Car Loan EMI Calculator
Car loan EMI calculator: see the monthly EMI, total interest and schedule for a new or used car loan, typically over 1 to 7 years, and how paying extra each month shortens it.
₹8,00,000 (8 lakh)
Monthly EMI
₹16,801
- Principal
- ₹8,00,000
- Total interest
- ₹2,08,097
- Total amount paid
- ₹10,08,097
The EMI is rounded to the nearest rupee and the last instalment is adjusted, so the totals match the schedule. Banks may differ slightly because of processing fees, insurance and the exact date of disbursal.
Repayment schedule
| Year | Principal | Interest | Balance at end |
|---|---|---|---|
| ₹1,31,228 | ₹70,384 | ₹6,68,772 | |
| ₹1,44,252 | ₹57,360 | ₹5,24,519 | |
| ₹1,58,569 | ₹43,043 | ₹3,65,950 | |
| ₹1,74,307 | ₹27,305 | ₹1,91,644 | |
| ₹1,91,644 | ₹10,006 | ₹0 |
Calculations run in your browser. Nothing you type is sent or stored.
How to use Car Loan EMI Calculator
Enter the car loan amount, the interest rate your lender quoted and the tenure in years or months (or use the sliders).
Read the monthly EMI, total interest and total amount payable. Tick "Add prepayments" to see how extra payments cut interest and tenure.
Open any year in the schedule to see each month, or click "Download schedule (CSV)".
When to use Car Loan EMI Calculator
- Before applying. Check what EMI fits your monthly budget before you choose a car loan amount.
- Comparing offers. Compare the total interest of two lenders, not just the rate.
- Planning prepayments. See how a bonus or a small monthly extra shortens the loan.
How car loan EMIs work in India
Car loans are usually fixed-rate, so the EMI stays the same for the whole tenure. Lenders typically finance 80% to 100% of the on-road price for new cars.
Fixed-rate loans can carry a foreclosure or part-payment charge, often 2% to 5% of the amount prepaid, especially in the first year. Read the sanction letter before prepaying.
A car loses value quickly, so a shorter tenure with a higher EMI usually costs far less overall. The calculator shows both side by side when you change the tenure.
EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months. Early EMIs are mostly interest; later ones are mostly principal.
Limits and privacy
- Results are estimates for information only, not financial or tax advice. Confirm with your bank, lender or tax adviser.
- Calculations run in your browser. Nothing you type is sent or stored.
Frequently asked questions
What is the EMI for a car loan of Rs 10 lakh?
At 9.5% interest for 5 years, a ₹10 lakh car loan costs about ₹21,002 a month, with roughly ₹2.6 lakh paid in interest. Over 7 years the EMI drops to about ₹16,344 but the interest rises to about ₹3.7 lakh. Use the calculator above with your exact rate and tenure, because a 0.5% difference in rate or a few extra years changes the EMI and the total interest noticeably.
What is a good car loan interest rate?
New car loans from banks have commonly been in the roughly 8.5% to 11% range in 2026, while used car loans and NBFC loans are usually higher, often 11% to 16%. Rates depend on the RBI repo rate, your credit score, income and the lender, so compare the annual percentage rate including fees from several banks and NBFCs. Rates change often; check current offers.
Does prepayment reduce EMI or tenure?
You can usually choose. Most banks reduce the tenure by default and keep the EMI the same, which saves the most interest; this calculator shows that case. Some let you lower the EMI instead. Floating-rate loans to individuals carry no prepayment penalty under RBI rules; fixed-rate loans may charge one, so check your loan agreement.
Step-by-step guides
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