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Car Loan EMI Calculator

Calculate your Car Loan EMI & Total Interest Due

Loan Amount
500000
Tenure
60
Loan Amount:
Tenure:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Car Loan EMI: Rs 4,402

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
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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

  • Mercedes-Maybach GLS to be revealed on 21 November

    Mercedes-Benz is all set to take the veils off their ultra-luxurious Maybach GLS. The car will be revealed at the upcoming Auto Guangzhou Motor Show 2019 which is to be held in China on the 21st of November. Reportedly, the SUV will share most of its design line with the standard GLS SUV. However, the interior of the car will be reworked to offer more luxurious feel and features.

    The design line on the car will, however, come with some changes such as a new grille, updated head lamps, and tail lamps clusters. The engine expected to power up the SUV will be a turbocharged, 4.0-litre, V8 petrol engine which is mated with a 9-speed automatic gearbox. Additionally, the car also gets features such as 4Matic four-wheel drive and Air Body Control air suspension system. As of now, the 4.0-llitre engine has been confirmed. However, there are reports which suggest that the automaker might also be working on a 6.0-litre, V12, twin-turbocharged flagship engine for the car. The Mercedes-Maybach GLS is expected to go on sale in the international market by the first half of 2020.

    26 November 2019

  • 2020 Skoda Octavia revealed

    Skoda has recently unveiled the 4th generation of its international bestseller sedan, the Skoda Octavia. However, the biggest catch in the latest iteration of the car is the bunch of new technologies and the first plug-in hybrid setup for the Octavia.

    After being launched in 1996, more than 6 million units of the Octavia have been produced by Skoda. The new Mk4 version of the car is claimed to have been built on the outgoing car’s positive features along with more space, functionality, comfort, and safety. The car is expected to go on sale by the second half of 2020. The engine options that will be available on the car include a 1.0-litre, 3 cylinder, turbo-petrol engine that churns out 110 hp of max power. It will also have a 1.5-litre, 4 cylinder, turbo-petrol variant which churns out 150 hp of max power. Both the engine variants can be had in a mild-hybrid version. The flagship version of the car will come with a 2.0-litre TSIS engine that is mated with a 7-speed DSG dual-clutch automatic transmission system which can churn out 190 hp of max power. There is a diesel variant of the car as well. However, India is expected to get the petrol variants. The current generation outgoing Octavia RS 245 is expected to be brought to India as a limited-run models.

    15 November 2019

  • 8,000 new bookings received by MG Hector

    Ever since the opening of bookings for the MG Hector on 29 September 2019, the company has received around 8,000 new bookings. MG Motor India had managed to sell over 2,000 units of the compact sports utility vehicle (SUV) in August 2019 while in September it had sold over 2,500 units. The Hector has been able to garner interest in India and the receipt of 8,000 new bookings is a testimony of the fact that it continues to captivate peoples’ minds. Since its launch this year, the compact SUV has managed to sell over 6,000 units. The car manufacturer, apart from re-opening its order books, has also announced a price hike of 2.5% for new customers while the first lot will enjoy the price offered initially. Currently, the price of the MG Hector starts at Rs.12.18 lakh (ex-showroom price, Delhi) which can go up to Rs.16.88 lakh. The current waitlist of the Hector stands at 15,000 customers. Interest buyers can book the Hector through its 120 outlets or on their website by making a token payment of Rs.50.000.

    14 October 2019

  • Tata Consultancy Services and General Motors partner for future vehicle engineering

    IT major Tata Consultancy Services (TCS) and one of the largest auto manufacturers in the world General Motors (GM) have partnered to focus on future global vehicle engineering. For 16 years now, these two companies have worked collaboratively and now they have signed an agreement stating that certain assets at the GM Technical Centre in Bengaluru will be acquired by TCS. GM, on the other hand, will partner with TCS in its global vehicle program with engineering design services over the next 5 years. More than 13,000 employees from GM’s technical centre will be transferred to TCS including people working on control development, vehicle engineering, propulsion systems, creative design and special projects. The handover and transaction are likely to be completed by September-end. The Global Head of Engineering and Industrial Services Practice, TCS, Regu Ayyaswamy was quoted saying, ‘We welcome GMTC-I's immensely talented engineers into the TCS family, and encourage them to take advantage of the vast learning and growth opportunities available, and to realise their potential.’

    18 September 2019

  • Hybrid vehicles should get the same GST benefits as electric vehicles

    The Goods and Services Tax (GST) Council had recently, in July this year, decided to cut down the tax rate on electric vehicles (EVs) from 12% to 5% which was a step towards boosting the adoption of eco-friendly mobility solutions. The revised rate took effect on 1 August 2019. However, sports utility vehicles (SUVs) and hybrid cars witnessed an increase of 13.3% after which the applicable tax was 30.3%. Due to this, the prices of the hybrid cars skyrocketed and now it is classified under the highest GST tax slab. Hence, the Union Transport Minister Nitin Gadkari has recommended that hybrid vehicles should enjoy the same GST benefits as the EVs. This would mean that hybrid cars will also be levied the same GST as EVs which is 5%, a 38% reduction. He has further stated that the recommendation to cut the GST rates of hybrid cars has already been made to the Finance Minister and his department is following it up regularly.

    11 September 2019

  • Banks to offer car loans and home loans with cheaper EMIs

    Nirmala Sitharam, the Finance Minister, announced on 23 August 2019 that banks will offer car and home EMIs at a cheaper rate. The announcement was made at a surprise press conference where the Finance Minister spoke at large about the Indian economy.

    According to the Finance Minister, the Reserve Bank of India (RBI) has been reducing the repo rates on a quarterly basis. However, banks have not been cutting the rates for their borrowers. The Finance Minister added that banks have agreed to cut the repo rates. Repo rates can be defined as the rates at which money is provided to consumer banks by central banks. According to Nirmala Sitharam, this move of directly linking the interest rates and repo rates will bring down the EMIs for vehicle loans, home loans, and any other retail loans. The Finance Minister added that all papers will be provided back to customers within 15 days from the date the loan amount has been closed. In the press conference, the Finance Minister stated that the main aim of the RBI is to bring down the interest rates for vehicle loans and home loans.

    29 August 2019

  • Hyundai Grand i10 Nios launched in India

    The Grand i10 Nios is one of the brand-new cars which are set to be launched in India this year. It is the third launch this year. The car has been priced at Rs.4.99 lakh and it goes up to Rs.7.99 lakh. It is available in both petrol and diesel variants. Both the trims get 2 further sub-variants which are based on the transmission system. You can either choose to get the manual gearbox or the AMT version.

    The petrol version of the car is compliant to the BS-VI norms. The diesel variant of the car, however, continues to be compliant only to the BS-IV norms. The car is available in 6 variants – Era, Magna, Magna AMT, Sportz, Sportz AMT, and Asta. The engine powering up the petrol variant of the car is a 1.2-litre petrol engine which is mated either with a 5-speed manual gearbox or a 5-speed AMT gearbox. The engine churns out about 83 hp of max power. The diesel variant of the car, on the other hand, draws its power from a 1.2-litre diesel engine which is also mated with a 5-speed manual gearbox or a 5-speed AMT gearbox. The diesel trim of the car can pump out as much as 75 hp of max power.

    27 August 2019

  • New Hyundai Santro to cost Rs.25,000 more

    For those who wish to buy the new Hyundai Santro, the car manufacturer has now hiked the prices of their base model to Rs. 4.15 lakh. With the roll out of the new Hyundai Santro, the Era and the D-Lite variants are now discontinued. Previously, the Hyundai Santro costed Rs.3.90 lakh. The new Hyundai Santro will be rolled out with features such as colored bumpers, AC vents for the front and back, ower windows, airbags for the passengers as well, and a multi-function steering wheel. Under the bonnet, the petrol variant of the Hyundai Santro will be powered by 68 bhp with a 1.1 litre three-cylinder engibe, while the CNG model of the Hyundai Santro will be powered by 58 bhp. Having sold 4,000 units every month across the country, the new Hyundai Santro which will be launched later this year in October will be competing with the Maruti Suzuki Wagon R and the Tata Tiago.

    25 July 2019

  • Apply for a Hyundai Kona car loan through SBI Yono for low EMIs and long tenures

    You can use State Bank of India’s mobile application, SBI Yono, to apply for a car loan for the new Hyundai Kona electric car. The prestigious bank offers a green car loan scheme that offers low interest rates and long tenures for individuals who apply for a loan through the SBI Yono app. The maximum period for which you can avail the loan under this scheme is 8 years. The lender also offers exciting benefits for those who apply for the loan within the first 6 months. No processing fee will be charged during the first 6 months. Also, during the initial period, the interest rate charged will be 20 basis points lower than the interest rates for regular car loans. Hence, the EMI payable will be much lower than it is under the usual car loan scheme.

    The new electric car by Hyundai was released earlier this month and starts at Rs.25.3 lakh. The company has received 120 bookings for the car and 10,000 test drive requests. SBI, in order to encourage the use of electric cars, is offering the new green car loan at EMIs as low as Rs.1,468.

    23 July 2019

  • Skoda to launch Karoq SUV in mid 2020

    Skoda had revealed the Karoq in 2017 and had initially planned for a 2019 launch. The launch of the SUV has now been shifted to sometime in the middle of 2020. The Karoq will be taking a place in between the Kodiaq and the Karoq. Kodiaq has already started selling in India. The Karoq has also been built using the popular MQB platform of Volkswagen. The company initially has plans to import the Karoq as a CBU to India. Koraq can be looked at as a toned-down version of the Kodiaq. The size is the major differentiating factor between the two cars. Skoda currently offers the Karoq in six engine options in the international market. The diesel options of the car comprise of two 2.0 litre motors and a 1.6 litre motor. The petrol engine options available are a 2.0 litre, 1.5 litre and a 1.0 litre turbocharged option. All the engine options are available both as a 6-speed manual transmission or a 7-speed dual clutch automatic transmission. The Karoq will be launched in the country sometime in the middle of 2020. All the engine options offered by Skoda in India will be BS6 compliant. The price of the Karoq is expected to be somewhere between Rs.20 lakh and Rs.25 lakh and will be competing with the likes of the Hyundai Tucson and the Jeep Compass.

    29 November 2018

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