Car Loan EMI Calculator

Plan your car loan repayments with our EMI calculator and month-on-month amortization schedule.

Accurate EMI calculations
Detailed monthly amortization schedule
Visual repayment breakdown
Car Loan Planning
₹
Enter loan amount (₹1,00,000–₹50,00,000).
Principal amount of the car loan.
%
Enter interest rate (7–15%).
Annual interest rate for the loan.
Years
Enter tenure (1–7 years).
Duration of the loan repayment.

Loan Repayment Summary

Monthly EMI
₹0
Total Interest
₹0
Total Payment
₹0
Loan Tenure
0 Years
How Car Loans Work
Borrow for Vehicle

Take a loan to purchase your car.

Pay EMI

Repay through fixed monthly installments.

Reduce Interest

Prepayments lower interest and tenure.

MonthOpening Balance (₹)EMI (₹)Interest Paid (₹)Principal Paid (₹)Prepayment (₹)Closing Balance (₹)

What is a Car Loan?

A car loan is a secured loan provided by banks or financial institutions to help you purchase a vehicle, repaid through Equated Monthly Installments (EMIs).

Interest rates typically range from 7–15%, and tenures extend up to 7 years. Prepayments can reduce interest costs and shorten the loan tenure.

Did You Know?

A ₹10 lakh car loan at 9.5% for 5 years has an EMI of ~₹21,054!

Benefits of Car Loans

Lower interest rates due to the vehicle as collateral.

Finance your vehicle purchase with affordable EMIs.

Choose tenures up to 7 years to suit your budget.

Frequently Asked Questions

EMI is calculated using the formula: EMI = P * r * (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months.

Yes, prepayments reduce the principal, lowering interest costs and potentially shortening the tenure.

Car loan interest is generally not tax-deductible for personal use but may be deductible if the vehicle is used for business purposes.