Car Loan EMI Calculator
Work out the monthly installment on a car loan before you walk into a showroom. Set the price, what you can put down, how long you want to pay, and the rate your lender quoted. The installment, the total interest, and what the loan costs over its full term update as you go.
Loan summary
- Loan amount
- Rs. 28,00,000
- Total interest
- Rs. 7,28,313
- Total payable
- Rs. 35,28,313
Your installment
- Monthly
- Rs. 58,805
- Yearly
- Rs. 7,05,663
for 5 years at 9.5% interest
Indicative only. Actual rates vary by lender, credit profile, and current offers.
How Is EMI Calculated?
An EMI, or Equated Monthly Installment, is a fixed amount you pay your lender every month until the loan is cleared. Each payment covers the interest that built up that month, and whatever is left goes against the amount you borrowed. The installment stays the same from the first month to the last, but its makeup shifts: early payments are mostly interest, later ones are mostly principal.
- P
- Loan amount. The car price minus your down payment, not the price itself.
- r
- Monthly interest rate. The annual rate divided by 12, then by 100: 9.5% a year is 0.007917.
- n
- Tenure in months. A 5-year loan is 60 months.
Frequently Asked Questions
How much down payment do I need for a car loan?
Every lender sets its own minimum, so it is worth asking yours early on. Whatever that number is, paying more up front works in your favor: the down payment comes straight off the amount you borrow, which brings down the monthly installment and the total interest together. The calculator starts at 20%, and the slider is there to try other amounts.
Does a longer loan tenure make the car cheaper?
Not quite. A longer tenure makes each month easier to manage, but the loan costs more overall, because interest keeps building for every extra month you still owe money. Try dragging the tenure slider and you will see the two figures move in opposite directions. A good rule of thumb is the shortest term you can comfortably handle.
What interest rate should I enter?
Use the rate your bank or finance company has quoted you, if you have one yet. Rates vary between lenders and move with the market, and your credit history and down payment both play a part. The calculator starts at 9.5% a year as a reasonable placeholder, so do swap in your own figure once you have it.
What is the difference between flat rate and reducing balance interest?
With reducing balance, interest is charged only on what you still owe, so the interest part of each installment gets smaller as you pay the loan down. A flat rate charges interest on the full original amount for the whole term, which makes it look cheaper than it really is. It is always worth checking which one a quote uses. This calculator uses reducing balance, the standard for car loans.
Does the EMI include road tax, insurance, and registration?
That depends on the price you enter. The calculator works from a single figure, so use the on-road cost if you plan to finance everything, or just the car price if you are paying the extras yourself. It is also worth remembering that lenders often add a processing fee, which is not included here.
What happens if I pay part of the loan off early?
Paying early usually saves you money, though this calculator assumes you keep the same installment for the full term. Lenders handle extra payments differently: some shorten the remaining tenure, some lower the installment, and some charge a small fee. It is worth asking yours first, since each option changes what you end up paying.
Can I see the EMI for a specific car model?
Yes, and it saves you a step. Every model with a price has its own EMI page with that price already filled in, plus a variant picker so you can compare installments across a lineup before you shortlist one.