If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
Credit Score of 750 = Easy approval of Loans/Credit Card! Check your score in less than 3 mins!

Car Loan EMI Calculator

Calculate your Car Loan EMI & Total Interest Due

Loan Amount
Loan Amount:
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
Total Interest Due
Processing Fee
Loan Amount Via EMI
Loan Amount Prepaid
Total Interest
Processing Fee
Pre-payment Fee
Total Amount Payable
Your loan details as specified by you
Loan Amount
6 Months
Interest Rate
Processing Fee
Is your Credit Score good enough for getting a loan or card?

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
Landing Previous Arrow
Have a question? Leave your email here Thank You! Sorry! That looks invalid. Please try again.

What is a Car Loan EMI Calculator?

A Car Loan EMI Calculator has made it relatively easy for people to calculate the EMI payment applicable to their car loan. It is basically a tool that aids in ascertaining the repayment of the loan. It enables an individual to decide and choose the right amount to borrow while ensuring that his/her finances are well-managed.

A Car Loan EMI Calculator operates on a formula created to compute EMIs. This formula calculates the data entered by an individual and generates results based on it. Most of the EMI Calculators out there need details regarding the loan, such as its tenure, the amount borrowed, the processing fee, the interest rate, etc. The accuracy of an EMI Calculator will depend on the depth of the information provided by a customer. The more the data, the more accurate the results.

Thanks to advancements in technology and the rapid rate at which the use of four-wheelers is rising, an increasing number of people across India strive to buy their own cars so that travel becomes easier. Since not everyone can afford to purchase a car on his/her savings alone, car loans have been growing in popularity with each passing year. A wide variety of websites across the internet offer car loans, and they also have a Car Loan EMI Calculator that enables interested individuals to get a good idea regarding the repayment of the loan. BankBazaar also offers the Car Loan EMI Calculator facility for individuals who would like to know how much they will have to pay at regular intervals of time.

How are EMIs for Car Loans Computed?

EMIs for car loans are calculated using a mathematical formula. The following is the formula used by BankBazaar:

E = P x R x (1+R)^n / {(1+R)^n – 1}

‘E’ stands for the EMI you owe on your car loan amount;

‘P’ stands for the principal amount;

‘R’ stands for the interest rate applicable to your car loan;

And ‘n’ stands for the tenure of the car loan (in months).

A Car Loan EMI Calculator operates in a fairly simple manner. All you have to do is enter the details related to your car loan, like the amount borrowed, the rate of interest, the tenure of the loan, and the processing fees before clicking on ‘Calculate’.

In case you wish to prepay your car loan, you can intimate the tool by simply choosing ‘Yes’ or ‘No’ from the option present in the ‘prepayments’ section. In case you choose ‘Yes’, information regarding the prepayment amount, the frequency, the prepayment fee, etc., will have to be provided. In case you do not wish to prepay your car loan, you can choose ‘No’ before hitting the ‘Calculate’ button. The online calculator will then determine the EMI payable on your car loan and provide a loan schedule in addition to an amortization table.

EMI calculations can be done for different tenures and interest rates. You can choose different options and calculate the EMI on each option to find out which one best suits your repayment capacity. Doing so will ensure that you are under no pressure to repay your loan, and you will also have better control over your finances, thus ensuring that you will only be repaying an amount that you can afford.

EMI calculations for your car loan can also be done offline using Microsoft Excel. To generate a Car Loan EMI Calculator on the tool, the following function can be used:

PMT (rate, nper, pv)

‘rate’ is the fixed rate of interest applicable to your car loan;

‘nper’ is the number of instalments in which the loan will be repaid;

‘pv’ is the principal amount.

How to Use Car Loan EMI Calculator?

Using the Car Loan EMI Calculator on BankBazaar.com is as simple as it gets. The tool is fairly easy to navigate around. All you will have to do is enter the requisite details regarding the car loan and you will get an accurate amount that will have to be paid each month. You can also view an amortization table in order to better understand your repayment information.

How to Calculate your Car Loan EMI
Car Loan EMI Calculator

Car Loan EMI Calculator Parameters

There are three main parameters that determine the EMI of a car loan, viz. the principal amount, the tenure, and the rate of interest.

  • Principal amount: The principal amount on a car loan is the overall amount of money sanctioned by a lender to a borrower. The higher the principal amount, the higher the EMIs associated with the car loan.
  • Tenure: It is the period of time taken to repay the loan. The borrower will have to make a payment every month until the loan is completely repaid. The longer the tenure of a car loan, the smaller the EMIs.
  • Rate of Interest: The rate of interest is the amount you pay in addition to the principal amount. The interest rate charged on car loans differs from individual to individual. Parameters such as your loan history and your credit score, among others, play a crucial role in getting a favourable rate of interest. The higher the interest rate applicable to your car loan, the higher the EMIs.

The EMIs applicable to a car loan can also be determined by a few other factors such as changes in base rates, changes in market rates, pre-closure, and prepayments.

Repayment Structure on Car Loan EMI Calculator

It is important to get a good idea regarding the EMI payments you will be required to make before you apply for a loan. EMIs are fixed amounts that must be paid on a monthly basis, and they comprise two major components, viz. the principal amount and the interest. The overall interest applicable to a car loan is spread across the tenure of the loan. A significant part of the EMI is taken up by the interest. The Car Loan EMI Calculator on BankBazaar.com enables borrowers to make an informed choice regarding car loans. Here’s how:

  • The process to find out the EMI is hassle-free.
  • It enables you to determine whether or not you can afford to repay the loan before you even apply for it.
  • The process of finding out your EMIs is quick.
  • The tool offers an amortization table along with the EMI amount so that you have comprehensive information regarding the repayment of the loan.
  • The tool is easy to navigate, with fields clearly marked for different details such as the loan amount, interest rate, tenure, etc.

Check the Lowest Car Loan EMI – 2018

Lowest Car Loan EMIs from Top Banks 2018
Bank Name Interest Rate (New Car) Interest Rate (Used Car)
Andhra Bank 1-year MCLR + 0.70% 1-year MCLR + 3.45%
Axis Bank 10.75% to 11.25% for tenures up to three years, and 8.50% to 10.25% for tenures over three years 14.50% to 16.25% for tenures up to three years, and 13.99% to 14.99% for tenures above three years
Bank of Maharashtra 1-year MCLR + 0.25% 1-year MCLR + 0.75%
Central Bank of India 1-year MCLR + 0.40% 1-year MCLR + 1.50%
Corporation Bank 9.30% for cars priced under Rs.50 lakh, 9.80% for cars priced above Rs.50 lakh, 8.65% for defence personnel and government employees for vehicles priced under Rs.50 lakh, and 11.00% for vehicles used for commercial purposes -
Federal Bank 1-year MCLR + 0.25% to 1-year MCLR + 0.55% (floating) -
HDFC Bank 9% to 10.25% (based on the vehicle’s make and model) 11.50% to 17.50% (based on the vehicle’s make, model and age)
ICICI Bank 7.75% to 17.56% 10.00% to 17.65%
IDBI Bank 9.00% for existing customers (minimum of three months), and 9.10% for new customers -
IndusInd Bank 12.00% to 28.00% for small commercial vehicles, 10.65% to 15.50% for passenger vehicles, 10.65% to 16.00% for light commercial vehicles, 10.60% to 15.00% for medium and heavy commercial vehicles, 10.60% to 16.00% for Jeeps and MUVs, and 13.70% to 23.50% for tractors 14.00% to 21.00%
OBC Base Rate + 0.50% = 10.20% for tenure up to three years, and Base Rate + 0.75% = 10.45% for tenures up to seven years. Base Rate + 3.00% = 12.70%
State Bank of India 8.90% to 9.40% 1-year MCLR + 4.65% = 12.80%
Punjab National Bank 1-year MCLR + 0.60% to 1-year MCLR + 1.05% (floating), and 1-year MCLR + 0.95% (fixed) -
Tamilnad Mercantile Bank 8.95% to 10.95% 8.95% to 11.40%
Union Bank of India 1-year MCLR + 0.50% = 8.70% 1-year MCLR + 3.50% = 11.70%
United Bank of India 1-year MCLR + 0.30% = 8.90% for male applicants, and 1-year MCLR + 0.25% = 8.85% for female applicants 1-year MCLR + 1.05% = 9.65%

*Interest rates and offers are subject to change according to market rates and without prior notice by the bank

Features and Benefits of Car Loan EMI Calculator

The following are some of the main features and benefits of a car loan EMI calculator:

  • Immediate results: A car loan EMI calculator makes complicated calculations and offers accurate results with the mere click of a button. You can check the EMI amount applicable to your car loan by entering the required data and get the results instantly. Using the car loan EMI calculator tool can help you get an idea about the amount you will have to pay on a monthly basis, thereby ensuring that you can repay the loan without any added pressure.
  • Accuracy: Calculating the EMI payments on a car loan manually can take a lot of time and can also lead to erroneous results. A car loan EMI calculator, however, ensures that the results provided are accurate and instant, thereby helping you save time and effort.
  • Free of cost: A car loan EMI calculator can be used for free of cost on BankBazaar.com. You can use the calculator as many times as you like, with different interest rates and tenures, to find the option that best suits your needs.
  • Prepayments: In case you wish to prepay your car loan, you can feed in the same data into the tool and it will calculate your repayment structure based on the information provided.
  • Analytical comparison: Using a car loan EMI calculator can help you compare the loans made available by different banks. You can enter the tenure, the loan amount and the interest rates of different banks and check which bank will work out the cheapest for you.

Ways to Compute Car Loan Interest Rate and Its Effects on Car Loan EMI

Prior to applying for a car loan, it is important to carry out proper research to make sure you find the most affordable options. There are three methods to compute the interest applicable to your car loan, viz. fixed rate of interest, 0% financing scheme, and reducing balance method.

  • Fixed rate of interest: As suggested by the term itself, the rate of interest in this method will be the same regardless of whether or not the debt is repaid. The interest amount that has to be paid is computed on the overall loan amount. The overall amount of interest is then spread evenly across the whole loan tenure. Here is an example to help you better understand how this method works: If the principal amount of your car loan is Rs.5 lakh, and the rate of interest applicable is 10%, and the tenure of the loan is five years, the calculation of EMIs through the fixed rate of interest method will be done as follows:

    Interest amount to be paid per annum: Rs.5 lakh x (10 / 100) = Rs.50,000. The overall interest amount payable over the tenure of the loan = Rs.50,000 x 5 = Rs.2.5 lakh. The debt payable per annum will be Rs.5 lakh / 5 = Rs.1 lakh. The EMI amount payable = (Rs.1 lakh + Rs.50,000) / 12 = Rs.12,500.

  • 0% financing scheme: Also called the zero interest scheme, the 0% financing scheme is offered only by a few lenders. Make sure you check with the lender if there are any other charges associated with the amount you borrow. Usually, lenders charge an upfront fee via a subvention scheme.
  • Reducing balance method: Under the reducing balance method, the rate of interest is levied on the outstanding principal amount. While the interest rate levied in this process is usually higher in comparison with the fixed rate of interest method, this method is relatively cheaper in the long run. The overall amount you pay as interest under this method is lower in comparison with the fixed rate of interest method as the principal amount slowly and steadily goes down over a period of time. Here’s an example to help you better understand the reducing balance method:

If the car loan amount you have borrowed is Rs.5 lakh, the reducing rate of interest is set at 10% per annum, and the tenure of the loan is five years, the EMI amount payable each month will come down with each payment you make. In the first year of the tenure, the interest rate applicable to your car loan will be Rs.50,000. The interest applicable in the second year of the tenure will be 10% of (Rs.5 lakh – Rs.50,000), i.e. 10% of Rs.4.5 lakh = Rs.45,000.

Car Loan EMI – Increase in Repo Rate

Those who are making EMI payments towards their car loan are expected to know that the repo rate has been increased by the Reserve Bank of India on the 1st of August, 2018. This marks the second time over the past two months that the repo rate has been raised. The repo rate now stands at 6.50%.

Car Loan EMI Calculators Offered by Major Banks in India

You can avail a car loan to buy a brand new four-wheeler or even a used one for that matter. Lending institutions such as banks and non-banking financial corporations, among others, make it easy for customers to gain access to funds. Individuals who have a stable occupation and a steady income fine it relatively simple to approach a bank and avail a car loan. Those who are above 21 years of age and under 60 can avail car loans from some of India’s biggest and most trusted banks. Here are the top five banks that offer Car Loan EMI Calculators:

  • HDFC Car Loan EMI Calculator

    Individuals who avail car loans from HDFC Bank can get an amount that covers the entire cost of the vehicle at attractive rates of interest. The tenure of a HDFC car loan extends from one year to seven years, and you don’t need a guarantor to avail the loan. HDFC has a customer-friendly application process that can be completed with a few clicks of the mouse.

    The paperwork involved with the HDFC car loan application process is minimal and the disbursal is quite quick. The company also offers the car loan EMI calculator facility so that customers can get a good idea regarding the repayment of the loan. All you have to do is open the EMI calculator link and enter the required details such as the loan amount, the interest rate, the tenure, the processing fee, etc., and hit the ‘Calculate button. The EMI instalments along with the overall interest due shall show up on the screen and you can view your repayment schedule before taking the loan.

    It is important to keep your repayment capacity in mind before availing a car loan from HDFC. If you have a high debt-to-income ratio, your chances of defaulting on the loan will be higher. Skipping an EMI payment or even delaying it could have a negative effect on your credit score. Make sure that your EMI repayment amount is less than 50% of your salary.

  • Axis Bank Car Loan EMI Calculator

    Axis Bank has made available three different kinds of car loans, viz. pre-owned car loan, new car loan, and loan against car. The bank offers funding up to 100% of the vehicle’s on-road price and the tenure of the repayment can be as high as seven year. If you wish to go for a pre-owned car loan, an amount of up to 90% of the vehicle’s valuation can be borrowed from the bank. If you wish to take a loan against car, the amount you can borrow from Axis Bank can be more than Rs.10 lakh, and the tenure of the loan can be as high as 15 years. A car loan from Axis Bank can be availed online with relative ease, and the bank also offers the car loan EMI calculator facility for free of cost. The calculator can be used to check your monthly repayment schedule for the amount you wish to borrow. You will simply have to key in the details regarding the car loan, such as the tenure, the amount, the interest rate, etc., and you will be able to check an amortisation table with details like your monthly EMIs, principal repayment, interest payment, outstanding balance post each EMI payment, etc.

  • SBI Car Loan EMI Calculator

    You can avail car loans for new cars as well as used cars from the State Bank of India. The lender offers fairly attractive interest rates along for tenures as long as seven years. The maximum amount that can be borrowed from SBI is 85% of the vehicle’s value. Salaried and self-employed individuals who are at least 21 years of age and under 65 can avail a car loan from the State Bank of India. The loan can be used to purchase passenger cars and commercial vehicles alike, and many borrowers across India prefer to approach SBI because the EMI payments associated with its loans are relatively low, the disbursements are quite fast, and the paperwork is involved is minimal.

    Before you take a car loan from SBI, you can find out how much you will have to spend on repaying the loan each month, and the SBI car loan EMI calculator helps you do just that. The tool is fairly simple to use, and you don’t have to pay for it either. You simply have to enter the loan details, like the amount, the interest rate, the tenure, and the processing fee, and you will receive an accurate idea regarding the repayment schedule instantly. The tool will let you know how much you will be paying towards the principal amount, the overall interest payment, the monthly EMI payments, and the outstanding balance after each EMI has been paid. You can also access an amortisation table for a better understanding of your repayment schedule.

  • Canara Bank Car Loan EMI Calculator

    The car loans offered by Canara Bank can be availed at reasonable rates of interest. The bank offers an amount between 85% to 90% of the price of the vehicle, and offers lower interest rates to female borrowers and government employees. The tenure of the loan can extend from five years to eight years be it for new cars, or used four-wheelers. The bank also offers a car loan EMI calculator that can help you get a fair understanding about the repayment of the loan. The tool is free to use and can be navigated around with relative ease. All you have to do is enter the loan amount, the tenure, the processing fee, and the interest rate to view an amortisation table that will show you details of your repayment schedule.

  • ICICI Car Loan EMI Calculator

    ICICI Bank makes it easier for you purchase your dream car with up to 100% financing. The tenure of the loan can extend up to seven years. One of the main benefits of taking a car loan from ICICI Bank is that pre-qualified loans are made available to existing customers of the bank. ICICI Bank offers three kinds of car loans, viz. new car loan, loan against car, and pre-owned car loan. An ICICI Bank car loan can be availed online with relative ease, but it is essential to compute your EMI payments before you take the loan. The ICICI Car Loan EMI Calculator is designed in a customer-friendly manner and is easy to use. You will simply have to move the slider on the scale to select the loan amount along with the loan tenure. You will then have to choose the interest rate applicable to the loan before clicking on ‘Calculate’. The results will be generated instantly and you will have a clear idea regarding the repayment structure of the loan. You will know your monthly payment amount, the principal repayment, the interest payment, and the outstanding balance following each EMI payment. This information can make it easy for you sort out your finances and choose the right terms depending upon your repayment capacity.

Check Car Loan EMIs for Most Sold Cars in India

Top Cars Price with EMIs in India 2018
Car Model Price of the car/Loan amount Equated Monthly Instalment (EMI)
Hyundai Grand i10 Rs.5 lakh Rs.23,304
Maruti Dzire Rs.5.9 lakh Rs.27,499
Maruti Wagon R Rs.4.5 lakh Rs.20,973
Maruti Alto Rs.5 lakh Rs.23,304
Maruti Swift Rs.5.22 lakh Rs.24,329

For the sample above, the interest rate is assumed at 11%, the processing fee is assumed at 2%, and the tenure is assumed at 2 years.

Car loans are offered at both fixed as well as floating interest rates. While the fixed rate will remain unchanged for the tenure of the loan, the floating rate is subject to change from time to time. The different factors that can affect interest rates include taxes, liquidity, inflation, etc. It is important to take into consideration all possible factors to make the right choice when taking a car loan.

  1. What is Equated Monthly Installment?

    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.

  2. How is car loan EMI Calculated?

    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.

  3. How to use a Car Loan EMI Calculator Tool?

    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.

  4. What are the Benefits of Using an Online Car Loan EMI Calculator?

    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.

  5. What is a low debt-to-income ratio?

    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.

  6. What are the parameters required to calculate car loan EMI?

    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.

  7. What is a Car Loan Amortisation Table?

    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.

  8. What are the benefits of using an online car loan EMI calculator?

    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.

  9. Can all types of cars get financed by a car loan?

    Almost all passenger cars along with multi-utility vehicles can be financed by a car loan.

  10. Can I avail a car loan on my existing four-wheeler?

    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.

  11. Who can avail a car loan?

    Anybody who falls under the following categories can avail a car loan:

    • Self-employed individuals
    • Salaried individuals
    • Partnership firms
    • HUFs and Trusts
    • Partnership firms
  12. How do I find out what the prepayment penalty is on my 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.

  13. Do I need to pay a subscription fee or do I have to make an account with BankBazaar?

    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 :

    • 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 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.

Interesting Articles on Car Loan EMI Calculator

  • Prepayment Conditions for Car Loans

    Car loans are the best way for individuals to meet their financial requirements while purchasing a new or old vehicle in order to fulfil their car-buying dream without having to exhaust their valued savings. However, when the finances are looking up, it is advisable that the borrower repays his or her car loan before the original repayment tenure. This might not only reduce the burden of the debt, but can also lead to long-term savings in terms of the interest paid to the lender. Loan prepayment can also help the individual borrow another loan while increasing his or her credit score. However, it is important to consider all the aspects of the loan prepayment before deciding to opt for the facility. If not done so, there are chances that a borrower might end up paying more than the original debt by availing this benefit. Take a look at the prepayment conditions for a car loan before you decide to invest your hard-earned money and find out whether this option is best suited for you or not.

  • Steps to Transfer Car Registration From One City to Another

    Shifting from one city to another is no easy feat in itself due to a number of reasons. This becomes even more difficult when you have to transfer your car registration from one city to another. In order to make this process smooth and quick, you should arm yourself beforehand with the knowledge regarding the process of moving your car registration to another city. There are a number of steps that should be followed before a car registration is transferred. If all the required documents are in place, it is not difficult to transfer a car’s registration from one place to another. Before moving from one city to another, the car owner has to get the required documents. The first and foremost step to getting your car registration transferred is getting a No-objection certificate (NOC) from the bank and Regional Transport Office (RTO) where the car was originally registered from. Thereafter, you will have to get your car re-registered in the new city and get a refund of road tax if applicable. In case you decide not to move your car, you will also have to get your NOC cancelled. Read further in order to gain a detailed picture of how to transfer the registration of your car.

  • Car Loan Foreclosure Procedure

    Car loans are a great way to meet one’s financial need while purchasing a car since they can provide the freedom of buying the car of one’s choice without having to worry about paying a lump sum amount during the purchase. Once a customer avails a car loan, the amount should be repaid within a predetermined period along with an interest that is mutually decided by the borrower and lender. However, a customer might decide to repay the entire loan before the loan tenure owing to a sudden influx of cash and relieve himself or herself from the debt. Numerous banks and non-banking financing companies (NBFCs) offers its customers the option to foreclose a car loan before its original tenure. While many lenders charge a small percentage of the outstanding principal loan as a penalty for foreclosing a loan, repaying your loan using this option can help you save on the interest in the long run. However, it is advisable that the customer reads the terms of the lender along with the advantages and disadvantages of a car loan foreclosure before opting for this feature.

Products you might be Interested

Down Arrow

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards

News About Car Loan EMI Calculator

  • Cars and utility vehicles might get costlier from January

    With Ford and Toyota planning to increase prices of their vehicles in order to mitigate the increase in their manufacturing cost due to rupee depreciation, there is a possibility that the cost of passenger cars and utility vehicles might become costlier from January 2019. The companies are considering to hike the prices of their products due to the increased manufacturing costs resulted from rupee depreciation. According to Toyota Kirloskar Motor which is a collaboration between Toyota and the Kirloskar Group, the company is planning to increase the cost by up to 4% from 1 January 2019. Even though Toyota was absorbing the additional cost of manufacturing resulted from money depreciation in order to protect the customers, due to continuous pressure they have decided to share a part of the cost with the customers. Ford India is also considering to hike the price of the vehicles by 1% to 3% to mitigate the increased manufacturing cost. However, Honda Car stated that they haven't yet taken the final decision and are still reviewing the matter and Hyundai Motor India and Tata Motors confirmed that they have no plans to hike the prices of their vehicles as of now.

    4 December 2018

  • Olx India partnered with Germany's Frontier Car Group for the transaction of used car

    Olx India recently launched an offline channel for directly purchasing and selling used cars via a platform named Cash My Car. The company has partnered with Frontier Car Group (FCG) based out of Berlin for this venture. This online-to-offline model developed for the transaction of used cars will be operated by Olx India directly. This model is not similar to the other listing-based models of this company which are operating in several other verticals, one being the Olx Auto. With the launch of this unique channel, Olx India has begun its first transaction-based business. In this model, Cash My Car will function as a full-stack model for the transaction of used cars under Olx Auto. As a matter of fact, the used car business under Olx Auto is the biggest revenue-earning segment of this company in the country. It accounts for more than 25% of the overall revenue of Olx India.

    30 November 2018

  • Mahindra expecting a faster flow of Formula E EV technology to road cars

    As per the chairman of Mahindra Group, Mr. Anand Mahindra, the company is expecting the technology from Formula E, the world electric car racing series, to flow at a quicker speed to its e-road cars. This group in which Mahindra Racing is one of the 10 founding teams in the FIA Formula E Championship has used the technology from PF-Zero which is the series for the forthcoming electric hypercar concept crafted by the Italian design house Pininfarina. Mr. Anand also said that though a huge amount of technology is flowing from Formula E he is expecting this to be even better the current year as the M5 Electro car, the fresh Formula E car, needn't change a battery in the middle of the race and the same car will be able to complete the full race.

    29 November 2018

  • MPC Stance Anticipated to Shift From ‘Neutral’ to ‘Calibrated Tightening’

    Due to several external and domestic factors, the inflation scenario of India has witnessed a drastic change since the October review of the monetary policy. While the international oil prices have plunged by 28%, this has caused couple of potential upside risks to get thwarted. Furthermore, the current account deficit now appears manageable and the rupee has gained strength. The most surprising event in the country has been the near-dead food inflation even after the MSPs on offer were high at the time. Combined, these developments pose significant downside risks to the inflation projections of the Reserve Bank of India (RBI). This is likely to force the MPC to review its October shift in stance from ‘neutral’ to ‘calibrated tightening’. Additionally, keeping the current fast-changing scenario in mind, it is highly unlikely that the policy rate will be increased any further. It is still to be seen whether the MPC reverts to a neutral stance in the upcoming review on 5 December 2018 to signal a rate cut ahead, or is bold enough to turn accommodative and reduces the policy rate by 25 bps. The shifting of risks to the upside in October 2018 caused the inflation to rise above the August 2018 print owing to the multiple uncertainties in the outlook such as the exact MSP impact upon food prices, volatility in global financial markets, vulnerability of oil prices to further upside pressures, etc.

    28 November 2018

  • Mahindra’s Profitability not Majorly Affected by Launches of New Cars

    Mahindra and Mahindra’s shares were down 2.3% on the NSE. This comes after the company reported numbers that were lower than expected for the second quarter of FY 2018-19. The growth of revenue was recorded at just 6.6%, showing that volumes were muted. The decline in profitability of the automobile segment is what came as a big surprise, though. Margins from automobiles fell 2.7% from the levels recorded last year. The increase in costs of raw materials, introductory pricing for the vehicle as well as promotional expenses were cited as the reasons for the same. The consolidated entity was also affected due to this, as margins declined by 1.5% to 14.5%.

    23 November 2018

  • Gurpratap Boparai Appointed as Managing Director of Volkswagen India

    The Volkswagen Group is targeting a 5% market share in the Indian auto market along with Skoda come the year 2025, and is restructuring its India management team. Changes will come into effect from January 1, 2019. Skoda Auto India’s present Managing Director, Gurpratap Boparai, will be taking over as Volkswagen India Private Limited’s Managing Director from the turn of the year. Dr. Andreas Lauermann, the present Managing Director of Volkswagen India, will move to the Volkswagen Group by 31 December this year. The other major change includes the Technical Director of Production, Pavel Richter, leading production responsibilities for the Volkswagen Group in India. The company released a press statement according to which the restructuring of companies that are part of the Volkswagen Group is planned for 2019, subject to regulatory approvals.

    22 November 2018

  • ‘Before Service Camp’ Set Up by Hyundai in India

    A ‘Before Service Camp’ was recently organised by Hyundai Motor India. The aim of the camp was to spread awareness regarding car servicing, diagnosis of issues and proposal of all service requirements prior to booking a service appointment. The service camp was set up at 639 venues across 343 cities in all parts of India. The camps were held at various locations and not just the Hyundai workshops. Some of the venues included petrol pumps, residential areas, parking lots, etc. Personalised assistance was provided by the executives for detailed service information in addition to free dry wash for cars and a free-18-point check-up. Moreover, certain locations also offered other products in addition to test drives of the new Hyundai Santro.

    21 November 2018

  • Volkswagen Preparing for Production of Electric Cars

    Slowly but steadily, Volkswagen is in the works to create the production capacity required to build over a million electric cars each year across the globe from 2025. The newest electric car plant of the group is presently being set up in Zwickau. It is expected to complete the production of 3.3 lakh electric models each year. According to Volkswagen, a whole plant is being converted from the internal combustion engine to e-mobility. At the moment, Zwickau produces the Golf and Golf Estate. By the time 2019 is completed, Zwickau is expected to see the start of the production of the ID.1) – the company’s premier electric model.

    20 November 2018

  • Third Facility of Hyundai to be Set Up in India

    Recent reports suggest that Honda Cars is looking to set up its third plant in the country in the coming years. It also aims to invest an amount of Rs.9,200 crore over the coming 10 years in India. This will bring the overall investment amount to more than Rs.18,500 crore since Hyundai commenced business in 1998. The CEO and President of Honda Cars India Limited, Gaku Nakanishi, said that introducing new models and electric vehicles along with better technologies will require a new plant. It was recently reported by several news outlets that the company was seeking land in Gujarat for the new plant. Nakanishi added that the company aims to bring hybrid cars and electric cars to India in the coming three years, before adding that to bring in these vehicles, government subsidies will have to be considered in addition to the country’s infrastructure needs.

    19th November 2018

  • Volvo XC40s Recording Impressive Sales Figures

    The XC40, manufactured by Volvo, is experiencing excellent sales figures just four months after its launch. According to AutoBlog, the company has already managed to sell the vehicles it had projected to sell over the course of a year. As a result, there is now a waiting list for the vehicle. The reason for the sales has been the new car subscription service created by the service. Through this service, people can drive brand new Volvo cars and it bundles in insurance, roadside assistance, as well as maintenance coverage. The shortage faced by Volvo follows Cadillac, which suspended its subscription service in less than two years. The reason for the discontinuance of the service was that customers were driving more than one car on a monthly basis and the company had to incur high costs due to it. Although customers are quite happy with the service, it is the dealers who are far from ecstatic as it would mean that they will have fewer vehicles to sell.

    16 November 2018

Down Arrow
This Page is BLOCKED as it is using Iframes.