If you really think about it, it's easier getting a loan for a car than a loan for bus fare!

Car Loan EMI Calculator

Recalculate your Car Loan EMI and Total Interest Due in a snap!

Your Car Loan Details

Use the slider to alter your Car Loan details.

Loan Amount
100000
Tenure
12
Loan Amount:
Tenure:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Car Loan EMI: Sprite 4,402

Monthly amount paid to your Car Loan provider

Break-up of all total amount payable
Loan Amount
25000Sprite
Total Interest Due
756Sprite
Processing Fee
500Sprite
Loan Amount Via EMI
500Sprite
Loan Amount Prepaid
500Sprite
Total Interest
500Sprite
Processing Fee
500Sprite
Pre-payment Fee
500Sprite
Total Amount Payable
26252Sprite
Your loan details as specified by you
Loan Amount
25000Sprite
Tenure
6 Months
Interest Rate
10%
Processing Fee
2%
Pre-payment
25000Sprite

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Tab amortization
Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee 47,87,42610 yrs
With Pre-payment Rupee 45,33,7238years 4months
YOU SAVE Sprite 0 YOUR TENURE REDUCED BY 1 years 8 months
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How to use BankBazaar.com's Car Loan EMI calculator to understand your Car Loan Repayment

Owning a car has become more of a necessity than luxury. But, if you are planning to purchase a car, it is not advisable to burn up all your savings in the process. Instead you can opt for car loans and pay back the loan amount in affordable EMIs every month. Wondering what the EMI means or worried about the car loan interest that you would be paying over the tenure? Take control of money matters by using a car loan EMI calculator - read on to find more about the benefits and advantages of using an online EMI calculator for car loan.

What is an EMI?

EMI or Equated Monthly Installment is the fixed amount that a borrower has to pay every month before a specified due date towards the loan amount. EMIs are essentially made up of two components - the principal amount and the interest on loan principal which is spread across each month in the tenure. In in the initial stages of loan repayment, the interest portion will form a major portion of the EMI. As the loan tenure progresses, the contribution towards interest repayment will reduce and the principal repayment portion will increase.

The Revised Car Loan Interest Rates – May 2017
Bank Name Interest Rates (for new vehicles) Maximum Loan Amount Lowest EMI per Rs.1 lakh for 7 years tenure
United Bank of India 9.95% to 10.45%

Individual: Maximum of Rs.30 lakh

Non Individual: No ceiling

Rs.1658 for 7 years
Punjab National Bank 8.7% to 9.05%

Individuals: Rs.1 crore or 25 times net monthly income

For Businesses: No ceiling

Rs.1594 for 7 years
Axis Bank 11% to 12% Upto 85% of on-road price Rs.1712 for 7 years
Bank of India 9.35%

Individuals: Rs.50 lakhs

Companies and corporate entities: Rs.2 crores

Rs.1627 for 7 years
State Bank of India 9.20% to 9.25% 85% of on-road price Rs.1622 for 7 years
IndusInd Bank 10.65% - 15.50% - Rs.2157 for 5 years
Union Bank of India Not available 85% of on-road price Not available
Andhra Bank 10% Rs.25 lakhs to Rs.50 lakhs Rs.1660 for 7 years
Bank of Maharashtra 9.45% to 11.45%

For Salaried persons: Upto 20 times net monthly income

For others: Upto 2 times average annual income

Rs.1632 for 7 years
Corporation Bank 9.15% to 13.75% A maximum of Rs.1 crore Rs.1617 for 7 years
HDFC Bank 11.50% to 13.75% Upto 100% Rs.1739 for 7 years
IDBI Bank 9.95% 90.00% of ex-showroom price Rs.1658 for 7 years
ICICI Bank 10.75% to 12.75% Fixed Upto 100% of ex-showroom price Rs.1699 for 7 years
Tamilnad Mercantile Bank 11.30% to 11.55% Upto Rs.1.5 crore Rs.2189 for 5 years
Central Bank of India 8.9% Upto Rs.75 lakhs Rs.1604 for 7 years
Oriental Bank of Commerce 10.20% to 12.70% Upto Rs.1 crore Rs.1670 for 7 years
Kotak Bank 11.50% - 13.50% Fixed Upto 90% of ex-showroom price Rs.2199 for 5 years
Federal Bank 9.92% - 10.52% Fixed 90.00% of ex-showroom price Rs.1656 for 7 years
Indian Bank 10.15% Floating 85% of on-road price Rs.1668 for 7 years

Please note that the interest rates linked to MCLR are subject to revision from time to time.

From helping you decide the car model to assisting you in planning the monthly budget, a car loan EMI calculator can come handy in many situations. Here are some important pointers that you must bear in mind before using an online car loan EMI calculator.

  • An EMI calculator is a very easy and hassle free tool that will help you find your current or prospective monthly instalment amount. Leading banks, financial institutions and third-party loan comparison websites offer a car loan EMI calculator.

  • In a car loan EMI calculator, you will have to enter details including your loan amount, repayment tenure and the rate of interest. The calculator will project monthly instalment amount and the amortization schedule.

  • In a car loan EMI calculator, you can also enter the processing fee, if any. This fee will also be added to the loan amount to show the total expense that you will be incurring.

  • You can also see how prepayments will affect the EMI over the tenure by using an online car loan EMI calculator. You can enter the prepayment frequency, prepayment penalty and the prepayment amount to see how it influences the EMI.

  • A car loan EMI calculator will also project the loan amortization schedule, timelines of loan repayment and the total interest outgo which will arm you with the necessary information required to make smart repayment decisions.

  • You can use the car loan EMI calculator to plan your monthly budget so that the EMI becomes affordable.

  • Make use of the car loan EMI calculator to check the effects of tenure and interest rate on EMI. Arrive at an affordable EMI by varying the tenure and ensure that the interest rate is not making the EMI costlier.

EMI Calculators work by first calculating the compound interest on your principal loan amount at the given interest rate. The calculation usually proceeds along the lines of the following rule - on the total amount payable, pay the interest component first and the part that remaining of your EMI is the principal.

Mathematically, EMIs are computed using the following formula.

Monthly Instalment Amount = [ P x R X (1 + R) ^ N] / [ (1 + R) ^N - 1]

where P is the principal loan amount, R is the rate of interest per month and N is the number of monthly instalments. If the rate of interest per annum is 12%, then the interest rate per month will be 12/(12 x 100).

The EMI is a combination of principal component and the interest component. For example, if the loan amount is Rs. 10 lakh, monthly interest is 0.0075 (for an annual interest rate of 9%) and number of months is 180 (15 years tenure), using the formula, the EMI would work out to Rs. 10, 142.67.

Using an online car loan EMI calculator, you will get the following results but without any hassles or calculation errors which are prone to occur otherwise.

  • Principal Loan Amount - The amount that has been borrowed by the customer.
  • Loan Tenure - This denotes the agreed repayment period for loan.
  • Interest Rate - The rate of interest that is being charged on the principal loan amount.

Going by the above mentioned factors, the EMI payments are inversely proportional to the loan tenure and is directly proportional to the rate of interest and loan amount. This means the following.

  • Longer tenures will lead to lower monthly instalments.
  • Higher the rate of interest, higher the EMI will be.
  • Higher the loan amount, higher will be the monthly EMI.

Other important factor that affects EMI payments is the type of interest being charged on loans. For car loans with fixed interest rates, the EMI will remain the same over the tenure. For car loans with floating interest rates, the EMI payments will vary if there is change in the base rate or the prevailing market rates.

Also, if you make prepayments in parts or preclose your loan, it will make a substantial change in the EMI. Any part payments made towards car loan will be deducted from the loan amount which will reduce the interest being paid.

The detailed information projected by a car loan EMI calculator will help you plan on repayments and make smart loan decisions. Here are some details that you will be able to infer from the repayment schedule projected by a car loan EMI Calculator.

  • Monthly Instalment Amount – EMI
  • The online EMI calculator will compute your monthly EMI amount with the tenure, rate of interest and principal amount that you have provided. The EMI amount calculated will help you assess your financial affordability and if you will be able to fit the loan instalment in your monthly budget. You can keep varying the tenure and principal to arrive at a comfortable instalment amount.

  • Break Up of all Total Amount Payable
  • The car loan EMI calculator will display a break up of the total amount payable in the form of a pie-chart or a bar graph. The break up will show the percentage of loan amount, processing fee (if any) and total interest due in total amount payable. For example, consider a car loan amount of Rs. 50, 000 with tenure of 1 year at interest rate of 10. 25% and processing fee of 2% the loan amount. The interest for this loan will come to Rs. 2, 819 and the processing fee will come to Rs. 1, 000. Given below is the break up of total amount payable.

    Loan AmountRs. 50, 000
    Total Interest DueRs. 2, 819
    Processing FeeRs. 1, 000
    Total Amount PayableRs. 53, 819

    This break up will help you assess the percentage of interest and principal in the total amount payable by the end of tenure. For greater loan quantum, this break up could come in really handy as you will be able to view graphically the percentage of interest that you will be paying towards the loan. If you comparing car loans based on the EMI, interest rate and the processing charges, you will be able to make a better comparison using the break up chart.

  • Monthly and Yearly Amortization Details
  • You will be able to view your debt repayment schedule in form of regular instalments over a period through the amortization calendar. The amortization schedule will offer insights about installment number, opening principle, monthly instalment amount, interest component of instalment, principal component of instalment, rate of interest and closing principle. Here is a sample amortization schedule which will help you understand better.

    YearPrincipal Paid(PA)Interest Paid(B)Total Payment (A+B)Outstanding Loan Balance
    For the period of loan tenure (Feb to Oct)Rs. 45,635Rs. 2,781Rs. 48,416Rs. 4,364
    FebRs. 3,975Rs. 427Rs. 4,402Rs. 46,025
    MarRs. 4,008Rs. 393Rs. 4,401Rs. 42,017
    AprRs. 4,043Rs. 359Rs. 4,402Rs. 37,974
    MayRs. 4,077Rs. 324Rs. 4,401Rs. 33,897
    JunRs. 4,112Rs. 290Rs. 4,402Rs. 29,785
    JulyRs. 4,147Rs. 254Rs. 4,401Rs. 25,638
    AugRs. 4,183Rs. 219Rs. 4,402Rs. 21,455
    SepRs. 4,218Rs. 183Rs. 4,401Rs. 17,237
    OctRs. 4,254Rs. 147Rs. 4,401Rs. 12,982

The following sample table is for a predefined value of principal, interest and tenure. The amortization table will be calculated by the car loan EMI calculator and will help you make better choices regarding the car loan repayments.

BankBazaar’s car loan EMI calculator will help you make smart decisions when it comes to repayments and choosing a loan. Here are some things that will be simplified in no time when you use BankBazaar’s online car loan EMI Calculator.

  • BankBazaar’s car loan EMI calculator is very intuitive and is easy to use. This wizardry is designed to make a tedious task very simple - just enter the values using sliders and get instant projections on EMI and amortization schedule.

  • If you encounter any problem with the calculator or if you need some light on a particular aspect of the calculator, all you have to do is get in touch with BankBazaar’s friendly customer support team and they will sort the issue.

  • BankBazaar’s car loan EMI calculator is very simple to use - as simple as using a normal calculator.

  • This tool is offered for free and will help you crunch your numbers in no time!

  • BankBazaar’s car loan EMI calculator will display the amortization schedule and break up of amount payable in a visually appealing graphic format. It will also be easier for you to interpret and understand the data that way.

  • You can use BankBazaar’s car loan EMI calculator any number of times - till you arrive at the perfect combination of tenure and principal and an affordable EMI.

  • Use the car loan EMI Calculator to see which car loan deal suits you the best. Compare car loans based on interest rates, processing charges and prepayment penalty and use the calculator to see how these parameters affect your EMI. With BankBazaar’s car loan EMI calculator, comparing loans just got smarter and hassle free!

If you are worried about crunching numbers, BankBazaar’s car loan EMI calculator will do it for you in no time! All you have to do is enter loan details including principal amount, interest rate and tenure to get your EMI instantly. BankBazaar’s car loan EMI calculator will also project the breakup of total amount payable which will help you compare car loans based on detailed and reliable information. Also, the calculator will display the amortization schedule based on car loan information that will help you make better loan decisions. Here are some unique things that BankBazaar’s Car Loan EMI Calculator will be able to do for you.

  • Project Information regarding amortization and amount break up in a graphical manner for better understanding.

  • Gives detailed information about opening principal loan amount, instalment numbers, principal and interest component of instalment and closing principal in the amortization schedule which will help you plan the repayments better.

  • BankBazaar’s Car Loan EMI Calculator will help you understand the effect of interest rate and tenure on monthly EMI. You can also keep varying the loan parameters till you arrive at an affordable EMI.

  • You can also check the effects of prepayments on the loan EMI using BankBazaar’s Car Loan EMI Calculator.

BankBazaar’s Car Loan EMI Calculator is intuitive and super easy to use. The calculator requires information about the car loans and requires minimal inputs to deliver instant results. Here’s how you use the Car Loan EMI Calculator on BankBazaar’s web portal.

  • Use the slider to enter the right loan amount and tenure. The slider will let you enter the right tenure, in terms of years and months. You will have to choose 2.2 years if the tenure that you have opted for is 26 months.

  • Enter the processing fee, if any, as a percentage of loan amount. Generally banks charge up to 3% of the loan amount as processing fee or none at all.

  • If you would like to make prepayments, select the “Yes” radio button. If you are planning to make prepayments and want the same to be reflected in your EMI schedule, you must enter values for the following parameters.

    • Pre-payment Frequency - select if you will be making pre-payments every month, once in 3 months, once in 6 months, once a year, just once or if you will pay off the loan completely. You can choose an option using the drop down box.

    • Pre-payment Amount - Enter the amount that you will be prepaying towards the loan as per the frequency selected.

    • Pre-payment Fee - If your lender charges you a percentage of outstanding balance as pre-payment penalty, enter the percentage. If your lender is not charging any fee for making pre-payments, you can leave this field blank.

    • Pre-payment applies to - Select if the pre-payment applies to sum of all pre-payments, final pre-payments made or sum of all pre-payments made in the final year of loan using the drop down menu.

After you have entered all these details, you are all set to go! Just click “Calculate” to get your monthly EMI amount and amortization schedule instantly.

BankBazaar’s Car Loan EMI Calculator is a great financial tool that will assist you in making smart loan decisions. Here are some of the features and benefits that come with BankBazaar’s Car Loan EMI Calculator.

Instant Results : BankBazaar’s Car Loan EMI Calculator will calculate your EMI in few seconds and you will be able to use the results instantly. You can use this tool before taking a car loan, while planning car loan repayments or even when you are planning to pay off the loan entirely - because it gives instant results.

Accurate and Intuitive : Using an online car loan EMI calculator will save you from the hassles of working out a complex compound interest calculations. To err is human, and manual calculations might lead to incorrect values. Just enter the loan details and let the Car Loan EMI Calculator do its job. The intuitive interface of the calculator will make it easy for everyone to use it.

Repeat Calculations : With a Car Loan EMI Calculator, you can keep varying the values till you arrive at the right EMI value. A Car Loan EMI Calculator will let you experiment with tenure and car loan interest rate values and will let you understand the effect of such parameters on the EMI.

Prepayment Calculations : A car loan EMI calculator will let you compute the effect that your prepayments will have on the EMI. You can mention values including the prepayment amount, prepayment frequency and the penalty. The calculator will project the new EMI if you make prepayments and also the penalty amount.

Compare Car Loans Analytically : Using BankBazaar’s Car Loan EMI Calculator, you will be able to compare car loans on the basis of important factors like EMI and the interest over time. Though the interest rates may look almost the same, the EMI calculator will tell you on a detailed basis, the total interest outgo which will help you compare the interest rates better.

You can calculate the EMI for your car loan by using the Excel spreadsheet. Follow the steps given below to easily find the car loan EMI using excel.

  • In an Excel sheet, you can compute the EMI for your car loan using the function PMT.

  • The PMT function in EXcel will compute the constant periodic payments required to partially or completely pay off a loan with an interest over a tenure.

  • The syntax of the function is as follows :

    • PMT ( rate, period, pv, [fv], [type] ) where rate is the interest rate per period, period is the number of periods over which the loan has to be repaid, pv is the present value of the loan, fv is the future value of loan and type specifies if the payment is made at start or end of the period. Last two arguments can be safely omitted.

Let us use an illustration to understand the formula.

Consider a car worth Rs. 5. 95 lakhs. For a loan to purchase the car with a down payment of Rs. 1.5 lakhs, the loan amount would come to Rs. 4. 45 lakhs. If the interest rate is 12% per annum and the tenure is 4 years, the Excel PMT formula would look like,

PMT(0.12/12, 4*12, 445,000) where the period considered is months.

This formula will give you a result of Rs. 11, 718. Also, in Excel the result will come in red or negative which denotes cash outgo.

You must add processing charges and other fees to get an accurate result.

BankBazaar’s car loan EMI calculator will let you make smart loan decisions and repayments. Here are some points which you can infer from the car loan EMI calculator that will help you make better decisions when it comes to a car loan.

  • BankBazaar’s car loan EMI calculator will project the instalment amount using which you can understand your loan affordability. After all expenses & other investments that you make using your salary, you must be able to comfortably afford the EMI amount.

  • If you are planning to make prepayments, you can use BankBazaar’s car loan EMI calculator to find out how the prepayment will affect your EMI repayment schedule and also see if you will really benefit from making a prepayment.

  • You can use an online car loan EMI calculator to compare different car loan products on a detailed analytical basis.

  • Using the results projected by the calculator, you can plan your monthly budget as well as the repayments.

  • The amortization calendar will help you plan the repayments. As the schedule will help you understand how the interest outgo will change over time, hence helping you to manage the finances better.

Loan parameters needed for using the Car Loan EMI calculator:

  • You need to know the loan amount, processing fee and the interest rate of your car loan, home loan or personal loan. If you plan to prepay your loan, then figure out the exact or approximate amount you intend to prepay and the periodicity of such payments depending on your loan agreement.

  • Use the sliders and input boxes provided in the calculator to key in or match these loan parameters.

  • The calculator will then work out the exact pattern of your loan repayment. Aspects such as the amortization table, the total interest outgo, the timelines of your loan repayment etc. will be displayed in accurate detail enabling you to make smart loan decisions!

Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar.com’s EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.

  • 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.

Results Overview

  • 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 apply online.
  • 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.
  • 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.

  • 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 period.

  • You can switch to Annual view of your Car loan amortization.

It’s time to kiss paperwork goodbye. The hassle of documentation, originals and copies, to be submitted to banks or bank representatives is eliminated with Instant Approval Car Loans on BankBazaar. Browse through loans offered by partner banks to find out more.

Car Loan Benefits

Digital Submission

When you apply for a car loan through the paperless offer, you can submit digital copies of your documents. No longer do you have to take printouts and copies of your documents and submit it at the bank. This saves time for both you and the bank by avoiding piles of paperwork.

Quicker Processing

You can submit your documents with the click of a button. Banks receive your documentation faster and can start processing your loan. The turnaround time for approvals and disbursement is quicker.

Goibibo Cash

When you apply for a paperless loan, you will receive a voucher for Goibibo cash worth Rs.5,000. The voucher will be issued upon disbursal of the loan. The voucher can be used on the Goibibo website to get discounts on your bookings for hotels, holidays and flights. To find out more on how to use GoCash, please refer to the terms and conditions of Goibibo.

Save the Planet

While we’re at it, we’ll be contributing less paper usage and waste to the planet!

Paperless Car Loans on Offer

Currently, two partners offer paperless car loan approvals on BankBazaar. HDFC Bank and TVS Credit Services have provided the option of paperless approvals. Paperless approval options are available only on used car loans.

HDFC Bank Car Loan Offer

This festive season, get a car loan from HDFC bank with a number of perks to make you a happy customer.

Key Features

  • The minimum loan amount sanctioned is Rs.1 lakh.
  • The tenure available ranges between 1 year up to 7 years.
  • Interest rates are fixed, so there’s no worry of market fluctuations.
  • Interest rates offered on these loans range between 9.25% and 11.25% p.a.
  • The processing charges are Rs.2,587, which is a one-time fee.
  • Get finance for up to 80% of the cost of the car.
  • It will take about 1.4 days average time for the loan to be approved.

Key Perks

  • You are entitled to receive GoCash worth Rs.5,000 upon disbursal of your loan.
  • You can digitally submit your documentation and get an E-approval.
  • HDFC Bank offers doorstep services.
  • No guarantor is required on the loan.
  • Top-up loans are available.
  • Part-payment options are allowed.
  • There are no charges for preclosure of the loan after 24 months.

Documents required

You are required to submit the following documentation:

  • KYC documents
  • Address proof
  • ID proof
  • Income proof
  • Bank Statement
  • One photograph

Eligibility

  • For salaried people, if you’re 21 years old and less that 60 years old, you qualify for this loan.
  • For the self-employed, you should be at least 25 years old and not more than 65 years.
  • You need to have at least 2 years work experience, with at least 1 year experience with your current employer.
  • Or you need to have at least 3 years experience in your current business.

TVS Credit Services Car Loan Offer

TVS Credit Services offers car loans for up to 85% of the cost of the car.

Key Features

  • The minimum loan amount sanctioned is Rs.20,000.
  • The maximum loan you can avail is Rs.10 lakhs.
  • The tenures available range between 1 and 5 years.
  • The interest rate is a floating rate between 14% to 15%
  • The processing charges is 1% of the loan amount.
  • Get a loan for up to 85% of the cost of the car.
  • It takes an average of 6.7 days to get a loan approval.

Key Perks

  • You are entitled to receive GoCash worth Rs.5,000 upon disbursal of your loan.
  • The loan does not require a guarantor.
  • Submit your documents digitally and get an E-approval.
  • Top-up loan option is available.
  • Preclosure is allowed with a fee.

Documents required

You are required to submit the following documentation:

  • KYC documents
  • Address proof
  • ID proof
  • Income proof
  • Bank Statement
  • One photograph

Eligibility

  • To be eligible for this loan, you need to be at least 21 years old and less than 65 years of age.
  • You should be earning at least Rs.15,000 per month.

How to apply for a Paperless Car Loan on BankBazaar

To apply for a car loan on BankBazaar, simply visit the website or use the mobile app. You can search for car loans and check out all paperless loans available. You can also check car loans according to your eligibility.

  • Opt to check your eligibility for car loans on the homepage of the BankBazaar website.
  • Provide a few details such as your city, your income, your work details, model of the car and search for loans that are readily available to you.
  • A list of car loans will be generated for you.
  • The paperless loans will have a tag with a star and a title “Paperless Approval Option Available”.
  • You can compare and explore the details of these loans.
  • Once you have decided on which loan you prefer, you can select “Get Quote” to start your loan application process.

BankBazaar Goibibo GoCash Offer

  • Any applicant who applies for a paperless used car loan from the following partner banks will be eligible to receive Goibibo GoCash.
    • HDFC Bank
    • TVS Credit Services
  • Once the loan is disbursed, you will receive the voucher in an email sent to your registered email address.
  • You will need to visit the Goibibo website and enter the voucher code to receive the GoCash in a Goibibo account.
  • The cash can be used to get discounts on flight and hotel bookings.
  • You are advised to read the terms and conditions of Goibibo regarding GoCash usage and validity.
  • Redemption of the voucher is governed by Goibibo Terms & Conditions.
  • All queries and disputes regarding the voucher can be taken up with the Merchant.
  • BankBazaar is not a party to any transaction that you enter with the merchant while redeeming the voucher.

Go paperless and reap double the benefits when you apply on BankBazaar. Make the most of the festive season of Diwali with great offers on your car loan. It’s time to feel special and drive home in your desired car.

  1. What does the term ‘EMI’ mean?

    The term ‘EMI’ stands for Equated Monthly Instalment. When you take a car loan from your bank, then you get an option of repaying the money in equal installments every month, in other words EMI. The amount that you have as part of this EMI is inclusive of the rate of interest.

  2. How is EMI calculated?

    EMI is generally calculated using the following mathematical formula –

    EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]

    Where,

    • P is the principal amount
    • R is the rate of interest per month
    • N is the number of installments

    When you use an EMI Calculator, the formula might differ as it considers various parameters of your car loan while calculating your EMI and provides results that can be easily read and understood.

  3. What is Amortization?

    Amortization is the process of paying off debts in installments over a period of time.

  4. What is Loan Amortization Table?

    The Loan Amortization Table is a detailed depiction of the payment process of your car loan in a tabular format. It shows the break up between the interest rate and the principal amount of your car loan and gives you a clear idea of the total amount you will be paying at the end of each year.

  5. Is it easier to calculate the EMI on my car using an Excel Sheet?

    No, calculating the EMI on your car using an Excel Sheet can be time consuming and complicated, which is why it is recommended that you use an EMI Calculator.

  6. Is there an EMI Calculator on BankBazaar website?

    Yes, there is an EMI Calculator on BankBazaar website. You can find it in the ‘Financial Tools’ section and on the homepage.

  7. Can I use the EMI Calculator present on BankBazaar’s website to calculate my car loan EMI?

    Yes, you can use the EMI Calculator present on BankBazaar’s website to calculate your car loan EMI.

  8. Do I have to pay money to BankBazaar, if I want to use their Car Loan EMI Calculator?

    No, you do not have to pay any money to BankBazaar, if you want to use their Car Loan EMI Calculator. The website provides this service for free.

  9. What makes the Car Loan EMI Calculator of BankBazaar better than other EMI Calculators?

    The following features make the Car Loan EMI Calculator of BankBazaar better than other EMI calculators –

    • It provides instant results
    • The results given by the calculator are very accurate
    • It lets you experiment with the values till you get the desired results
    • It allows prepayment calculation
  10. How will the Car Loan EMI Calculator of BankBazaar help me?

    The Car Loan EMI Calculator of BankBazaar will help you find the amount that you have to repay to the bank every month before you take the loan. This information will help you compare the car loans offered by different banks, which will result in you making an informed decision. It will also help you to plan your finances in advance.

  11. If I plan to pre – pay my car loan, then how do I calculate my installment on the EMI Calculator of BankBazaar?

    If you plan to pre – pay your car loan, you have to enter the details related to it in the EMI Calculator of BankBazaar. The EMI Calculator will calculate the amount accordingly and also help you understand its impact on your car loan.

  12. Will the Car Loan EMI Calculator of BankBazaar give me the amortization schedule?

    Yes, the Car Loan EMI Calculator of BankBazaar will give you the amortization schedule.

  13. What information related to my auto loan do I have to enter in the BankBazaar EMI Calculator?

    You have to enter the following details related to your auto loan in the BankBazaar EMI Calculator –

    • Loan amount
    • Loan Tenure
    • Interest Rate
    • Processing fee (if any)
    • Answer if you wish to pre – pay your auto loan or not. If yes, then you have to enter details related to prepayment such as the fee, amount, frequency, etc.
  14. How do I use BankBazaar Car Loan EMI Calculator?

    To use BankBazaar Car Loan EMI Calculator, you have to follow the steps below –

    • Open the website of BankBazaar
    • Click on ‘EMI Calculator’ on the homepage
    • Enter the details related to your car loan and click on ‘Calculate’
  15. What information can I get from the Car Loan EMI Calculator on BankBazaar?

    The Car Loan EMI Calculator on BankBazaar will tell you the installment sum that you have to pay every month. Apart from this, it will also give you a detailed break up of the total amount that you will be paying. This will be depicted through a pie chart or via graphs. The calculator will also provide you with the yearly and monthly amortization table.

  16. Must I login to BankBazaar or sign up in order to make use of the car loan EMI calculator?

    No, this car loan EMI calculator is 100% free to use and you need not sign up or apply for a car loan to use this calculator. Just visit BankBazaar and access the car loan EMI calculator tool to compute your EMIs.

  17. I do not know the prepayment penalty for my car loan. What should I do?

    If you have already procured a car loan, you can read the car loan documents to know your prepayment penalty. Alternatively, you can contact the concerned bank or visit their nearest branch to get in touch with the customer service department who will tell you more about the prepayment penalty.

  18. How can I make sure that I am using BankBazaar’s EMI calculator in a right way?

    If you have any doubts regarding the working of this EMI calculator, you can call BankBazaar’s customer support team. Also, if you are not sure if you are using this calculator the right way, you can get in touch with BankBazaar’s team who will help you with your queries.

  19. What is the type of car loan interest rate calculation that is used in this tool?

    Car loan interest rate type that is used in this EMI Calculation tool is reducing balance rate with monthly rest which means it is assumed that the compounding will happen on a monthly basis.

  20. Are EMI calculators more accurate than the Excel sheets?

    The major difference between online EMI calculators and Excel sheets is that the EMI Calculators are easy & convenient to use. It is a tool that is ready to use whereas you have to customize and Excel formula to calculate the EMI. Also, an EMI calculator presents the data in a graphical forms (charts & pie diagrams) whereas in Excel sheet method, you will have to make graphs using the values.

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News About Car Loan EMI Calculator

  • Toyota Launches the Lexus LX 450d, Priced At Rs.2.32 Crore

    Lexus, Toyota's luxury automobiles division, recently launched the much awaited flagship SUV, Lexus LX 450d in India. Based on the popular Toyota Land Cruiser, the LX 450d carries a price tag of Rs 2.32 crore (ex-showroom Delhi).

    The LX 450d features Lexus’ signature design details like front Spindle-grille, redesigned front and rear bumpers which add another 13cm to the SUVs length. The exterior design of the LX 450d lends it a distinct glamorous feel.  Other new features include all-LED headlamps, a redesigned engine hood, illuminated door handles and outer rear view mirrors which tilt automatically while reversing the vehicle, side-steps, etc.

    On the inside, the LX 450d has been designed to give a very luxurious feel. The interiors feature leather and layered wood trimmings all around. The centrally placed infotainment system on the dashboard comes with a sizeable screen with a neat touch-input controller. Also included is a circular controller with which you can set driving modes, individual screens for rear seated passengers, larger centre armrest with infotainment control buttons and a 4-zone climate control system. The highlight however is the 19-speaker, Mark Levinson speaker system.

    Under the hood, the Lexus LX 450d features a 4.5-litre, turbocharged V8 diesel engine, same as the one on the Land Cruiser. Also similar to the Land Cruiser is the power, torque, transmission and the weight of the LX 450d. The SUV offers multiple driving modes like Normal, Eco, Comfort, Sports S, Sport S+ and Custom, in addition to paddle shifters located behind the steering wheel. When it comes to safety, the LX 450d offers the same level of driving safety as the Land Cruiser. The LX 450d is going to be brought to India a CBU (completely built unit).

    18th May 2017

  • Mercedes-Benz unveils the 2018 S-Class facelift at the Shanghai Auto Show

    Mercedes-Benz has introduced its 2018 S-Class facelift at the Shanghai Auto Show. Though there is hardly any noticeable change in the exteriors, but you can still spot some tweaks in the front and rear of the upgraded model. The car houses a set of bumpers with broadened air dams and also, the grill has wider slats. The headlamps section is fitted with multibeam LED units and a similar treatment can be seen in the tail lamp section as well. Another difference that can be noticed in the 2018 S-Class is that it features a new set of 20 inch alloy wheels.

    16th May 2017

  • Buy the All New Volvo S60 Polestar At Rs.52.5 Lakhs In India

    Volvo recently had their first launch for this year in India when they launched the all new Volvo S60 Polestar. The car is available for Rs.5.25 lakhs(ex-showroom price in Delhi). Volvo released 30 S60 Polestar models to India from a total of 1500 cars. The Volvo S60 Polestar is a stylish sedan car which is powered by a turbocharged 2.0 litre petrol engine with 467Nm of torque. The electronic top speed of the car is 250kmph. The Volvo S60 Polestar is faster than its competitors cars Audi and only a tenth of a second behind the Mercedes. Known for their safety features, Volvo offers all airbags, ABS, and lane keeping aid on their new S60 Polestar.

    10th May 2017

  • Ford launches Ford Sports

    Ford has recently rolled out the sports variant of the Figo and Aspire models. Some of the changes that the sports comes with is a change in the suspension for better handling, a 1.5 litre petrol engine producing 111PS of max power and 136 Nm of peak torque, new 15-inch alloy wheels which gives the car a sportier look, touchscreen display, and a five-speed transmission.

    2nd May 2017

  • Lamborghini Huracan Performante launching in India tomorrow

    The fastest Lamborghini to achieve a lap time of 6:52.01, leaving behind other supercars such as the Porsche 918 Spyder and Aventador SV, is all set to be launched in India tomorrow. Thanks to its lightweight body, enhanced engine performance, active aerodynamics, improved chassis and suspension, the supercar achieved such a high lap time. This is also the reason why the car has been named ‘Performante’. The Lamborghini Huracan Performante goes from zero to 100 km/h in 2.9 seconds. The new Lamborghini will pack a 5.2-litre, V10 petrol motor that will generate 639 PS of maximum power and 600 Nm of peak torque. With the power-packed performance, the Huracan Performante is expected to carry a price tag upwards of Rs.3.43 crore. Lamborghini enthusiasts can start looking at car loan options available online and make a choice by comparing them.  

    17th April 2017

  • Mild Hybrids Does Not Enjoy Subsidies Anymore

    So far, in the automobile industry, SHVS variants like Ertiga and Ciaz were enjoying a subsidy of upto Rs.13,000 on their ex-showroom price under the Faster Adoption and Manufacturing of Electric vehicles (FAME) scheme. This discount was given on electric and hybrid cars. Smart Hybrid Vehicle by Maruti Suzuki (SHVS) technology met the criteria by installing an extra motor that recharges the battery while coasting and assisting the engine when stressed. The Government of India now believes that car buyers in the country have accepted the mild hybrid technology, the next step is to focus on full hybrid and electric vehicles.

    14th April 2017

  • Volkswagen begins production of Tiguan

    Volkswagen India has begun production of its new SUV contender, Tiguan. The Aurangabad facility of Volkswagen will be busy the next couple of months where production of the SUV model will take place. The Tiguan will mark the company’s reappearance in the SUV segment and will soon be launched within the next couple of months. The Tiguan will be priced at around Rs.25 lakh and will compete with the likes of the Honda CR-V and Hyundai Tucson. The Tiguan is based on the MQB platform of Volkswagen and will possess good driving dynamics. The SUV is equipped with a 2.0 litre diesel engine that is built to deliver 340Nm of torque and 150PS and the “4Motion” all-wheel drive. The SUV also comes with a number of safety features like ABS, airbags, EBD, and hydraulic brake assist. The Tiguan has potent underpinnings and modern looks that would even tempt people who can’t afford the car on their own, to take out a car loan to purchase this vehicle.

    6th April 2017

  • Mahindra Launches the Thar Mini Me Ride-On

    Mahindra launches the Mini Me ride-on for existing Mahindra Thar owners as a limited time offer. Mahindra Thar is one of the most preferred vehicles among enthusiasts as it can be driven comfortably on Indian roads and can also be modified with ease. The company is offering the ride-on version for children in the age group of 3 years to 7 years. This battery operated ride-on comes for a price of Rs.17,000 and it incorporates the exact design of Mahindra Thar. Most of the features have been replicated exactly and it includes a safety belt, working doors, steering wheel, foot pedals, gear stick, etc.

    5th April 2017

  • Hyundai to discontinue the production of i10 in India

    Hyundai has discontinued the production of its flagship model i10 in India to focus more on the premium products. This strategy, however, will not affect the Grand i10 productions in the country. Hyundai i10 is one of those models that helped Hyundai carve a niche in the Indian automobile market. Till date, Hyundai has sold around 1.7 million units of i10 in India, including exports. The automaker has plans to launch around eight new models in the next three years’ period. Hyundai is aiming to launch models powered by alternative fuel technology, but its plan for the Indian market is yet to be clarified.

    27th March 2017

  • Skoda Octavia RS 245 expected to be introduced in India this year

    The latest offering from Skoda in the segment of affordable performance sedans, the Octavia RS 245, is expected to be launched in India by mid-2017.

    The 2.0 TSI petrol engine of the car produces a power of 245 PS. This makes it faster than the outgoing model of the car. The expected cost of the vehicle is around Rs.25-28 lakh. Although the price is on the higher side, it will be a value-for-money sedan that offers similar or, in certain cases, even better performance than cars in the higher segments.

    The car will be a great buy for someone looking to purchase an everyday car. It can also be used for spirited driving without posing too many issues.

    20th March 2017

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