Car Loan EMI Calculator
Plan your car purchase by calculating affordable EMIs based on loan amount, interest rate, and repayment period.
Monthly EMI
₹0
Principal
₹8,00,000
Interest
₹0
Total Payment
₹0
Interest to Principal
0.00%
Loan Affordability
With your monthly budget, you can afford a loan of approximately ₹0
Understanding Car Loans in India
A car loan is a financial product that helps you purchase a vehicle by paying a portion of the cost upfront and the rest in equated monthly installments (EMIs) over a specified period.
Key Components of Car Loans
Loan Amount
The amount you borrow from the lender, typically 80-90% of the car's on-road price.
Interest Rate
The rate at which interest is charged on your loan, usually between 7% and 15% per annum.
Loan Tenure
The period over which you repay the loan, typically 1 to 7 years.
Down Payment
The initial payment you make upfront, usually 10-20% of the car's value.
Factors Affecting Car Loan EMI
Loan Amount
Higher loan amounts result in higher EMIs.
Interest Rate
Higher interest rates increase your EMI and total interest outgo.
Loan Tenure
Longer tenures reduce EMI amounts but increase total interest paid.
Credit Score
A good credit score can help you secure lower interest rates.
Tips for Getting the Best Car Loan
- Compare offers from multiple lenders to get the best interest rate
- Maintain a good credit score (750+) to qualify for lower interest rates
- Make a larger down payment to reduce your loan amount and EMI
- Choose an appropriate loan tenure that balances EMI affordability with total interest outgo
- Check for hidden charges like processing fees, prepayment penalties, etc.
- Consider pre-approved loans which often come with better terms
Types of Car Loans in India
New Car Loans
Loans for purchasing new vehicles, typically with lower interest rates and higher loan-to-value ratios.
Used Car Loans
Loans for pre-owned vehicles, usually with higher interest rates and lower loan amounts.
Refinance Car Loans
Loans that replace your existing car loan with better terms, potentially lowering your EMI.
How to Use This Calculator
- Enter the car loan amount you wish to borrow
- Input the interest rate offered by your lender
- Select the loan tenure in years
- The calculator will instantly show your monthly EMI, total interest payable, and total payment
- Adjust the values to see how they affect your EMI and find a combination that suits your budget
Disclaimer
This calculator provides an estimate based on the information you provide. Actual loan terms, EMIs, and total costs may vary based on the lender's policies, your credit profile, and other factors. Please consult with financial institutions for the most accurate information.