Car Loan
Car Loan Calculator
Estimate car-loan EMI, total interest and the repayment schedule from the amount, assumed rate and tenure you enter.
What this calculator does
A car loan is typically a shorter reducing-balance EMI than a home loan. The maths is the same; the defaults and maximum tenure are set for vehicle finance rather than housing.
EMI formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments. If the interest rate is zero, EMI is simply P ÷ n.
Example
An ₹8,00,000 car loan at an assumed 9.5% for 5 years has 60 instalments. The EMI is the monthly figure that would clear that balance if the rate stayed fixed and you made no prepayments.
Important considerations
Cars depreciate. A longer tenure can lower EMI while increasing total interest and the chance you still owe money after the car has lost value. Fees, hypothecation and insurance are not in this model.
Frequently asked questions
Should I enter on-road price or loan amount?
Enter the amount you will borrow. On-road price minus down payment (and any other cash you pay) is a better starting point than the sticker price alone.
Why are car-loan tenures shorter here?
This tool caps tenure at eight years, which is a typical product range. Longer tenures exist at some lenders; use the general EMI calculator if you need to model those.
Are insurance and processing fees in the EMI?
No. Only principal and interest on the reducing balance. Add-on insurance or dealer payouts can change the amount financed.
Related calculators
- EMI CalculatorFind monthly EMI, total interest and the full amortisation schedule for a loan.
- Personal Loan CalculatorEstimate personal loan EMI and total interest for an unsecured reducing-balance loan.
- Loan Prepayment CalculatorSee how a lump-sum prepayment or extra EMI can reduce interest or shorten the loan.
- Home Loan CalculatorEstimate home loan EMI, total interest and the repayment schedule for a housing loan.
Browse the full directory on the calculators page.
Related guides
SmartCalculators provides educational calculators and estimates. Results are for informational purposes only and should not be considered financial, tax, investment, legal or professional advice.