Calculate the car loan EMI by using BankBazaar’s Car Loan EMI Calculator. You will need to enter the loan amount, tenure, interest rate, and click on ‘Calculate’ to check the EMIs.
Monthly amount paid to your Car Loan provider
Your debt repayment schedule in regular instalments over a period of time.
Year | Principal Paid(A)1 | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance | Pre-payment |
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Nowadays, it is much easier to buy your dream car due to the various car loan schemes offered by different lenders. Car loans are offered at attractive interest rates and a repayment tenure of up to 8 years.
Various banks and third-party websites offer a Car Loan EMI Calculator that allows you to calculate the Equated Monthly Instalments (EMIs) that must be paid. The Car Loan EMI calculator offered by BankBazaar is simple to use and is free. Basic details such as the repayment tenure, principal amount, and the rate of interest must be entered to calculate the EMI.
Table Of Content
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.
Year | Principal | Interest | Balance |
---|---|---|---|
2023 | Rs.53,187 | Rs.31,802 | Rs.4,46,813 |
2024 | Rs.86,704 | Rs.40,778 | Rs.3,60,110 |
2025 | Rs.95,784 | Rs.31,700 | Rs.2,64,327 |
2026 | Rs.1,05,813 | Rs.21,672 | Rs.1,58,515 |
2027 | Rs.1,16,893 | Rs.10,590 | 41,623 |
2028 | Rs.41,624 | Rs.871 | 0 |
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.6,37,411 |
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.
The procedure that must be followed to use the Car Loan EMI calculator offered by BankBazaar is mentioned below:
You can check the principal amount and the interest that is being paid every year. The calculator also provides the outstanding balance at the end of every year.
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).
Car loans are offered at 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.
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.
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.
Given below is a comparison of a few fees and charges levied by three selective banks:
Name of the bank | Interest Rate (p.a.) | Loan Amount | Processing Fee |
---|---|---|---|
Union Bank of India | 8.85% p.a. onwards | Up to Rs.125 lakh | 0.25% to 0.50% of the loan amount |
Axis Bank | 8.75% p.a. onwards | Rs.1 lakh onwards | Rs.3,500 to Rs.5,500 |
State Bank of India | 8.60% p.a. onwards | Up to 48 times of monthly income | Nil |
Canara Bank Car Loan | 9.15% p.a. onwards | Up to 90% of the car's value | 0.25% of loan amount Min: Rs.1,000 Max: Rs.5,000 |
Federal Bank Car Loan | 11.00% p.a. onwards | Up to 100% of the car's ex-showroom price | Rs.1,500 to Rs.2,500 |
Note: GST rates will be applicable over and above the rates charges mentioned above.
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.
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.
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.
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.
Self-employed individuals, Salaried individuals, Partnership firms, HUFs and Trusts can apply for car loans.
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.
Post-dated cheques, ECS mandate, and Standing Instructions are the various ways by which the EMI can be paid.
Yes, a penalty will be levied if you miss an EMI. Depending on the lender, the penalty charges will vary. Your credit score will also be affected if you miss an EMI.
Yes, the EMI that must be paid will depend on the repayment tenure that you have selected. The EMI will be lower in case the tenure is longer.
Based on whether you have chosen a floating rate or a fixed rate, the car loan EMI will change. In the case of floating rate, the EMI will change based on the rate of interest for the month. However, the EMI will not change if you have opted for a fixed rateBased on whether you have chosen a floating rate or a fixed rate, the car loan EMI will change. In the case of floating rate, the EMI will change based on the rate of interest for the month. However, the EMI will not change if you have opted for a fixed rate
Yes, most lenders offer car loans for used cars.