Car Loan EMI Calculator

Calculate your Car Loan EMI & Total Interest Due

Loan Amount
500000
Tenure
60
Loan Amount:
Tenure in Months:
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: Rs 10,624

Monthly amount paid to your Car Loan provider

Break-up of all total amount payable
Loan Amount
25000Rs
Total Interest Due
756Rs
Processing Fee
500Rs
Loan Amount Via EMI
500Rs
Loan Amount Prepaid
500Rs
Total Interest
500Rs
Processing Fee
500Rs
Pre-payment Fee
500Rs
Total Amount Payable
26252Rs
Your loan details as specified by you
Loan Amount
25000Rs
Tenure
6 Months
Interest Rate
10%
Processing Fee
2%
Pre-payment
25000Rs
CT
Is your Credit Score good enough for getting a loan or card?

Your Repayment 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 Rs 0 YOUR TENURE REDUCED BY 1 years 8 months
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Calculation of Car Loan EMI

The table below provides you the car loan repayment schedule for a loan amount of Rs.5 lakh, EMI of 10,624, tenure of 5 years, interest rate of 10% p.a. and processing fee of 1%.

Year Principal Interest Balance
2019 39,558 24,185 4,60,443
July 6,457 4,167 4,93,543
Aug 6,511 4,113 4,87,032
Sep 6,565 4,059 4,80,468
Oct 6,620 4,004 4,73,848
Nov 6,675 3,949 4,67,173
Dec 6,730 3,893 4,60,443
2020 85,276 42,205 3,75,167
2021 94,208 33,277 2,80,961
2022 1,04,071 23,413 1,76,890
2023 1,14,968 12,514 61,923
2024 61,924 1,819 0
Loan Summary
Loan Amount Rs.5,00,000
EMI Rs.10,624
Total Interest Due Rs.1,37,411
Processing Fee Rs.5,000
Total Amount Payable Rs.6,42,411

In the above example, if you make a prepayment of Rs.50,000 after paying 4 EMIs:

You will Save Rs.32,505 in total loan amount; Loan tenure will be reduced by 7 months

Without Pre-payment

Interest: Rs.1,37,411
EMI tenure: 5 years

With Pre-payment

Interest: Rs.1,09,906
EMI tenure: 4 years 5 months

You can make use of the Car Loan EMI calculator to estimate the amount you have to pay each month towards your car loan. The online EMI Calculator offered by BankBazaar will calculate the monthly instalments as well as provide you with a detailed loan repayment table presenting you with details such as the principal amount and interest amount being paid and the outstanding balance after payment of the instalment.

How to calculate Car Loan EMI using calculator

Follow the steps given below to calculate your Car Loan EMI:

Step 1: Drag the scale to the desired loan amount. Alternatively, you can enter the loan amount in the space given alongside.

Step 2: Drag the scale to the specific tenure for which you plan to get the car loan. You can also enter this detail in the space given beside the scale.

Step 3: Enter the interest rate and processing fee in the empty boxes given below. In case you are making pre-payments, you can also enter those details. Then, click “Calculate".

How is EMI determined

The EMI for any type of loan is essentially calculated using a formula. The formula is as follows:

E = P x R x (1+R)^n / {(1+R)^n – 1}

where ‘E’ stands for the EMI you owe,

‘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).

How to Calculate your Car Loan EMI
Car Loan EMI Calculator

Fixed rate vs. Floating rate of interest

Car loans are offered at both, fixed as well as floating, interest rates. The fixed rate will remain unchanged for the tenure of the loan but the floating rate is subject to change from time to time. The different factors that can affect interest rates include applicable taxes, liquidity, inflation, etc.

  • Fixed Rate EMI Calculation
  • Under the fixed rate EMI calculation, the EMI you have to pay towards the car loan remains unchanged throughout the loan tenure. This is so because the company offered a fixed rate of interest for the whole period.

    For example, for a car loan equal to Rs.5 lakh at 10% p.a. interest for a 3-year tenure, the interest payable will be Rs.16,134 per month. This will be the amount payable throughout the tenure of the loan.

  • Floating Rate EMI Calculation
  • Under the floating rate EMI calculation method, the EMI payable differs based on the interest rate applicable at the time. The floating rate of interest changes based on the market lending rate.

    Let’s say you have taken a car loan equal to Rs.5 lakh for a 3-year tenure. The interest rate for about a year is 10% so the EMI payable, as in the example above is Rs.16,134. After completion of 1 year, you have an outstanding balance of Rs.3,36,409. The car loan interest rate at that time is then changed to 8%. So, for the rest of the tenure, the EMI payable will be Rs.15,215.

Note that the interest rate may increase or decrease within the loan period depending on market fluctuations.

Car Loan Fees and Charges for Top 3 Banks

Given below is a comparison of a few fees and charges levied by three selective banks:

Name of the bank ICICI Bank HDFC Bank Axis Bank
Processing fee
  • New car: Rs.3,500 to Rs.8,500
  • Used car: 2% of loan amount
0.4% of the loan amount, subject to minimum Rs.3,000 and maximum Rs.10,000 Rs.3,500 to Rs.5,500
Documentation Rs.550 Rs.630 per instance Rs.500 per instance
Foreclosure charges As mentioned by the bank 3% - 6% depending on amount of time completed* 5% of the principal outstanding
Loan cancellation Rs.3,000 per loan As mentioned by the bank Rs.2,500 per instance
Penal interest 2% per month 2% per month 2% per month

Note: GST rates will be applicable over and above the rates charges mentioned above.

*HDFC Bank does not allow foreclosure within 6 months from the day the car loan was availed.

Car Loan EMI Calculator Offered by Major Banks in India

FAQs on Car Loan EMI

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.

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 to use. You can use it any number of times for free. The results are instant and accurate whereas manual EMI calculations are prone to human error and are time consuming. You can also input varying combinations of the loan amount, loan tenure, and interest rates to get revised results.

What is a Car Loan Repayment table?

A Car Loan Repayment 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.

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.

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
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.

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News About Car Loan EMI Calculator

  • Honda WR-V 2020 version launched in India

    On Thursday, Honda Cars India (HCIL) had launched their 2020 version of the SUV-crossover WR-V. The price for this vehicle starts at Rs.8.50 lakh and this goes up to Rs.11 lakh for the top end model. This new car comes with a lot of interiors, exteriors, and also engine upgrades and it aims to take on its rivals like Hyundai Venue, Maruti Suzuki Vitara Brezza, and Tata Nexon.

    The President & CEO, Honda Cars India, Gaku Nakanishi, had said that Honda WR-V, which is the premium Sporty Lifestyle Vehicle now has features like the global DNA and has been accepted by around 1 lakh customers in the country.

    7 July 2020

  • Honda Cars India reveals the details of the 2020 Honda City, to be launched in July

    Honda Cars India has recently revealed the details of the upcoming iteration of its famous sedan – the Honda City. This is going to be the 5th generation of the sedan in the country. The car is set to be launched in the month of July.

    The car will be launched with 2 engine variants – a 1.5L I-VTEC petrol variant and a 1-5L I-DTEC diesel variant. Once the car is launched, it will lock its horns against the likes of the Maruti Suzuki Ciaz and the Hyundai Verna. The car gets a brand new design line which has been inspired by the Japanese Katana blade. The 1.5 litre petrol engine will be mated with a 6-speed manual transmission box or a CVT transmission box and will generate 121 PS of max power at 6,600 rpm and 145 Nm of peak torque at 4,300 rpm. The 1.5 litre diesel engine, on the other hand, will be capable of churning out max power of 100 PS of max power at 3,600 rpm and 200 Nm of peak torque at 1,750 rpm. This variant will, however, not come with a CVT transmission system. The fuel efficiency for the car will range from 17.8 kmpl to 24.1 kmpl.

    19 June 2020

  • Datsun Redigo facelift design changes revealed through recently launched teaser

    Datsun has recently launched the teaser of their facelifted entry-level Redigo hatchback. The car which will be hitting the market in the upcoming weeks. The teaser has revealed some of the design elements of the car. The frontal design features a sharper and slimmer headlamp cluster which is pretty much in line with the more expensive cousin of the hatchback, the Nissan Kicks SUV.

    The new Datsun Redigo also features a large octagonal front grille now with a prominent Datsun logo with a chrome bezel. It also gets a large L-shaped DRL setup along with brand new alloy wheels which was also introduced in the refreshed Go and Go+. In the rear end of the car, there are no major changes in the rear design except for a rear spoiler. Too many details have not been revealed for the upcoming car. However, the tall-boy design of the car remains pretty much unchanged. On the mechanical front, the car is expected to come with BS-VI compliant 0.8-litre and 1.0-litre petrol engines which will be mated with a 5-speed manual transmission system. Later it will also be available in an automated manual transmission system (AMT). Once the new hatchback hits the Indian market, it will lock its horns against the likes of the Maruti Alto, Renault Kwid, and even the higher spec Maruti Suzuki S-Presso.

    28 April 2020

  • Full range of vehicles to be offered online by Mercedes Benz

    Starting from 24 April 2020, Mercedes Benz will offer all its vehicles online. According to various officials, online traffic for the company has increased significantly this year.

    Under the used car segment, over 150 cars were sold in the months of January and February. According to the CEO and MD of Mercedes Benz, the company has readied its platform with the help of Roadster Inc. The platform allows the company to sell its cars online. Other services such as product information, financial support, and the online concierge will also be provided. The manufacturer is the first luxury carmaker to go completely online. Other companies such as Jaguar-Land Rover, Audi, and BMW are yet to follow.

    28 April 2020

  • Limit of car loans for legislators increased to Rs.30 lakh by the Maharashtra government

    A day after the Maharashtra government announced that it would bear the monthly salary for drivers of the 367 state legislators, it announced that the loan amount to purchase new cars has been extended from Rs.10 lakh to Rs.30 lakh.

    Currently, the amount is Rs.10 lakh and the state pays the interest. According to the Deputy Chief Minister Ajit Pawar, the current limit of Rs.10 lakh makes it difficult for new legislators to buy a car. Therefore, the government has decided to increase the limit to Rs.30 lakh, which will be repaid by the borrower. However, the interest will be paid by the government. Up to 10% of the loan may be provided by the government as interest, while the remaining amount must be paid by the borrower in five years. Among the 78 MLAs in council and 289 in the Legislative Assembly, allowances and a monthly salary of Rs.2.32 lakh as well as several other benefits such as a residence in Mumbai, bus transport facilities, free air, interest-free car loans, and medical facilities are provided. However, several state officials are wondering if there should have been an increase in the limit to Rs.30 lakh since most SUVs and cars are available within Rs.20 lakh.

    31 March 2020

  • More images of the upcoming Tata Altroz petrol spied

    More images have appeared of the upcoming Tata Altorz turbo-petrol version. As per the spied images, the hatchback will not come with any major styling updates when compared to the model that is currently on sale.

    Currently, the Altroz is available in both petrol and diesel variants and is BS-VI compliant. The diesel variant of the car is powered by a 1.5-litre engine that produces 90PS of power. The petrol variant of the car is powered by a 1.2-litre petrol engine that produces 86PS of power. Both the cars come with a 5-speed manual gearbox. Recently, the Nexon was updated to a 1.2-litre turbo petrol engine that is BS-VI compliant. The Altroz is expected to come with a 7-speed DCT gearbox rather than an AMT gearbox that is present in the Nexon. The four variants that are on offer come with a starting price of Rs.5.29 lakh (petrol variant). The diesel variant of the car comes with a starting price of Rs.6.99 lakh. The top-spec variants of the petrol and diesel variants of the car come with a price of Rs.7.69 lakh and Rs.9.29 lakh, respectively. The EV version of the Altroz is expected to launch next year. The car was displayed at the Auto Expo 2020.

    27 March 2020

  • Hyundai launches the new Creta in India on 16 March 2020

    On 16 March 2020, the Creta was launched by Hyundai Motor India Ltd. (HMIL) for an introductory price (ex-showroom) price of Rs.9.99 lakh. The new BS-VI complaint of the Creta comes with three engine options.

    The 1.4-litre petrol, 1.5-litre petrol, and 1.5-litre diesel are the three engine options that the car is available in. The ex-showroom price of the car ranges between Rs.9.99 lakh and Rs.16.16 lakh. Even before its launch, more than 14,000 bookings were made. Around 50% of the bookings that were made are for the diesel-powered variant. The 1.5-litre petrol engine produces a power of 115 PS and gives a mileage of 16.8 kilometres per litre. The 1.5-litre diesel produces 115 PS of power and gives a mileage of 21.4 kilometres per litre. The 1.4-litre GDI engine produces 140 PS of power and gives a mileage of 16.8 kilometres per litre. Some of the main features of the Creta are paddle shifters, 8-speakers Bose sound system, traction control modes, drive mode select, HD infotainment system, and trio beam LED headlamps. The car will be available in 10 colours and comes in manual and automatic transmissions. Hyundai will offer the Creta in 14 variants. Some of the main safety features of the car are ABS with EBD, dual airbags as standard, ESC, and rear disc brakes. Since its launch in July 2015, Hyundai has sold 4.67 lakh units of the Creta to date. The Creta will go against the Kia Seltos.

    20 March 2020

  • More than 10,000 bookings for the Hyundai Creta 2020, set to release by March 17

    Within just one week, Hyundai Motor has reported that they have received over 10,000 bookings for the Creta 2020. Individuals who yearn to own their very own Creta can now pay a token of Rs.25,000 and book their car. The launch of this car will take place on 17 March 2020.

    This vehicle comes with three BS6-compliant engine options. These are 1.5-litre U2 CRDi diesel (115PS and 250Nm of torque), 1.5-litre MPi petrol (115PS and 144Nm of torque), and also, 1.4-litre Kappa Turbo GDi petrol (140PS and 242Nm of torque). While the 1.5-litre U2 CRDi diesel will get 6MT and 6AT, the 1.5-litre MPi petrol gets 6MT and IVT. The 1.4-litre Kappa Turbo GDi petrol in the Creta 2020 comes with a 7-speed DCT. When it comes to the variants of this vehicle that are available, customers can choose from E, EX, S, SX and SX(O). The new launch comes in 10 different colours and this includes two dual-tone schemes.

    The Creta 2020 will also come with a whole new and fresh exterior look. Designed with a sporty rear, with features like LED high mount stop lamp, LED taillights, twin-tip exhaust and aerodynamic rear spoiler, there is a trio beam LED headlamps that comes with a boomerang-shaped LED DRLs. The 3D cascading grille also adds to the vehicle’s unique and new front style. Features like automatic ORVMs, 17-inch diamond-cut alloy wheels and roof rails add to the get up of the Creta 2020.

    17 March 2020

  • Remaining BS4 cars and SUVs to be available at massive discounts

    The BS6 emission norms have to be adhered to before the deadline which is set for the 1st of April this year. As a result, several dealerships across India have started to offer massive discounts in an effort to clear their current BS4 stock. A large number of dealers across the country have done well to clear their stocks, but many more still have leftover units that need to be disposed quickly. One of the vehicles you can expect to purchase at a significant discount is the 2019 Mercedes-Benz S450, which is priced at Rs.1.39 crore, and discounts can be availed to the tune of Rs.22 lakh. The 2019 Audi Q7 TDI is another vehicle that can be availed at a discount of Rs.13 lakh, and is priced at Rs.1.39 crore. The 2019 Mercedes-Benz GLC can be availed for a discount of Rs.6 lakh and the price of the vehicle is Rs.50.69 lakh. The 2019 Mercedes-Benz GLA can be availed for a discount of Rs.5 lakh, and is priced at Rs.31.72 lakh. There are several other cars that can be availed for massive discounts including the 2019 Honda Civic Diesel, the 2019 Renault Captur, the 2019 Honda CR-V diesel, the 2019 Volkswagen Ameo diesel, the 2019 Nissan Kicks, the 2019 Ford Endeavour, the 2019 Tata Nexon, the 2019 Tata Harrier BS4, the 2019 Hyundai Verna, the 2019 Nissan Micra, the 2019 Mahindra Scorpio, the 2019 Datsun Redigo, and the 2019 Hyundai Elite i20.

    3 March 2020

  • Six new SUVs set for launch in the coming two months

    The Indian market is seeing a large number of SUV launches in recent times, and major automakers in the country are looking to add to their line-up. In the coming 60 days alone, 6 new SUVs are expected to hit Indian markets, and most of these vehicles were unveiled at the Auto Expo this year. The Volkswagen Tiguan AllSpace is set to be available for purchase by the 6th of March. The next-gen Hyundai Creta is set to be launched on the 17th of March. The BS6 Ford Endeavour is set to be available for purchase in early March, as is the Hyundai Tucson Facelift. The Volkswagen T-Roc is set to hit Indian markets come the 18th of March, and the Vitara Brezaa-based Toyota SUV is set to be available to Indian customers by mid-April.

    28 February 2020

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