Car Loan EMI Calculator – Calculate Monthly Payments & Interest
Planning to buy your dream car? Our free Car Loan EMI Calculator at Free Calculator helps you determine exact monthly payments (EMIs), total interest, and loan tenure for any vehicle purchase. Whether you’re comparing loan offers or budgeting for a new car, this tool provides instant, accurate calculations to make informed financial decisions.
Key Features
✔ EMI Calculation – Know your exact monthly payment
✔ Interest Breakdown – See principal vs. interest split
✔ Flexible Inputs – Adjust loan amount, tenure & interest rate
✔ Amortization Schedule – Detailed payment timeline
✔ Mobile-Friendly – Works on all devices
How to Use the Car Loan EMI Calculator
1. Enter Loan Details
- Loan Amount (e.g., ₹5,00,000)
- Interest Rate (e.g., 8.5% p.a.)
- Loan Tenure (3-7 years typically)
2. View Results Instantly
- Monthly EMI
- Total Interest Payable
- Total Payment (Principal + Interest)
3. Analyze Amortization Schedule
- Year-by-year/month-by-month payment breakdown
- See how much goes toward principal vs. interest
Example Calculation:
- Loan Amount: ₹5,00,000
- Interest Rate: 8.5% p.a.
- Tenure: 5 years (60 months)
- EMI: ₹10,260
- Total Interest: ₹1,15,600
Why Use Our Car Loan EMI Calculator?
✅ 100% Free & No Registration
✅ Accurate EMI Formulas – Matches bank calculations
✅ Visual Charts – Pie/bar graphs for easy understanding
✅ Compare Loans – Test different scenarios side-by-side
✅ Save/Print Results – For offline reference
EMI Calculation Formula
The calculator uses the standard EMI formula:
Copy
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (annual rate ÷ 12)
- N = Loan tenure in months
Example Math:
For ₹5L at 8.5% for 5 years:
- R = 8.5%/12 = 0.708% = 0.00708
- N = 5 × 12 = 60
- EMI = [5,00,000 × 0.00708 × (1+0.00708)^60] / [(1+0.00708)^60 – 1] = ₹10,260
Practical Uses Car Loan EMI Calculator
| Scenario | How Calculator Helps |
|---|---|
| Budget Planning | Check affordability before car shopping |
| Loan Comparison | Compare banks/NBFCs for best rates |
| Prepayment Analysis | See impact of lump-sum payments |
| Tenure Adjustment | Test shorter vs. longer loan periods |
Frequently Asked Questions (FAQs)
Our Car Loan EMI Calculator takes the guesswork out of auto financing. Whether you’re buying a hatchback or SUV, get clarity on payments, interest, and tenure in seconds. Bookmark Free Calculator for all your financial planning tools!
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