan EMI Calculator FAQs

Find answers to the most common questions about car loan EMI, interest rates, down payment, and repayment.

Disclaimer

This calculator provides estimates for educational and informational purposes only. Results are based on the values you enter and may differ from actual figures due to lender policies, taxes, fees, market conditions, or other factors.

The information on this page should not be considered financial, investment, tax, or legal advice. Before making any financial decision, consult a qualified Chartered Accountant (CA), financial advisor, or tax professional.

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