EMI calculator
Estimate EMI from on-road price and down payment—see balance, interest split, and a year-wise schedule with the same layout as our home loan tool.
Loan details
Price, down payment, rate & tenure
Monthly EMI
Key number₹0
On the financed amount after your down payment—adjust price or tenure to compare deals.
Car price
₹20,00,000
Down payment
₹50,000
Loan amount
₹0
Total interest
Cost of borrowing
₹0
Total loan payment
Principal + interest
₹0
Total car cost
Price + interest
₹0
Visual insights
Interactive charts — hover for details.
Loan balance over time
Outstanding principal by year
Principal vs interest
Share of total cost
Year-wise principal vs interest
Annual split of repayment
Smart insights
High-signal takeaways from your current numbers.
Interest share of loan payments
About 0% of your total loan repayment is interest—a larger down payment or shorter tenure usually lowers this.
Total cost of ownership
Total car cost includes interest on the loan. Compare offers using the same tenure for a fair read.
Year-wise amortization
| Year | Principal paid | Interest paid | Remaining balance |
|---|
Related car loan calculator pages
Nearby car prices, down payments, tenures, or interest rates—one change at a time.
- Car loan — ₹21,00,000 price · ₹50,000 down · 7 yrs @ 9%
- Car loan — ₹22,00,000 price · ₹50,000 down · 7 yrs @ 9%
- Car loan — ₹25,00,000 price · ₹50,000 down · 7 yrs @ 9%
- Car loan — ₹19,00,000 price · ₹50,000 down · 7 yrs @ 9%
- Car loan — ₹18,00,000 price · ₹50,000 down · 7 yrs @ 9%
- Car loan — ₹20,00,000 price · ₹1,00,000 down · 7 yrs @ 9%
- Car loan — ₹20,00,000 price · ₹1,50,000 down · 7 yrs @ 9%
- Car loan — ₹20,00,000 price · ₹0 down · 7 yrs @ 9%
- Car loan — ₹20,00,000 price · ₹2,00,000 down · 7 yrs @ 9%
Guide · India
📘 Car loan EMI in India
Why plan your car loan EMI
India has a large market for passenger vehicles; financing a car usually means a secured term loan on the vehicle. Knowing your monthly EMI before you walk into a showroom helps you align the loan with fuel, insurance, and maintenance. Use the calculator above for loan amount (price minus down payment), interest, tenure, and a year-wise view of principal versus interest.
Why use this car loan calculator?
- 1Down payment vs EMI: see how a higher down payment (e.g. ₹2–5 lakh extra) reduces EMI and total interest.
- 2Compare lenders: plug the same loan amount and tenure with different rates from banks and NBFCs.
- 3Total car cost: review EMI, interest, and how they add to the ex-showroom price you entered.
How car loan EMI is calculated
The loan amount is typically car price − down payment. Interest is charged on the reducing balance each month—the same EMI formula as other term loans.
EMI formula
EMI = P × r × (1 + r)n / ((1 + r)n − 1)- P = loan principal (₹)
- r = monthly rate = annual % ÷ 12 ÷ 100
- n = tenure in months
Example (illustrative)
A ₹12 lakh car with ₹3 lakh down leaves ₹9 lakh financed. At roughly 9% p.a. over 5 years, EMI often falls in a band of tens of thousands of rupees per month—run the exact numbers in the tool and compare with your dealer or bank quote.
New car vs used car loans (high level)
| Aspect | New car | Used car |
|---|---|---|
| Rates & tenure | Often more competitive | May be shorter tenure / higher rate |
| Loan-to-value | Depends on bank policy | Often lower LTV on older cars |
Key insights
- On-road budget: add insurance, registration, and accessories beyond EMI.
- Processing fees: a low rate with a high fee can cost more than it looks—check total outflow.
- Prepayment: if you expect bonuses, ask your lender about part-prepayment rules upfront.
Frequently asked questions
- How is car loan EMI calculated in India?
- Car loan EMI uses the same reducing-balance logic as other term loans: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is loan amount (car price minus down payment), r is monthly interest rate, and n is tenure in months.
- Does a higher down payment reduce car loan EMI?
- Yes. A larger down payment reduces the principal borrowed, which lowers EMI and total interest for the same rate and tenure.
- What is the typical car loan tenure in India?
- Many lenders offer 3 to 7 years for new cars; used cars may have shorter tenures. Longer tenure lowers EMI but increases total interest.
- Can I prepay or foreclose a car loan?
- Most lenders allow part or full prepayment; charges and conditions vary by bank and loan agreement. Read your sanction letter before prepaying.
- Are car loan rates fixed or floating?
- Both exist. Fixed-rate loans keep EMI predictable for the fixed period; floating rates may change with lender policy. Compare total cost, not just headline EMI.
- Does this calculator include insurance and registration?
- This tool focuses on loan principal, interest, and EMI. On-road costs like insurance, road tax, and registration are separate—budget them in addition to EMI.
- How do I compare car loan offers from banks and NBFCs?
- Use the same loan amount, tenure, and rate in the calculator, check processing fees and insurance bundling, and ask for the annualised cost of credit before deciding.
Related calculators
More tools on EasyCal for loans, savings, and planning.
Conclusion
A car loan EMI should fit your monthly budget after fuel and maintenance. Use the calculator to stress-test down payment, rate, and tenure, then confirm numbers with your lender.