Car Loan EMI Calculator
About Car Loan EMI Calculator
The Car Loan EMI Calculator helps you find out how much you’ll need to pay every month for your car loan. By entering your loan amount, interest rate, and repayment period, you can compare loan offers, plan your budget, and make informed decisions before purchasing your car.
Formula (Simple Explanation)›
EMI = P × r × (1 + r)^N / ((1 + r)^N − 1)
Where: P = Loan amount, r = Monthly interest rate (annual rate ÷ 12 ÷ 100), N = Number of months.
Example:
Input: ₹8,00,000 at 9% annual interest for 5 years (60 months)
Output: EMI = ₹16,637 and total interest = ₹1,98,220.
Steps to Use:
- Enter your car loan amount (₹).
- Enter the annual interest rate (%).
- Enter the loan tenure (months or years).
- Click 'Calculate' to view EMI and total interest instantly.
Frequently Asked Questions
What is a Car Loan EMI?›
A Car Loan EMI (Equated Monthly Instalment) is the fixed monthly payment you make towards repaying your car loan, including both the principal and interest components.
How is Car Loan EMI calculated?›
EMI is calculated using the formula EMI = P × r × (1 + r)^N / ((1 + r)^N − 1), where P is the principal, r is the monthly interest rate, and N is the total number of instalments.
Can I lower my Car Loan EMI?›
Yes, you can lower your EMI by increasing the loan tenure or making a higher down payment at the time of purchase.
Does the Car Loan EMI change with interest rate?›
Yes, your EMI will increase if the interest rate rises and decrease if the rate falls, especially for floating-rate car loans.