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    Car Loan Amortization Table

    There are a number of factors that are considered by banks and non-banking financing companies (NBFCs) before offering loans to individuals. One of the major criteria that is taken into account is repayment capability. If a loan is offered to an individual which exceeds his or her repayment capacity, the chances of the borrower defaulting increases significantly. In order to avoid incurring any losses, banks and NBFCs take into account a number of aspects to determine whether a candidate is eligible for a particular loan amount. Before applying for a loan, candidates can also check the amount they will have to pay as equated monthly installments or EMIs to ensure that it doesn’t exceed their repayment capacity. If you apply for a loan that exceeds your repayment capacity, banks might reject your loan, or worse, you can end up with a large debt. A bad loan can also impact your credit score and reduce your chances of getting a loan in the future. To avoid such a conundrum, it is advisable to check your loan EMI using an amortization table or EMI calculator before applying for a loan.

    Amortization table overview

    When you want to purchase your dream car but are running short on funds, you can avail a loan to overcome the credit crisis. However, it is important that you check the amount of EMI you will have to pay towards your loan beforehand using an online EMI calculator or amortization table.

    An car loan amortization table is a structured account of a loan using a number of details such as loan amount, interest rate, loan tenure, and other factors that can impact loan borrowing and repayment. This table shows how the loan will progress throughout the entire tenure including the EMIs to be paid each month, the total interest, the overdue amount after each EMI, and other data related to the debt.

    Benefit of using car loan amortization table

    When a car is purchased using a loan, the debt along with the interest is usually repaid over a long period of time. However, each loan is unique in terms of the payable amount and repayment tenure due an array of variables that affect the loan. Therefore, borrowers and lenders come to a mutual agreement regarding the terms of the loan before the credit is offered. The duration of repayment, quantum of loan, interest rate, and monthly installments are determined subject to the repayment capacity of the borrower. While each credit scheme has its own set of advantages for the borrower as well as the lender, long-term car loans are generally amortized or equally distributed over the entire loan tenure so as to reduce the risk of defaulting.

    In addition to calculating the EMI for a loan, the amortization table helps the customer understand exactly how the debt will be repaid. Therefore, using this table will not only assist borrowers increase their chances of loan approval, but can also help them save time and money in the long run.

    Car Loan Amortization table calculator

    While an car loan EMI calculator shows only the monthly installment that needs to be paid towards a loan for a fixed rate of interest over a predetermined period of time, amortization tables give a more clear picture about how the loan progresses. This table can be used for a number of loans such as car loans, personal loans, home loans, two-wheeler loans, etc. In order to understand this concept better, see the example given below:

    Loan amount - Rs.3 lakh

    Rate of interest - 12%

    Repayment tenure - 5 years

    Number of installments - 60

    Down payment - Rs.0

    Payment interval - Monthly

    Installment number - 1

    Date of installment - March 2018

    Installment Number Installment Date Opening Balance EMI Outstanding Loan Interest Principal
    1 Mar-18 Rs.3,00,000 Rs.6,673 Rs.2,96,327 Rs.3,000 Rs.3,673
    2 Apr-18 Rs.2,96,327 Rs.6,673 Rs.2,92,617 Rs.2,963 Rs.3,710
    3 May-18 Rs.2,92,617 Rs.6,673 Rs.2,88,870 Rs.2,926 Rs.3,747
    4 Jun-18 Rs.2,88,870 Rs.6,673 Rs.2,85,086 Rs.2,889 Rs.3,784
    5 Jul-18 Rs.2,85,086 Rs.6,673 Rs.2,81,264 Rs.2,851 Rs.3,822
    6 Aug-18 Rs.2,81,264 Rs.6,673 Rs.2,77,404 Rs.2,813 Rs.3,860
    7 Sep-18 Rs.2,77,404 Rs.6,673 Rs.2,73,505 Rs.2,774 Rs.3,899
    8 Oct-18 Rs.2,73,505 Rs.6,673 Rs.2,69,567 Rs.2,735 Rs.3,938
    9 Nov-18 Rs.2,69,567 Rs.6,673 Rs.2,65,590 Rs.2,696 Rs.3,977
    10 Dec-18 Rs.2,65,590 Rs.6,673 Rs.2,61,573 Rs.2,656 Rs.4,017
    11 Jan-19 Rs.2,61,573 Rs.6,673 Rs.2,57,516 Rs.2,616 Rs.4,057
    12 Feb-19 Rs.2,57,516 Rs.6,673 Rs.2,53,418 Rs.2,575 Rs.4,098
    13 Mar-19 Rs.2,53,418 Rs.6,673 Rs.2,49,279 Rs.2,534 Rs.4,139
    14 Apr-19 Rs.2,49,279 Rs.6,673 Rs.2,45,099 Rs.2,493 Rs.4,180
    15 May-19 Rs.2,45,099 Rs.6,673 Rs.2,40,877 Rs.2,451 Rs.4,222
    16 Jun-19 Rs.2,40,877 Rs.6,673 Rs.2,36,613 Rs.2,409 Rs.4,264
    17 Jul-19 Rs.2,36,613 Rs.6,673 Rs.2,32,306 Rs.2,366 Rs.4,307
    18 Aug-19 Rs.2,32,306 Rs.6,673 Rs.2,27,956 Rs.2,323 Rs.4,350
    19 Sep-19 Rs.2,27,956 Rs.6,673 Rs.2,23,563 Rs.2,280 Rs.4,393
    20 Oct-19 Rs.2,23,563 Rs.6,673 Rs.2,19,126 Rs.2,236 Rs.4,437
    21 Nov-19 Rs.2,19,126 Rs.6,673 Rs.2,14,644 Rs.2,191 Rs.4,482
    22 Dec-19 Rs.2,14,644 Rs.6,673 Rs.2,10,117 Rs.2,146 Rs.4,527
    23 Jan-20 Rs.2,10,117 Rs.6,673 Rs.2,05,545 Rs.2,101 Rs.4,572
    24 Feb-20 Rs.2,05,545 Rs.6,673 Rs.2,00,927 Rs.2,055 Rs.4,618
    25 Mar-20 Rs.2,00,927 Rs.6,673 Rs.1,96,263 Rs.2,009 Rs.4,664
    26 Apr-20 Rs.1,96,263 Rs.6,673 Rs.1,91,553 Rs.1,963 Rs.4,710
    27 May-20 Rs.1,91,553 Rs.6,673 Rs.1,86,796 Rs.1,916 Rs.4,757
    28 Jun-20 Rs.1,86,796 Rs.6,673 Rs.1,81,991 Rs.1,868 Rs.4,805
    29 Jul-20 Rs.1,81,991 Rs.6,673 Rs.1,77,138 Rs.1,820 Rs.4,853
    30 Aug-20 Rs.1,77,138 Rs.6,673 Rs.1,72,236 Rs.1,771 Rs.4,902
    31 Sep-20 Rs.1,72,236 Rs.6,673 Rs.1,67,285 Rs.1,722 Rs.4,951
    32 Oct-20 Rs.1,67,285 Rs.6,673 Rs.1,62,285 Rs.1,673 Rs.5,000
    33 Nov-20 Rs.1,62,285 Rs.6,673 Rs.1,57,235 Rs.1,623 Rs.5,050
    34 Dec-20 Rs.1,57,235 Rs.6,673 Rs.1,52,134 Rs.1,572 Rs.5,101
    35 Jan-21 Rs.1,52,134 Rs.6,673 Rs.1,46,982 Rs.1,521 Rs.5,152
    36 Feb-21 Rs.1,46,982 Rs.6,673 Rs.1,41,779 Rs.1,470 Rs.5,203
    37 Mar-21 Rs.1,41,779 Rs.6,673 Rs.1,36,524 Rs.1,418 Rs.5,255
    38 Apr-21 Rs.1,36,524 Rs.6,673 Rs.1,31,216 Rs.1,365 Rs.5,308
    39 May-21 Rs.1,31,216 Rs.6,673 Rs.1,25,855 Rs.1,312 Rs.5,361
    40 Jun-21 Rs.1,25,855 Rs.6,673 Rs.1,20,441 Rs.1,259 Rs.5,414
    41 Jul-21 Rs.1,25,855 Rs.6,673 Rs.1,14,972 Rs.1,204 Rs.5,469
    42 Aug-21 Rs.1,14,972 Rs.6,673 Rs.1,09,449 Rs.1,150 Rs.5,523
    43 Sep-21 Rs.1,09,449 Rs.6,673 Rs.1,03,870 Rs.1,094 Rs.5,579
    44 Oct-21 Rs.1,03,870 Rs.6,673 Rs.98,236 Rs.1,039 Rs.5,634
    45 Nov-21 Rs.98,236 Rs.6,673 Rs.92,545 Rs.982 Rs.5,691
    46 Dec-21 Rs.92,545 Rs.6,673 Rs.86,797 Rs.925 Rs.5,748
    47 Jan-22 Rs.86,797 Rs.6,673 Rs.80,992 Rs.868 Rs.5,805
    48 Feb-22 Rs.80,992 Rs.6,673 Rs.75,129 Rs.810 Rs.5,863
    49 Mar-22 Rs.75,129 Rs.6,673 Rs.69,207 Rs.751 Rs.5,922
    50 Apr-22 Rs.69,207 Rs.6,673 Rs.63,226 Rs.692 Rs.5,981
    51 May-22 Rs.63,226 Rs.6,673 Rs.57,185 Rs.632 Rs.6,041
    52 Jun-22 Rs.57,185 Rs.6,673 Rs.51,084 Rs.572 Rs.6,101
    53 Jul-22 Rs.51,084 Rs.6,673 Rs.44,922 Rs.511 Rs.6,162
    54 Aug-22 Rs.44,922 Rs.6,673 Rs.38,698 Rs.449 Rs.6,224
    55 Sep-22 Rs.38,698 Rs.6,673 Rs.32,412 Rs.387 Rs.6,286
    56 Oct-22 Rs.32,412 Rs.6,673 Rs.26,063 Rs.324 Rs.6,349
    57 Nov-22 Rs.26,063 Rs.6,673 Rs.19,651 Rs.261 Rs.6,412
    58 Dec-22 Rs.19,651 Rs.6,673 Rs.13,175 Rs.197 Rs.6,476
    59 Jan-23 Rs.13,175 Rs.6,673 Rs.6,634 Rs.132 Rs.6,541
    60 Feb-23 Rs.6,634 Rs.6,673 Rs.27 Rs.66 Rs.6,607
    Total:     Rs.4,00,380   Rs.1,00,407 Rs.2,99,973

    Note: The above mentioned amortization table is hypothetical. The table is subject to change if any of the factors impacting the values are altered such as down payment, interest rate, loan tenure etc.


    Lending money for a car purchase is always a risky prospect since there are chances for the lender to incur losses due to the non-repayment of the debt. However, calculating the car loan EMI might help mitigate some of the lender’s risk by matching the repayment capability of the borrower. While a car loan EMI calculator only shows the amount of EMI for a loan with a fixed loan tenure and interest rate, an amortization table gives a complete account of the progress of the loan. This table not only helps borrowers manage their finances better, but can also help them save money and time if used properly.

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