Car Loan EMI Calculator
Calculate monthly payments for your new or used car loan. Compare EMI options across different banks and interest rates before buying your vehicle.
EMI Formula Explained
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where P = Principal, R = Monthly Interest Rate, N = Tenure in Months.
Examples
| Loan Type | EMI | Interest |
|---|---|---|
| ₹8,00,000 @ 9.5% for 5 Years | ₹16,607 | ₹2,08,000 |
| ₹15,00,000 @ 9.0% for 7 Years | ₹24,126 | ₹5,26,000 |
Frequently Asked Questions
What is a typical Car Loan tenure?
Car loans usually range from 3 to 7 years. 5 years (60 months) is the most common tenure chosen by buyers.
Does car loan cover 100% of on-road price?
Most banks finance 80-90% of the on-road price. You typically need to pay 10-20% as a down payment.