Car Loan EMI Calculator: Monthly EMI and Total Interest
Enter the car loan amount (on-road price minus your down payment), the rate and the tenure. The EMI and total interest update as you type.
- Nothing you type is stored
- Free
- No signup
Monthly EMI
₹16,607a month
- Total interest
- ₹1,96,401
- Total amount paid
- ₹9,96,401
Reducing-balance EMI for 60 months. Banks may round the EMI and adjust the last one slightly.
Year by year
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | ₹1,32,664 | ₹66,616 | ₹6,67,336 |
| 2 | ₹1,45,109 | ₹54,171 | ₹5,22,227 |
| 3 | ₹1,58,721 | ₹40,559 | ₹3,63,506 |
| 4 | ₹1,73,610 | ₹25,670 | ₹1,89,896 |
| 5 | ₹1,89,896 | ₹9,384 | ₹0 |
How to use
- Enter the loan amount: on-road price minus the down payment.
- Enter the interest rate and tenure; car loans usually run 3 to 7 years.
- Check the total interest and try a shorter tenure to see how much it saves.
Good to know
Bank car loans are normally on a reducing balance, so this EMI matches what banks quote. Some dealers and smaller lenders quote a flat rate, which looks lower but costs much more; convert it with the flat vs reducing rate calculator before you sign.
Used-car loans usually carry a higher rate than new-car loans, and lenders often fund only 70%–85% of the car's value. A bigger down payment lowers both the EMI and the total interest.
A car loses value quickly, so a long tenure can leave you owing more than the car is worth in the first years. Many people aim to keep the tenure at 5 years or less and the EMI within about 10%–15% of take-home pay.
Questions
What is a good tenure for a car loan?
Shorter is cheaper. 3–5 years is common. A 7-year loan lowers the EMI but adds a lot of interest.
Does the EMI include insurance and registration?
No. Only the loan amount you enter is used. Insurance, registration and accessories are paid separately unless the lender adds them to the loan.
Is a flat-rate car loan cheaper?
Usually not. A 9% flat rate equals roughly a 15.7%–16.2% reducing rate over 3–5 years. Compare using the reducing rate.
Can I close my car loan early?
Yes, but fixed-rate car loans may carry a foreclosure charge. Read the sanction letter.
Is my data stored?
No. Everything runs on your device.