Car Loan EMI Calculator | Calculate Auto Financing | EasyFinancePro

Car Loan EMI Calculator

Calculate your monthly car loan payments with our advanced calculator. Compare financing options and make informed decisions.

Calculator

Comparison

Amortization

Loan Details

INR

USD

Vehicle Price

Down Payment

20%

Loan Amount

Interest Rate (%)

8.5%

Loan Term (Months)

Payment Summary

₹24,650

Monthly Payment

₹2,79,000

Total Interest

₹14,79,000

Total Payment

8.75%

APR

Car Loan EMI Calculation Made Simple

How Car Loan EMI Works

Your Equated Monthly Installment (EMI) is calculated based on the loan amount, interest rate, and loan tenure. The EMI consists of both principal repayment and interest payment.

Use our calculator to find the perfect balance between affordable monthly payments and total interest cost.

Understanding Interest Rates

Car loan interest rates vary based on your credit score, loan tenure, and the lender. Banks typically offer rates between 7% and 15% for new cars.

Compare rates from top lenders like ICICI, HDFC, SBI, and Axis Bank to get the best deal.

Smart Financing Tips

1. Aim for at least 20% down payment to reduce your loan burden

2. Choose shorter tenures to save on interest

3. Compare offers from multiple lenders before deciding

4. Consider pre-approved loans for better rates

Frequently Asked Questions

How is car loan EMI calculated?

Car loan EMI is calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where P is the loan amount, R is the monthly interest rate, and N is the loan tenure in months.

What is a good down payment for a car loan?

A down payment of 20% or more is generally recommended. This reduces your loan amount, lowers your EMI, and may qualify you for better interest rates from lenders.

How does loan tenure affect my EMI?

Longer tenures reduce your monthly EMI but increase the total interest paid over the loan period. Shorter tenures have higher EMIs but lower total interest cost.

What factors affect car loan interest rates?

Interest rates are influenced by your credit score, income, employment history, loan amount, loan tenure, and the lender's policies. New cars generally get better rates than used cars.