About the Car Loan EMI Calculator
Car loans are usually shorter than home loans, so the EMI is higher for the same amount. A larger down payment reduces both the EMI and the interest.
Enter the loan amount, rate and tenure to see your EMI and total interest.
Formula used
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where r = annual rate ÷ 12 ÷ 100 and n = months.
Frequently asked questions
What tenure is best for a car loan?
Four to five years is common. Longer tenures cost more in interest, and a car loses value quickly.
Is the loan amount the same as the car price?
No. Subtract your down payment, and remember insurance, registration and accessories.
Can I prepay a car loan?
Usually yes, but some lenders charge a fee. Ask before you sign.