Calculate your Car Loan EMI & Total Interest Due
Monthly amount paid to your Car Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
Calculating the EMI on a car loan has been made simple and error-free with the use of a Car Loan EMI Calculator. A Car Loan EMI Calculator is a tool that helps determine the EMI that needs to be paid towards the repayment of a car loan. It helps a person decide and select a suitable car loan amount and also helps them manage their finances.
The loan calculator runs on a EMI calculation formula which computes the information that a customer provides to help calculate the EMI which has to be paid. Most EMI Calculators will require information pertaining to the loan tenure, loan amount, interest rate, processing fee, etc. The more information that you provide helps the Car EMI Calculator come to a more accurate result.
With today’s world moving fast towards modernization, people have also been striving to purchase a four-wheeler of their own to help make their travel a lot easier. A car loan can come as a relief to a lot of people who do not have the monetary resources to purchase a car on their own.
There are a number of websites which offer a Car Loan EMI Calculator to help a customer calculate the EMI that they would have to pay. The customer can visit the official website of the bank or they can even visit a banking portal like BankBazaar.
The Car Loan EMI Calculator that’s available on the official website of BankBazaar uses the mathematical formula given below to calculate the EMI:
E = P x R x (1+R)^n/((1+R)^n – 1)
E is the EMI that is payable on a car loan amount
R is the rate of interest that is levied on the car loan
P is the Car Loan Principal Amount
n is the car loan tenure (in months)
The online EMI calculator works in a very simple way. An individual will have to provide details pertaining to their car loan such as loan amount, interest rate, processing fees, and loan tenure. Enter these details into the EMI Calculator and then click the “Calculate” button.
If the borrower intends on making a prepayment towards their car loan, then the borrower can provide this information in the respective tabs on the tool. An option is provided under prepayments where you can select “Yes” or “No”. Select the appropriate option depending on your choice.
If “Yes”, you will have to provide the details related to the prepayment frequency, prepayment fee, prepayment amount, and the category to which the prepayment applies. If the borrower does not wish to make a prepayment, then select “No” and click on the “Calculate” button. Your car loan schedule along with the amortization table will be provided.
The borrower can calculate their EMIs with different rates of interest and tenures to arrive at a suitable car loan option. This would help in making sure that the borrower isn’t under any added pressure when repaying the car loan.
Additionally, you can also calculate EMI of your car loan using excel spreadsheet. When you are not able to access an online car loan calculator, you can generate an EMI calculator in Excel by yourself by just using the function:
PMT (rate, nper, pv)
rate is the fixed interest rate
nper is the number of installments to repay the loan
pv is the principal or current loan amount
BankBazaar has a Car Loan EMI Calculator that is simple to use and is easier to understand. The bank loan calculator gives you a detailed breakup of your car loan. BankBazaar’s Online Car EMI Calculator is a very useful tool that a lot of people use to determine the EMI that needs to be paid on a car loan. You will have to input a few details pertaining to your car loan to obtain an accurate answer related to the EMI that you would have to pay. The Car Loan Calculator will require your loan amount, processing fee, loan tenure, and interest rates to arrive at a result. The BankBazaar Car Loan EMI Calculator can also compute the information you have provided by considering any prepayments that you intend on making during the loan tenure.
Once you have provided the information required, you will have to click on “ Calculate ”. Once this is done, you will get the EMI that has to be paid on the car loan amount. An amortization table is also provided along with a graph which makes it easier to understand the repayment of your loan.
It is important to find out any and all information on your car loan and this includes doing ample amount of research on the loan that needs the be paid, interest rates offered by other banks, EMI amount that you need to set aside every month, and more.
The EMI of a car loan depends on three major parameters – Loan Tenure, Principal Loan Amount, and Interest Rate.
There are other factors which also affect the Car Loan EMIs which are paid and these are:
Before applying for a car loan, it is advisable to know a little about the EMI that you will have to pay towards the repayment of the car loan amount to the bank. EMI or Equated Monthly Instalment is a fixed amount of money that a person will have to pay every month to repay their car loan amount. An EMI that has to be paid consists of two main components which are the interest that’s levied on the loan amount and the principal loan amount. The total interest that has to be paid on the loan amount is spread across the loan tenure. The interest that is paid on the loan makes up a large part of the EMI in the initial stages of the loan repayment tenure.
The EMI calculator for car loans that's available on the official website of BankBazaar is a simple and easy-to-use tool. It provides us with an abundance of comprehensive information that’s accurate and error free. The tool helps you make an informed decision on the car loan that you would want to apply for.
Check the Lowest Car Loan EMI - 2018*
|Bank Name||Interest Rate (New Car)||Interest Rate (Used Car)||Maximum Loan Available||Lowest EMI per Rs.1 lakh for 7 years tenure|
|Andhra Bank||1-year MCLR + 0.70%||1-year MCLR + 3.45%||New car: 85% of on-road price for salaried employees and 80% of on-road price for others Used car: 60% of garage value or Rs.25 lakh||Rs.1,614 (new car) Rs.2,217 (used car)|
|Axis Bank||10.75% to 11.25% (up to 36 months’ tenure) 8.50% to 10.25% (more than 36 months’ tenure)||14.50% to 16.25% (up to 36 months’ tenure) 13.99% to 14.99% (more than 36 months’ tenure)||New car: 100% of on-road price Used car: 85% of valuation amount||Rs.1,584 (new car) Rs.2,326 (used car)|
|Bank of Maharashtra||1-year MCLR + 0.25%||1-year MCLR + 0.75%||New car: 90% of on-road price for salaried class and existing home loan borrowers, 85% of on-road price for others, and 80% of on-road price for corporates Used car: 50% of the valuation amount||Rs.1,619 (new car) Rs.2,110 (used car)|
|Central Bank of India||1-year MCLR + 0.40%||1-year MCLR + 1.50%||New car: 90% of the on-road price (up to Rs.20 lakh) and 80% of the on-road price (above Rs.20 lakh) Used car: 75% of the valuation amount||Rs.1,594 (new car) Rs.2,115 (used car)|
|Corporation Bank||9.30% (Vehicle up to Rs.50 lakh) 9.80% (Vehicle more than Rs.50 lakh) 8.65% (for government employees and defence personnel and vehicle up to Rs.50 lakh) 11.00% (commercial purposes)||New car: 85% of the on-road price (up to Rs.1 crore) and 80% of the on-road price (above Rs.1 crore) Used car: 60% of the valuation amount||Rs.1,617 (new car)|
|Federal Bank||1-year MCLR + 0.25% to 1-year MCLR + 0.55% (Floating)||100% of ex-showroom price or valuation amount||Rs.1,656 (new car) Rs.2,182 (used car)|
|HDFC Bank||9% to 10.25% (depending on the make and model of car)||11.50% to 17.50% (depending on the age, make, and model of car)||100% of on-road price or valuation amount||Rs.1,622 (new car) Rs.2,275 (used car)|
|ICICI Bank||7.75% to 17.56%||10.00% to 17.65%||New car: 100% of ex-showroom price Used car: 80% of valuation amount||Rs.1,699 (new car) Rs.2,405 (used car)|
|IDBI Bank||9.00% for existing customers (minimum relationship of 3 months) 9.10% for new customers||Rs.1,658 (new car)|
|Indian Bank||New car: 85% of on-road price Used car: 60% of valuation amount||Rs.1,658 (new car) Rs.2,270 (used car)|
|IndusInd Bank||12.00% to 28.00% (Small commercial vehicle) 10.65% to 15.50% (Passenger car) 10.65% to 16.00% (Light commercial vehicle) 10.60% to 15.00% (Medium & heavy commercial vehicle) 10.60% to 16.00% (MUV & Jeep) 13.70% to 23.50% (Tractor)||14.00% to 21.00%||85% of the ex-showroom price||Rs.1,691 (new car) Rs.2,327 (used car)|
|Kotak Bank||90% of the car value||Rs.2,199 (new car) Rs.2,485 (used car)|
|OBC||Base Rate + 0.50% = 10.20% (Upto 36 months) Base Rate + 0.75% = 10.45% (Upto 84 months)||Base Rate + 3.00% = 12.70%||New car: 85% of the on-road price Used car: 80% (Under TVS) & 70% (Non TVS) of valuation amount||Rs.1,579 (new car) Rs.3,269 (used car)|
|SBI||8.90% to 9.40%||1-year MCLR + 4.65% = 12.80%||New car: 85% of the on-road price Used car: 80% of Invoice or Insured’s Declared Value (Certified pre-owned car) 85% of the on-road price (Car loan scheme for used car)||Rs.1,611 (new car) Rs.1,798 (used car)|
|PNB||1-year MCLR + 0.60% to 1-year MCLR + 1.05% (floating) 1-year MCLR + 0.95% (fixed)||New car: 85% of on-road price 90% of total cost of the car (tie-up arrangement) Used car: 70% of valuation amount||Rs.1,596 (new car) Rs.2,184 (used car)|
|Tamilnad Mercantile Bank||8.95% to 10.95%||8.95% to 11.40%||New car: 85% of on-road price Used car: 70% of the purchase value or market value||Rs.1,606 (new car) Rs.2,073 (used car)|
|Union Bank of India||1-year MCLR + 0.50% = 8.70%||1-year MCLR + 3.50% = 11.70%||New car: 85% of on-road price Used car: 60% of valuation amount||Rs.1,609 (new car) Rs.2,224 (used car)|
|United Bank of India||1-year MCLR + 0.30% = 8.90% 1-year MCLR + 0.25% = 8.85% (women applicants)||1-year MCLR + 1.05% = 9.65%||New car: 85% of on-road price Used car: 75% of valuation amount||Rs.1,601 (new car) Rs.2,108 (used car)|
*Interest Rates and offers are subject to change according to market rates and without prior notice by the bank
The Car Loan EMI Calculator that’s available on the official website of BankBazaar is a very helpful financial tool that assists an individual in making smart decisions on their car loans. Some of the features and benefits that are offered with the Car Loan EMI Calculator are listed below:
A Car Loan EMI Calculator can come in handy in a number of situations. The calculator acts as the backbone in the entire process that’s involved in securing a car loan. The calculator can help in a number of ways, right from planning out your monthly budget that you will have to set aside, to the make and model of the car that you would like to purchase. Here are some of the points that you will have to keep in mind when using the online Car Loan calculator:
Before you opt for a car loan, you should perform thorough research of the market to find the best plan that suits your needs at the cheapest rates possible. There are 3 ways that a person can calculate the interest that he or she has to pay in addition to his/her car loan - Reducing balance method, 0% financing scheme, and Fixed rate of interest.
There is some good news for people who are paying an EMI towards a car loan. EMIs which are paid towards a car loan shall see a reduction as the Reserve Bank of India reduced repo rates by 25 basis points and it now stands at 6%. This means that the cost of credit which is required by an individual who intends on making a big-ticket purchase will further decrease.
Car loan can be used to purchase new or used cars of any make or model available on the market. Banks, Non-Banking Financial Companies, and other lending institutions offer easy access to funding in the form of auto loans for purchasing all types of vehicles. Any individual with a steady income and stable occupation aged between 21 to 60 years can apply for a car loan from the top banks in the country. From expensive luxury cars to economical passenger cars, you can purchase any car of your choice with a car loan.
Now that you have obtained a car loan at a low interest rate for an appropriate loan tenure, how do you repay the loan? Car loan is repaid in the form of Equated Monthly Instalments (EMI). Your loan EMI shouldn’t exceed 50% of your salary. Choose the loan amount based on your repayment capacity. To find out how much your car loan will cost you in a month, use an EMI calculator for car loans.
Car Loan EMI is calculated using the formula:
E = P x R x (1+R)^n/((1+R)^n – 1)
Human error is inevitable in manual calculation. Therefore, it is wise to make use of the online car loan EMI calculator that is available on the bank website as well as third-party comparison portals.
State Bank of India offers car loans for new and used cars at attractive interest rates for a long tenure of up to 7 years. SBI finances up to 85% of the car price. Any self-employed or salaried person aged 21 to 65 years can apply for a car loan at State Bank of India. From passenger cars to commercial vehicles, SBI car loan can be used to purchase most makes and models of cars that are available on the Indian market. Customers prefer SBI car loan for its low EMI payments, speedy loan disbursement, minimal paperwork, and loan amount for on-road price of the car. To calculate how much the car loan will cost you monthly, check your car loan EMI payments using the SBI Car Loan EMI Calculator online. This tool is not only easy to use but also free of cost. All you have to do is enter the chosen loan amount, loan tenure, interest rate offered by the bank, and the processing fee charged by the bank into the tool. You will get accurate and instant results in the form of an amortisation table which contains the principal loan amount, monthly EMI payments, outstanding balance after each EMI payment, and overall interest payment. Amortisation table shows the loan repayment schedule of your car loan over the chosen loan tenure.
HDFC Bank offers car loan up to 100% of the value of the car at attractive interest rates for a loan tenure ranging from 1 to 7 years. No guarantor is required to obtain a HDFC car loan. The process of applying for a car loan at HDFC Bank is customer-friendly with fast loan disbursal and minimal paperwork. With just a few clicks of your mouse, you can carry out instant and accurate car loan EMI calculation online. Just enter the chosen loan amount, tenure, interest rate, and processing fee in the car loan EMI calculator and click on the 'Calculate' button. You will get the monthly EMI and total interest due. HDFC Car Loan can be repaid in equated monthly instalments. Choose the car loan amount depending on your repaying capacity. A high debt-to-income ratio means there is a high chance of defaulting on your loan. Delayed or skipped loan EMI payments can negatively affect your credit score which is why it is important to keep your EMI payment below 50% of your salary. With the use of HDFC Car Loan EMI Calculator, you can get instant and error-free results. The tool can be used any number of times for free of charge.
With ICICI Car Loan, you can own the car of your dreams. ICICI Bank offers car loan up to 100% of ex-showroom price of the car for a loan tenure of up to 7 years. Another advantage of choosing ICICI bank to obtain funding for purchasing a car is that existing customers can get pre-qualified car loans. ICICI Bank offers car loans for new car, pre-owned car, and loan against car. You can apply for ICICI car loan online but before that it is important to calculate your car loan EMI payments for the chosen loan amount. The interest rate varies with different types of car loans. ICICI Car Loan EMI Calculator is pretty simple and easy to use. Just slide the slider across the scale to choose your preferred loan amount and loan tenure. Then enter the interest rate and processing fee charged by ICICI Bank. Click on the 'Calculate' button. You will get instant results containing the monthly EMI, overall interest payment, and an amortisation table. The table will show your loan repayment schedule consisting of monthly EMIs, outstanding balance after each EMI payment, principal repayment, and interest payment.
Whether you want to purchase a new car or an used car, Axis Bank offers 3 types of car loans for you - new car loan, pre-owned car loan, and loan against car. You can get up to 100% on road funding from Axis Bank for your chosen car for a loan tenure of up to 7 years. In the case of pre-owned car loan, you can borrow up to 90% of the valuation amount for a loan tenure of up to 5 years. For loan against car, you can get Rs.10 lakh onward for a maximum loan tenure of 15 years. You can apply for Axis Bank Car Loan online. Similarly, you can also carry out Axis Bank car loan EMI calculation online for free. Use the Axis Bank Car Loan EMI Calculator to check your monthly EMI payment for the chosen car loan amount. All you have to do is enter the loan amount, loan tenure, interest rate, and processing fee in the tool. You will get a colourful amortisation table with details such as interest payment, monthly EMIs, outstanding balance after each EMI payment, and principal repayment. As the payment schedule is represented in tables and presented in colourful bars and graphs, it is easier to read.
Canara Bank offers car loans at reasonable interest rates for the purchase of any make and model of car available on the Indian market. Government employees and women can enjoy added benefits offered by Canara Bank. You can get up to 85-90% of the total price of the car from Canara Bank for a loan tenure of 5 to 8 years for new and used cars. Canara Bank Car Loan EMI Calculator is easy to use and free of cost. EMI for different loan tenure can be calculated using the car loan EMI calculator. This tool will give you an analysis of your car loan payment schedule in the form of an amortisation table. Just enter the loan amount, interest rate, loan tenure, and processing fee in the tool and click on 'Calculate'. Just like that, with a few clicks of your mouse, you can get accurate and instant car loan EMI results.
For sample, the EMI calculation for top sold cars in India is calculated using a fixed interest rate of 11%, loan tenure of 2 years, and a 2% processing fee. Take a look at the below calculation to get an idea of how much your monthly EMI will be for a particular make and model of car:
|Make and model of car||Price of the car/Loan amount||Interest rate of car loan||Loan tenure||Processing fee||Equated Monthly Instalment (EMI)|
|Maruti Alto||Rs.5 lakh||11%||2 years||2%||Rs.23,304|
|Maruti Dzire||Rs.5.9 lakh||11%||2 years||2%||Rs.27,499|
|Maruti Swift||Rs.5.22 lakh||11%||2 years||2%||Rs.24,329|
|Maruti Wagon R||Rs.4.5 lakh||11%||2 years||2%||Rs.20,973|
|Hyundai Grand i10||Rs.5 lakh||11%||2 years||2%||Rs.23,304|
It is easy and simple to use car loan EMI calculator online. What's more? One can use the online calculator any number of times for free of cost.
A floating rate of interest is an interest rate which fluctuates. There are a number of factors that affect the rate of interest when it’s floating in nature. Factors like inflation, liquidity, taxes, etc. all play a vital role in the interest rate that’s levied on the car loan. There are two main areas that demand your focus when you apply for a floating rate of interest – pessimistic (inflationary) and optimistic (deflationary) scenarios.
In an inflationary scenario, the rate of interest typically increases from its current rate. When this happens, the EMI that you will have to pay will also increase. However, in a deflationary scenario, the rate of interest will reduce by a certain percentage from its current standing. This will lead to a reduction in the amount that’s paid to the lender as an EMI.
Secured loans like home loans and car loans, and unsecured loans like personal loans are repaid through Equated Monthly Installments (EMI). Car loan EMI is a fixed amount that the borrower pays to the lender (bank) each month towards the repayment of the car loan till the end of the loan tenure. EMI consists of the principal loan amount and interest payment.
EMI of your car loan is calculated using the below formula: E = [P x R x (1 + R) ^ N] / [(1 + R) ^N - 1], where E is the Equated Monthly Installment, P is the principal loan amount, R is the rate of interest per month, and N is the number of monthly installments. It is better to use an online car loan EMI calculator to get accurate and instant results rather than carrying out manual calculations which are time-consuming and prone to human errors.
All you have to do is enter few car loan details into the tool such as the loan amount, interest rate, loan tenure, and processing fee. Click on the 'calculate' button. Your car loan EMI results will be displayed in the form of an amortisation table, a bar graph, and a pie chart. You can also enter the prepayment details of your car loan into the tool to get revised EMI results.
The online car loan EMI calculator can be found on the bank website or a reliable third-party website. The tool is easy and simple to use. You can use it any number of times for free of cost. The results are instant and accurate whereas manual EMI calculations are prone to human error and time consuming. You can also input varying combinations of the loan amount, loan tenure, and interest rates to get revised results.
Financial experts advise borrowers to maintain a low debt-to-income ratio when taking a loan which essentially means that your EMI payment must not exceed more than 50% of your income. A high debt-to-income ratio can cause you to default on your car loan. Using the car loan EMI calculator, you can find out what is your debt-to-income ratio and adjust your loan amount accordingly. Borrow an affordable loan amount that you can repay. Defaulting on any loan repayment can have a negative effect on your credit score which in turn, can affect your future loan prospects.
Car loan amount, loan tenure, interest rate, and processing fee are the parameters required to calculate car loan EMI. In the case of car loan prepayment, you have to input the prepayment fee into the tool get a revised loan repayment schedule.
An amortisation table represents the periodic loan repayment schedule of your car loan. It consists of the breakdown of your car loan repayment details such as the principal loan amount, EMI, interest payment, and the outstanding due after each EMI payment.
Calculating your car loan EMI can help you find out how much your car loan will cost you on a monthly basis. Depending on the results, you can pick a suitable loan tenure. A short loan tenure means a higher EMI but a lower interest payment whereas a long loan tenure means a lower EMI but a higher interest payment. Therefore, use the car loan EMI calculator to choose a suitable loan tenure. You can also create a monthly budget depending on the car loan EMI results. You can decide whether opting for prepayment is beneficial or not depending on the EMI calculation.
Almost all passenger cars along with multi-utility vehicles can be financed by a car loan.
Yes, you can avail a car loan on your existing four-wheeler. You can visit the BankBazaar website to find a bank that offers a car loan for used cars that matches your needs and requirements.
Anybody who falls under the following categories can avail a car loan:
You can find out the prepayment penalty that is levied on a car loan by contacting the nearest branch of the bank which has sanctioned the car loan to you. You can also visit the official website of the bank or a financial website like BankBazaar to help address your queries.
No. The Car Loan EMI Calculator is available on the BankBazaar website for no charge at all. You do not have to make a new login ID to use the Car Loan EMI Calculator on the BankBazaar website.
Having a large amount of money in hand opens up a number of doors for an individual, especially if they have major plans like a marriage, home renovation, medical expenses, going on an international trip, buying a new two-wheeler or four-wheeler, education fees, etc. These major events in an individual’s life would require a certain amount of capital to ensure that these plans come to fruition without much hassle. In such situations, a loan from a bank can be a real lifesaver as this capital can be used to cater to the needs that arise throughout the lifespan of an individual.
Life can be unpredictable at most times but in a world that runs on money, a capital can help you get out of a sticky situation. Let us consider the life of Ms. Kumar. She has been independent her whole life and has not depended on her parents or relatives for any type of financial security. This doesn’t mean that she has had a smooth life without facing any problems.
As a young girl, Ms. Kumar always wanted to become a doctor. As we all know, the tuition fees for a medical course can be quite stressful on a person’s finances. But, Ms. Kumar didn’t have the financial capital required to finance her education. This is where an education loan from a reputed bank helped her out in a big way. The education loan offered by the bank financed her education fees apart from other benefits that were offered with the loan.
But the college which she had to attend was quite far from her place of residence. This meant that she had to figure out her own mode of travel to commute back and forth from college and her home. Lucky for Ms. Kumar, the same bank offered her a two-wheeler loan and at an affordable rate of interest. This helped her purchase a new two-wheeler to help with her commute. This helped her a lot to minimise the amount of time spent on travel thereby giving her a lot more time to study and do well in her course.
Years went by since Ms. Kumar took a loan to begin a new stage in her life. But, with time came new responsibilities. Her younger sister is getting engaged and the money that Ms. Kumar had saved has nearly depleted with the clearing of initial bills and purchases made for the engagement. Funds were running dry and Ms. Kumar and her family were beginning to panic. Luckily for her, the education loan along with the two-wheeler loan which she availed in the beginning was paid back in full and on time, without making any delays in payments. This gave her a good credit score which most banks prefer their customers to have. Thanks to the good credit score, Ms. Kumar got a personal loan approved from the bank without much hassle. She was able to use this personal loan to finance her sister’s engagement and make sure that her sister was happy and content.
Ms. Kumar loves to travel. More than anything else, she loves road-trips. With all the responsibility of her career and family falling on her head, it was time for Ms. Kumar to reward herself for all the selfless deeds she has done in her life. So, Ms. Kumar decided to purchase a four-wheeler. The car that she wanted to buy would help her travel around the country without much hassle. With a good credit score and customer history with the bank, it was simple and easy to procure a car loan from the bank that has come to her aid in the past. She was able to purchase the vehicle and also check the loan installments that she would be spending using Car Loan EMI Calculator the first thing that she did was go on a road trip with her closest friends. This is the kind of happiness that an individual cannot purchase but has to experience.
A successful doctor, a responsible sister, and a loving guardian, Ms. Kumar filled these roles in her life with ease thanks to the capital provided by various loans sanctioned by the bank. This would not have been possible if Ms. Kumar didn’t maintain a good credit score, apart from other requirements which were needed to be met to procure a loan.
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!
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 :
Let us use an illustration to understand the Car Loan EMI Calculator formula.
Ex: 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.
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.
Importance of Car Loan Amortization
When you have availed a loan in order to purchase your dream car, you can see how your car loan will progress over the entire period of the loan with the help of a car loan amortization table. This table can be customised according to your unique scheme factoring the rate of interest, repayment tenure, loan amount, down payment, and other variables that can impact the repayment. Using this table, you can see the outstanding debt, the current principal amount after each EMI, total interest paid etc. If used in an efficient way, an amortization table can help you manage your money and time in a better way. Learn more on car loan amortization
Why Is It Important to Calculate Car Loan EMI Beforehand?
If your funds are running low while purchasing your dream car, you can opt for a low-interest auto loan in order to meet the total cost of the car. However, along with the credit comes the responsibility of repayment of the debt. If a loan is not repaid on time, it turns into bad credit and impacts your credit profile significantly. If a customer decides to take a loan that exceeds his or her repayment capacity, the chances of the loan application getting rejected also become notably high. To ensure that you receive the funds you require at the time of your need, you can check your payable equated monthly installments (EMIs) before applying for a loan using an online calculator. Read further to learn about the benefits of calculating your car loan EMI beforehand prior to applying for your loan.
How to Manage your Car Loan EMI?
With banks and non-banking financing companies offering paperless transactions and instant approvals, getting a car loan has become considerably easier. However, if not managed properly, a borrower might default during the repayment of the loan turning it into a bad loan. This can negatively impact the credit profile of the borrower and affect future loan applications. There are numerous steps that can be followed in order to help you manage your finances better such as managing and prioritising existing loans, researching and choosing a plan with low interest rate and short tenure, opting for prepayment, making any lifestyle change if necessary, etc. Before you apply for a car loan, learn how to properly manage your car loan EMIs in order to prevent defaults and save big in the long run.
Tips to keep in mind Before Buying a Car
With a plethora of options available in the market, selecting the right car according to your needs and purchasing it at the best price available in the market is a herculean task. Not only do you have to face the incessant dilemma of which car is better, but will also have to deal with the pushy salesmen who will try to entice you into paying more than you actually intend to. Before you choose to invest on a car, you should learn about a few tips that can help you overcome this. Learn more
Luxury car maker Volvo has decided to enter the SUV wave off late by launching a new compact luxury SUV XC40. The car has received more than 200 booking within the first 15 days of its launch. The car has been priced at Rs.43.9 lakh and Volvo expects the SUV to play a very important role to help them achieve a double digit market share by the year 2020. The XC40 is packed with features and will be competing with the three top German brands. Volvo Cars had a 33% growth in volume during the months between Jan - June last year. The increase in the sales performance is due to the XC60 which contributed to more than 25% of the entire volume.
18 July 2018
The idea pitched by the government to go all-electric by the year 2030 was met with with a lot of skepticism and criticism by the entire automotive industry. Most of the doubts were because of the rate at which the electric vehicles were gaining acceptance throughout the world. Maruti Suzuki was also one among the many companies to raise such a concern saying it was a necessity to bring down the acquisition cost of electric vehicles to make them a success. Six months after releasing that statement, the chairman of Suzuki, the parent company of Maruti Suzuki is ready with a clear detailed plan to make sure more people opt for electric vehicles in India.
17 July 2018
After posting record number of sales last year, the luxury car market is all set to hit a nea peak this year. The sales of luxury cars have increased by 20,000 units during the first half of the year, with an average growth rate of 12-13%. The total number of sales for the year 2017 was 39,000 units, which was an increase of 17% from the year 2016. The growth in luxury car segment is similar to or even faster than the growth of the overall passenger car segment. Out of the top five luxury car manufacturers, four of them posted double digit growth since the month of January. The Jaguar Land Rover posted a growth of 66% while the Volvo posted a growth of 33%. The sales of the BMW and Mercedes Benz rose by 13% and 12% respectively. The sales number registered by these companies in this six month waiting period is the highest to be recorded in a six month time period in India. Automakers have planned more than 40 car launches this year. With attractive financial options and the opening of new dealers in smaller cities and towns, more number of people are provided the option to access luxury car in the country.
16 July 2018
Honda Cars India Limited (HCIL) has announced a proposal to hike the price of its models ranging between Rs.10,000 to Rs.35,000 due to higher freight rates and a hike in the custom duty rates. The new prices will be effective from 01 August 2018, according to a statement released by the company. Honda is also planning to hike the prices of the recently released Amaze. The Senior Vice President of the company said that the prices of the cars were increased due to the increasing pressure on custom duty costs and input costs and the increasing freight rates in the past few months. Car prices were also recently increased by Hyundai Motor India Limited for all cars except the newly released Creta by around 2 percent to counter the rising input costs. Other luxury carmakers like Mercedes-Benz and Audi have also increased their prices owing to the increase in custom duties.
13 July 2018
Volvo Cars is going to launch plug-in hybrid cars and EVs in the Indian market soon. This Swedish car company is trying to replace the conventional internal combustion engine (ICE) with the hybrid and electric technology to bring higher sales. Instead of investing in diesel vehicles in the country, Volvo is focussed on introducing electric cars and plug-in hybrids which are advanced electric vehicles capable of running on conventional fuels. Richard Snijders, the Vice-president for the Asia-Pacific Region at Volvo Cars, said that they are intending to avoid the ICE investments and focus majorly on electrification of their vehicles this time. He also stated that the company is likely to make its first plug-in hybrid car launch in the Indian market within coming 18 months and will probably launch an electric car in the following 12 months.
12 July 2018
After completing 20 years in India, Hyundai Motor India Limited is now repositioning itself as a premium brand. The company is planning to add premium designs are other superior technology features along with offering customised solutions. Hyundai is also planning bring change in its dealerships and service centers by making them more tech-savvy and also enhance customer experience. The main plan of the company is to innovate in technology and design so that it appeals to more customers.
6 July 2018
Volkswagen is all set to launch two cars in the Indian market by 2021. This is part of the Volkswagen groups ‘India 2.0’ initiative. The localisation of the MQB-A0-IN platform will be done mainly by Skoda, the sister brand of Volkswagen. This platform can be used to come up with a variety of body types like sedan, hatchback or SUV. Skoda has already started with the development of the platform in India. Skoda has already announced that the first car they will manufacture using the new platform in India will be a compact SUV. Volkswagen is yet to announce details about the model they will be launching.
4 July 2018
Tesla, the electric car company founded by Elon Musk, rolled out 7,000 cars in just a week. The number included 5,000 Model 3 sedans, and the company had released a statement in the past saying that these cars would be produced by the last week of the second quarter of FY 2018-19, but the company outperformed to release the vehicles by the end of the first quarter of the fiscal. BBC reported that the 5,000th car was out of the production line by the 1st of July, 2018. Elon Musk praised his staff saying that the level of creativity and dedication was ‘mind-blowing’.
3 July 2018
Due to the increasing demand for passenger vehicles of late, the car industry now has a double digit growth for yet another month. Five of the top six car companies who account for more than 90% of the vehicles in the market ended up with a growth rate in excess of 20%. The cumulative sales growth for these companies came up to 43%. The passenger vehicle segment sold 2.70 to 2.75 lakh units in June. This is the highest number of sales in the last 18 to 24 months. Maruti Suzuki continues to lead the Indian market for passenger vehicles by having a sales growth of more than 44%. This is largely due to the increasing demand for its Brezza, Baleno, and the new-gen Swift.
2 July 2018
Suzuki will be introducing its new concept car at the Gaikindo Indonesia International Auto Show later on this year. The concept car will usher in a new sub-brand for the auto manufacturer. The vehicle is expected to fall in the small car segment, best suited for city traffic.
The concept car was initially intended to be launched only in the Indonesian market, but there are talks of it being introduced in India as well. If so, the vehicle will rival the Hyundai Santro in the market.
29 June 2018
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards