Car Loan EMI Calculator
Work out the monthly EMI on your car loan from the on-road price, down payment, interest rate and tenure — with the total interest and total amount payable.
Car Loan Details
20% of price
Monthly EMI
₹16,801
Total interest: ₹2,08,089 · Total paid: ₹10,08,089
Loan Amount
₹8,00,000
Total Interest
₹2,08,089
Total Payment
₹10,08,089
Down Payment
₹2,00,000
How It Works
A car loan EMI depends on three things: the loan amount (on-road price minus your down payment), the interest rate, and the tenure. The EMI formula spreads the loan plus interest into equal monthly instalments — a larger down payment or shorter tenure lowers both the EMI and the total interest you pay. Car loans in India typically run 1–7 years at 9–12% interest, and unlike home loans they are secured against the vehicle, which depreciates. Because a car loses value while you pay interest on it, a bigger down payment and the shortest tenure you can afford usually make the most financial sense. This calculator shows the EMI, the total interest, and the full amount you will repay so you can compare offers.
Formula
Loan = On-road price − Down payment. EMI = P·r·(1+r)^n / ((1+r)^n − 1), where r = annual rate ÷ 12 ÷ 100 and n = months.
Frequently Asked Questions
How is car loan EMI calculated?
EMI = P·r·(1+r)^n / ((1+r)^n − 1), where P is the loan (price − down payment), r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months. The calculator does this instantly.
How much down payment should I make on a car?
A larger down payment lowers your loan, EMI and total interest. Many buyers put down 15–25%; paying more reduces cost, but keep enough cash for insurance, registration and an emergency buffer.
What tenure is best for a car loan?
The shortest you can comfortably afford. A longer tenure lowers the EMI but raises total interest, and because a car depreciates you can end up owing more than it is worth. 3–5 years is common.
Does the calculator include insurance and road tax?
Enter the full on-road price (which already includes insurance, registration and road tax) as the price, and your cash down payment separately. The EMI is then computed on the financed balance.
Can I prepay or foreclose a car loan?
Usually yes, though some lenders charge a foreclosure fee on fixed-rate loans — check your agreement. Prepaying early saves the most interest since early EMIs are interest-heavy.