Car Loan EMI Calculator
Planning to buy a new or used car? The Car Loan EMI Calculator helps you calculate the monthly EMI you’ll pay for your car loan. It’s a quick and efficient tool that simplifies your financial planning before making a car purchase.
What is a Car Loan EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay each month towards your car loan. It includes both principal and interest portions, spread evenly over your loan tenure.
Car Loan EMI Calculation Formula
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
- P = Loan principal amount
- R = Monthly interest rate (annual interest ÷ 12 ÷ 100)
- N = Loan tenure in months
How to Use the Car Loan EMI Calculator
- Enter the desired car loan amount
- Choose your preferred loan tenure (in months)
- Enter the applicable interest rate
- Click on “Calculate” to get your EMI and total repayment
Features of Car Loan EMI Calculator
- Instant EMI computation
- Helps compare different loan options
- No registration required
- Accessible online anytime
Car Loan Highlights by Leading Banks
| Bank | Interest Rate | Loan Tenure | Loan Amount |
|---|---|---|---|
| ICICI Bank | Starting at 9.00% p.a. | Up to 7 years | Up to ₹25 Lakhs |
| HDFC Bank | Starting at 8.75% p.a. | Up to 7 years | Up to 100% of on-road price |
| Axis Bank | Starting at 8.75% p.a. | 1 to 7 years | ₹1 Lakh to ₹50 Lakhs |
Sample EMI Calculation
Example: If you take a car loan of ₹6,00,000 at an interest rate of 9.5% for a tenure of 60 months, your EMI would be approximately ₹12,623.
FAQs – Car Loan EMI
Q: Can I prepay my car loan?
Yes, most banks allow part-prepayment or foreclosure of car loans with applicable charges.
Q: Is the EMI fixed?
For fixed-rate loans, EMI remains constant throughout the tenure. For floating-rate loans, EMI may vary based on market changes.
Q: Where can I access official car loan EMI calculators?
- Groww Car Loan EMI Calculator
- ICICI Bank Car Loan EMI Calculator
- HDFC Bank Car Loan EMI Calculator
- Axis Bank Car Loan EMI Calculator