Car Loan EMI Calculator
A car loan EMI calculator is an essential online tool that helps you estimate your monthly EMI (equated monthly installment) when purchasing a car, bike, or any vehicle through a loan. In India, where vehicle loans are popular due to rising vehicle prices and flexible financing options, this calculator offers a quick and convenient way to plan your purchase.
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Car Loan Calculator
Comprehensive loan calculator for vehicles in India
Configure Your Auto Loan
Enter all details to get accurate calculations
Tax Information
Monthly EMI
₹ 0
Total Loan Amount
₹ 0
Total Interest Paid
₹ 0
On-Road Price
₹ 0
Loan Breakup
Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
Cost Breakdown
| Cost Component | Amount (₹) | Percentage |
|---|
Additional Information
GST Rates on Vehicles in India
| Vehicle Category | GST Rate | Compensation Cess | Total Tax |
|---|---|---|---|
| Small Cars (Petrol, < 1200cc) | 28% | 1% | 29% |
| Small Cars (Diesel, < 1500cc) | 28% | 3% | 31% |
| Mid-size Cars | 28% | 15% | 43% |
| Luxury Cars (> 1500cc) | 28% | 20-22% | 48-50% |
| SUVs | 28% | 22% | 50% |
| Electric Vehicles | 5% | 0% | 5% |
How is EMI Calculated?
The EMI for a car loan is calculated using the formula:
EMI = [P × R × (1+R)^N]/[(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N = Loan tenure in months
What is a Car Loan EMI Calculator?
A tool to estimate your Equated Monthly Installment (EMI) based on loan amount (principal), interest rate, and tenure. It quickly calculates the monthly payment needed to repay the loan
What inputs are needed in the "Car Loan Calculator"?
Typically the calculator asks for:
- Loan amount (P)
- Interest rate (annual %)
- Loan tenure (years/months)
Some also allow extra inputs like processing fees, down payment, or prepayment amounts .
Fixed vs. Floating Interest Rates on Car Loan EMI?
- Fixed rates: EMI stays the same throughout your loan (many banks use fixed for estimations)
- Floating rates: EMI can change if the interest rate changes; calculators show an estimate based on current rates .
Is the Car Loan EMI Calculator accurate?
Yes, they give an accurate estimate based on your input. But actual EMI may slightly differ due to processing fees, insurance, credit score, or prepayment terms
What is an amortization schedule on Car Loan EMI Calculator?
This table breaks down each EMI into interest and principal parts and tracks the outstanding balance over time. Early EMIs are largely interest-heavy; later EMIs go more toward principal.
Additional benefits of using a Car Loan Calculator?
- Plan your budget and repayment ability before purchase
- Compare multiple banks’ rates/tenures instantly .
- Evaluate impact of prepayments, extra monthly sums, or processing fees