Car Loan Calculator
Calculate your car loan EMI, total interest, and payment schedule. Plan your car purchase with accurate monthly payment estimates.
Loan Details
Car Price
₹8,00,000
₹
Enter the total price of the car (₹1 Lakh to ₹50 Lakh)
Down Payment
₹1,60,000 (20%)
₹
Initial payment amount (0% to 50% of car price)
Loan Amount
₹6,40,000
₹6,40,000
Amount to be financed
Loan amount after down payment
Interest Rate (Annual)
8.5%
%
Annual interest rate (5% to 20%)
Loan Tenure
5 years (60 months)
Loan repayment period (1 to 8 years)
Processing Fee
1%
%
Bank processing fee (0% to 3% of loan amount)
Insurance & Other Costs
₹50,000
₹
Insurance, registration, and other costs
Monthly EMI
₹13,112
Total Payment
₹7,86,720
₹1,46,720
Total Interest
₹9,96,720
Total Cost
Payment Schedule (First 12 Months)
| Month | EMI | Principal | Interest | Balance |
|---|
Loan Options Comparison
| Tenure | EMI | Total Interest | Total Payment |
|---|
About Car Loan Calculator
The Car Loan Calculator helps you estimate your Equated Monthly Installment (EMI), total interest payable, and complete payment schedule for your car purchase. This tool is essential for planning your car finance and comparing different loan options.
How Car Loan EMI is Calculated
1
Loan Amount
Loan Amount = Car Price - Down Payment
2
Monthly Interest Rate
Monthly Rate = (Annual Interest Rate ÷ 12) ÷ 100
3
EMI Formula
EMI = [P × r × (1+r)^n] ÷ [(1+r)^n - 1]
Where: P = Loan Amount, r = Monthly Rate, n = Tenure in months
4
Total Cost
Total Payment = (EMI × n) + Down Payment + Other Costs
Factors Affecting Car Loan
Interest Rates
- New Car: 7.5% - 9.5%
- Used Car: 10% - 15%
- Electric Car: 6.5% - 8.5%
- Premium Cars: 8% - 12%
Loan Tenure
- New Car: Up to 7 years
- Used Car: Up to 5 years
- Optimal: 3-5 years
- Maximum: 8 years (some banks)
Down Payment
- Minimum: 15% - 20%
- Recommended: 25% - 30%
- Electric Cars: 10% - 15% (govt. schemes)
- Zero DP: Available with higher interest
Additional Costs
- Insurance: 2% - 4% of car value
- Registration: 8% - 15% of car value
- Processing Fee: 0.5% - 2%
- Road Tax: 2% - 15% (state-wise)
Note: This calculator provides estimates based on the inputs provided. Actual loan terms, interest rates, and processing fees may vary based on the lender, your credit score, and current market conditions. Always check with your bank for exact terms before making a purchase decision.