Car Loan EMI Calculator
Calculate Car Loan EMI Online
Monthly EMI
₹29,623*
Calculate EMI Online Car Loan EMI Calculator
A car loan EMI (Equated Monthly Instalment) calculator is a tool that helps you estimate your monthly car-loan payments. It’s crucial for financial planning because it shows whether the repayments fit your budget. Explore your car loan eligibility, compare offers across lenders, and choose the best EMI option for your budget.
Why You Would Need A
Car EMI Calculator?
An EMI calculator shows the exact monthly installment for your loan. This helps you manage your finances and plan repayments better.
Quick & Accurate EMI Result
Simply enter your loan amount, interest rate, and tenure to see exact car emi calculator outputs.
Compare Bank Offers
Use our vehicle emi calculator to line up EMIs from multiple banks side by side.
Easy to Use
Plug in your numbers, loan amount, interest rate, & tenure, and our car loan emi calculator handles the rest.
Mobile & Desktop Friendly
Access our car loan EMI calculator on any device. Whether on mobile or desktop, enjoy a seamless experience when checking your car loan calculator results.
Key Components Of A
Car Loan EMI Calculator
There are basically 3 Key components of a Car Loan EMI (Equated Monthly Installment) calculator: Principal amount, interest rate, Tenure. These inputs are used in a formula to calculate the monthly payment amount that includes both principal and interest.
Principal Amount
The total car loan sum you borrow from the bank or NBFC.
Interest Rate
Annual rate applied to your outstanding balance, affecting your car loan EMI.
Tenure (Loan Term)
Number of months over which you repay. shorter tenure = higher EMI; longer tenure = lower EMI.
Other Factors
Our EMI calculator car loan option lets you adjust for these to see true costs.
Down Payment
The upfront amount you pay reduces your loan balance and lowers your EMI.
Credit Score Impact
A higher score can earn you a better interest rate, shrinking your monthly payment.
Loan Type
Fixed-rate loans keep EMIs constant, while floating rates can make EMIs go up or down.
Processing Fees
One-time or periodic fees added by lenders that increase your total loan cost.
How Is EMI Calculated
For A Car Loan EMI Online?
An EMI calculator applies the standard EMI formula using your loan amount, annual interest rate (converted to a monthly rate), and repayment tenure to instantly show:
Fixed Monthly EMI You Will Pay
Total Interest Cost Over The Loan's File
Overall Amount Payable (Principal + Interest)
Some calculators go further by providing an amortization schedule, which breaks down each EMI into its principal and interest components. The EMI you see is the exact fixed monthly installment that covers both your principal repayment and the interest charge, calculated by plugging your loan amount (P), monthly rate (r), and number of payments (n) into the EMI formula.
EMI = [P * R * (1+R)^N] / [(1+R)^N - 1]
Formula to Calculate the Car Loan EMI
Here, P = Principal Loan Amount (total car loan you borrow). R = Monthly Interest Rate (annual interest rate ÷ 12 ÷ 100) N = Loan Tenure in Months (years × 12)
What Is The Car Loan
Amortization Schedule?
A car loan amortization schedule is a month-by-month table that shows how each car loan EMI is split between principal and interest, and how your outstanding balance declines over time. Understanding this breakdown lets you plan prepayments and see your total interest savings.
Lets take an Example based on a ₹10,00,000 loan at 9% p.a. over 60 months, calculated via an EMI calculator for car loans.
| Month | Opening Balance | Interest Component | Principal Component | Closing Balance |
|---|---|---|---|---|
| 1 | ₹10,00,000 | ₹7,500 | ₹8,589 | ₹9,91,411 |
| 2 | ₹9,91,411 | ₹7,436 | ₹8,653 | ₹9,82,757 |
Interest Component
Initially high, then tapers off as principal reduces.
Principal Component
Starts lower and climbs with each EMI, increasing your equity in the vehicle.
Closing Balance
Opening balance minus principal repaid, this becomes the next month's opening balance.
What Is The Car Loan
Eligibility Criteria In India?
Nationality & Residency
Must be an Indian citizen and resident.
Age Limit
Minimum 18/21 years, maximum 60–70 years at loan maturity (varies by lender).
Income Threshold
Salaried: ₹4–6 lakhs net per year (some lenders require a minimum ₹25,000/month).
Self-employed: ₹1.8–6 lakhs net per year, with ITRs for the past 2–3 years.
Work Stability
Salaried: 1–2 years of continuous employment, including at least one year with your current employer.
Self-employed: Minimum 2–3 years in the same business line.
Credit Score (CIBIL)
700+ is preferred for better interest rates and higher approval chances. Some lenders may consider scores from 650+ with stronger profiles.
Debt-to-Income Ratio
Existing EMIs plus the new EMI should typically not exceed 40–50% of your net monthly income.
Down Payment
Higher down payments (for example, paying 20–30% of the car’s value) usually improve eligibility and can reduce EMI burden.
Existing Liabilities
Fewer ongoing loans and a clean repayment track record (no recent defaults or settlements) help your approval odds.
Vehicle Age & Condition
For used car loans, lenders may have age limits (for example, cars not older than 8–10 years) and condition checks before approving funding.
What All Documents Applicants
Needs to Submit?
Identity Proof (Any One)
- Aadhaar Card, PAN Card, Passport, Driving License
Address Proof (Any One)
- Recent Utility Bill of last 3 months (Electricity, Water, Gas), Passport, Registered Rent Agreement
Income Proof
- Salaried: Last 3 months salary slips, Form 16 for the last 2 years & Employer's certificate.
- Self-Employed: Income Tax Returns for the last 3 years, Business Registration Certificate (e.g., GST/SSI) and Audited Financial Statements (Balance Sheet & P&L).
Bank Statements
- Account Statements for the last 6 months of your Savings Account OR Current Account.
Vehicle-Related Documents
- Pro forms invoice from the dealer (new cars), Registration Certificate (RC) copy (for used cars).
Other Documents
- Duly filled application form with passport size photograph. Passport-size photographs (2 copies). Cancelled cheque for ECS mandate (to set up auto-debit).
How To Apply For A
Car Loan In India?
Applying for a car loan in India is a simple process when you know the steps and use the right tools, like our car loan EMI calculator, to estimate your monthly outflows before you apply.
By following these steps and validating scenarios, you'll secure the best possible deal tailored to your repayment capacity. Here's what you have to do:
Check Eligibility
Confirm age/income fit and a 700+ credit score, then run the car loan eligibility & EMI calculator.
Collect Documents
Keep ID, address, income proofs & car quotation ready. Refer to full list above.
Pick A Lender & Mod
Choose your bank/NBFC and apply online or at a branch.
Fill & Submit Form
Enter loan details, upload scans, verify EMI with the calculator, and hit submit.
Verification & Sanction
The lender checks your KYC/credit and issues a sanction letter with rate and EMI.
Disbursement & Sign-off
Sign the agreement, the lender pays the dealer (or you), and your EMIs start.
What Are The Benefits Of Using
Our Car Loan EMI Calculator?
A car loan EMI calculator makes it easy to understand and plan your payments when buying a car. It has many benefits that help you make smart choices. Here are the main advantages:
Time-saving & Accurate
Enter loan amount, rate, and tenure, our car loan EMI calculator gives the exact EMI in a second. No manual math, no waiting for bank quotes.
Compare Banks In One Go
Type your details once and see EMIs at different interest rates (7.5%, 8.2%, etc.) side by side. Spot the cheapest offer fast.
Know Where Your Money Goes
See each month's EMI split, how much is interest, how much reduces your loan. Plan prepayments and check how much time/interest you can save.
Plan Your Budget Better
Fit the EMI into your monthly spend (fuel, insurance, upkeep) and test extra payments. Stay risk free from over-borrowing.
Amortization Schedule
Many calculators show a repayment table that clearly splits each payment into what goes towards the loan amount and what goes towards interest, so you can easily see how your loan is being paid off.
Accessibility & User-Friendly
Easily accessible online from any device, it's designed to be intuitive and simple to use, even for those without financial expertise.
Explore Top Car Loan Offers In India
Several prominent banks and financial institutions in India offer competitive car loan schemes with varying interest rates, features, and benefits. Here's a summary of some of the top car loan offers as of July 2025:
| Bank | Starting Interest Rate | Processing Fee | Max Tenure |
|---|---|---|---|
| HDFC Bank | 8.60% p.a. | ₹3,500 or 1% (whichever is higher) | 84 Months |
| ICICI Bank | 8.75% p.a. | ₹2,999 flat | 84 Months |
| Axis Bank | 9.00% p.a. | ₹3,500 or 1% | 84 Months |
| SBI | 8.65% p.a. | ₹1000 - ₹2000 | 84 Months |
Source link: Financial Express & The Economic Times
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