Car Loan EMI Calculator
Calculate your monthly EMI for a car or vehicle loan. Adjust the financed amount, interest rate, and tenure to find repayment terms that fit your budget.
Car loans are typically 3–7 years. Choosing a 3-year term over a 5-year term significantly reduces total interest paid, though your monthly EMI will be higher. Use the Compare tab to see the exact cost difference, and the Restructure tab to evaluate early settlement options.
Calculate Car Loan EMI
Calculate your car loan EMI and see the full amortization schedule. Set the financed amount after subtracting your down payment to get your exact monthly obligation.
Compare Finance Options
Dealer finance vs. bank loan vs. credit union — compare up to three car finance options simultaneously to find the deal with the lowest total interest cost.
Find Your Car Budget
Find out how expensive a car you can finance based on your monthly income and preferred EMI-to-income ratio, so you shop within your means.
Evaluate Early Settlement
Thinking of paying off your car loan early or switching lenders? Enter the settlement charge and remaining balance to see if the interest saving justifies the fee.
Loan Details
Prepayment
Simulate extra monthly or lump sum payments to see how much you can save.
Principal vs Interest
Balance Over Time
Frequently Asked Questions
How is car loan EMI calculated?
Car loan EMI uses the reducing-balance formula: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the financed amount (purchase price minus down payment), r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the tenure in months. For example, financing 2,000,000 at 11% p.a. over 5 years gives an EMI of approximately 43,474.
Should I choose a 3-year or 5-year car loan?
A 3-year tenure means a higher monthly EMI but you pay roughly 40% less total interest than a 5-year loan at the same rate. Use the Compare tab to put a 3-year and 5-year scenario side by side and see the exact difference in monthly payment and total cost for your loan amount.
How does a down payment affect my car loan EMI?
A larger down payment directly reduces the amount you finance, which lowers both your EMI and total interest. For example, a 20% down payment on a car reduces your financed principal by 20%, cutting your EMI and total interest proportionally. Enter the financed amount (after down payment) into the Calculator to model this instantly.
Is it worth settling a car loan early?
Early settlement saves interest but typically incurs a penalty fee (often 1–3% of the outstanding balance). The Restructure tab lets you enter your remaining balance, penalty fee, and compare it against the interest you would save — it calculates the exact break-even point and net gain.