Free Online Car Loan Calculator
Enter the amount you plan to borrow, your interest rate, and loan tenure. You get monthly EMI, total interest, and a year-by-year amortization table. Switch between INR and USD for your market.
| Monthly EMI | ₹16,801.49 |
| Principal | ₹8,00,000 |
| Total interest | ₹2,08,089 |
| Total repayment | ₹10,08,089 |
Amortization schedule
| Year | Principal | Interest | Payment | Balance |
|---|---|---|---|---|
| 1 | ₹1,31,234 | ₹70,383 | ₹2,01,618 | ₹6,68,766 |
| 2 | ₹1,44,259 | ₹57,359 | ₹2,01,618 | ₹5,24,506 |
| 3 | ₹1,58,576 | ₹43,041 | ₹2,01,618 | ₹3,65,930 |
| 4 | ₹1,74,315 | ₹27,303 | ₹2,01,618 | ₹1,91,615 |
| 5 | ₹1,91,615 | ₹10,003 | ₹2,01,618 | ₹-0 |
How car loan EMI is calculated
EMI uses standard amortization: the same payment each month, with more interest early in the loan and more principal later. The formula is EMI = P × [r(1+r)n] / [(1+r)n − 1], where P is loan amount, r is monthly rate, and n is months.
Insurance, registration, and processing fees are not in EMI unless your lender rolls them into the loan. A bigger down payment lowers P, which lowers both EMI and total interest.
Used-car loans often carry a higher rate than new-car loans but a shorter tenure—compare total cost, not just the monthly number.
For any loan amount and tenure, use our free EMI calculator.
How to use this calculator
- Choose INR or USD at the top right.
- Set loan amount (price minus down payment if you already know what you will borrow).
- Enter the annual interest rate from your bank or dealer finance offer.
- Pick loan tenure in years—common terms are 3, 5, or 7 years.
- Read monthly EMI, total interest, and total repayment in the summary table.
- Open the amortization schedule to see principal vs interest by year or month.
Worked examples
Sample numbers you can try in the calculator above. Your lender's quote may differ slightly.
₹10 lakh car, 20% down
Typical new-car financing in India. Total interest is roughly ₹1.85 lakh over five years.
₹8,00,000 loan · 8.5% · 5 years
EMI: EMI about ₹16,420/month
Used car, higher rate
Shorter tenure and a smaller loan keep the payment manageable even when the rate is higher than on a new car.
₹4,00,000 loan · 11% · 3 years
EMI: EMI about ₹13,088/month
Larger down payment
Putting 40% down instead of 20% cuts the financed amount and saves a noticeable amount in total interest.
₹7,20,000 loan · 9% · 5 years (40% down on ₹12L car)
EMI: EMI about ₹14,945/month
US auto loan ($25,000)
Switch currency to USD for US dealer or credit-union quotes. Rates and terms vary by credit score and lender.
$25,000 loan · 6% · 5 years
EMI: EMI about $483/month
Frequently asked questions about the car Loan Calculator
How is car loan EMI calculated?
We use standard amortization on the loan amount, monthly interest rate (annual rate ÷ 12), and number of months in the tenure.
Does a larger down payment reduce EMI?
Yes. You borrow less, so the monthly payment and total interest both go down.
What is included in EMI?
EMI is principal plus interest only. Insurance, road tax, and fees are separate unless financed into the loan.
Can I prepay to save interest?
On many floating-rate loans, yes—check your lender for prepayment penalties and how extra payments are applied.