Car Loan EMI Calculator
Estimate the monthly EMI and total interest on a car loan from the on-road price, down payment, rate and months.
- Loan amount
- —
- Total interest
- —
- Total payment
- —
An estimate only; check the lender's offer for the exact figures.
What is the Car Loan EMI Calculator?
This car loan EMI calculator takes the on-road price, subtracts your down payment and shows the monthly EMI, total interest and total repayment for the rate and number of months you enter. It helps you test different down payments and tenures before visiting a dealer or lender.
How it works
The loan amount is the on-road price minus the down payment. The monthly rate is the yearly rate divided by 1200, and the EMI is L x r x (1 + r)^n divided by ((1 + r)^n - 1) for n months. Total payment is EMI times n, and interest is the total minus the loan.
How to use it
- Enter the on-road price of the car.
- Add the down payment you plan to make.
- Type the yearly rate and the tenure in months.
- Compare the EMI and total interest for different tenures.
Car Loan EMI Calculator — FAQ
What is the on-road price?
It is the ex-showroom price plus items such as registration, insurance and other charges. Use the final quoted figure from the dealer.
Should I choose a shorter car loan tenure?
A shorter tenure raises the EMI but reduces total interest. Pick the shortest tenure whose instalment fits your budget.
Do part-payments or fees change this result?
Yes. Processing fees, insurance bundled into the loan and any part-payments are not included here, so your final cost can differ.