Calculate car loan EMI and total cost of vehicle financing
Car Loan Calculator is a comprehensive financial calculator designed to help you calculate car loan emi and total cost of vehicle financing. Planning finances requires absolute precision; this calculator provides instant accurate projections for EMIs, compounding, loans, and investment portfolio returns.
Car loan EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly rate and n is the number of months. For ₹10,00,000 at 9.5% over 7 years, the EMI is about ₹16,344 and the total interest is about ₹3.73 lakh, so you repay about ₹13.73 lakh in all.
A 5-year loan costs more each month but much less in interest. On ₹10,00,000 at 9.5%, 5 years gives an EMI of about ₹21,002 and interest of about ₹2.60 lakh, while 7 years gives about ₹16,344 and about ₹3.73 lakh. Since cars lose value with time, many buyers prefer the shortest tenure they can afford.
The loan amount is roughly the on-road price minus your down payment, so a larger down payment lowers the EMI and the total interest. For example, a ₹12,00,000 on-road price with a ₹2,00,000 down payment means a ₹10,00,000 loan. Enter the loan amount, not the car price, in the calculator.
A car loan is secured against the vehicle, which the lender holds a claim on until you repay, so it usually carries a lower interest rate than an unsecured personal loan. A personal loan is more flexible about how you spend the money but is generally costlier. Compare the total interest on both in the calculators before choosing.
Used car loans usually have higher interest rates and shorter maximum tenures than new car loans, because the lender sees more risk. Rates and terms vary by lender, your credit profile and the vehicle. Enter the rate you are actually offered in the calculator rather than a headline rate.
It calculates EMI, total interest and total repayment on the amount and rate you enter. It does not add processing fees, GST on fees, insurance, registration and road tax, or foreclosure charges. Ask the lender for the full cost of the loan, and keep in mind that the on-road price is higher than the ex-showroom price.
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A reducing interest rate means interest is charged only on the remaining outstanding principal balance at the end of each period, rather than the initial loan amount.