Car Loan Emi Calculator Overview
Thinking of buying your dream Car and planning to take a Car Loan
? Start your Car Loan journey with BankBazaar.com Car Loan EMI
. Car Loan
generally start as low as 10.50% and you can take a car loan for 1 to 7 years. Generally banks
offer 80% to 90% of loan on the Ex-Showroom
price of your Car.
Use our Car loan calculator to calculate your Car Loan EMI
and also get best car loan offers from top banks in India and
How it works?
- Loan Amount: Enter the Loan amount using the slider or the edit box you wish to borrow for
your Car. Always try to make maximum down
payment to reduce the loan burden.
- Interest Rate: This is the Interest rate that is charged on the money borrowed. This rate is
monthly reducing balance.
- Tenure: Select the period for which you wish to take the Car Loan. Generally car loan tenures
range from 1 to 7 years.
- Processing Fees: Many banks charge a processing fee at the time of disbursing a car loan.
Processing fees typically vary between 0.1%
to 1% of the loan amount.
- EMI: By entering the four fields you can see your monthly EMI which you have to pay to the
lender to pay off your car loan. Based on
your loan EMI output you can check your car
loan eligibility in real time at
BankBazaar.com. Based on your eligibility BankBazaar will show you customized car loan offers from various banks.
You can then select the best offer and
- Break-up of your total amount payable: The EMI Calculator tool gives you the total car loan
amount payable to the lender. Your total
loan amount payable is the sum of your loan amount (Principal), Interest payable and processing fees.
Gives you a monthly break-up of your car loan payment. You can see the following columns
under the Amortization Table:
- Starting Balance: The starting balance of any given period corresponds to the principal amount
that is owed to the bank at the
beginning of that period.
- Interest Paid: This is the portion of your monthly payment that is applied towards interest.
This portion will keep reducing each
successive month as the car loan matures. The rest of your monthly payment is applied towards the car loan
- Principal Paid: This is the portion of your monthly payment that is applied towards the loan
principal. This portion will keep
increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
- Ending Balance: The ending balance of any given period corresponds to the principal amount
that is owed to the Bank at the end of that
- You can switch to Annual view of your car loan amortization.