Car Loan EMI Calculator
Calculate your car loan EMI, total interest, and full amortization schedule instantly.
Parameters
$800,000
$160,000
$640,000
9%
0.5%
Monthly EMI
$13,285
Total Interest Payable
$157,121
Total Car Cost
$960,321
Loan Amount
$640,000
$3,200
| Tenure | EMI | Total Interest |
|---|---|---|
| 3yr | $20,352 | $92,666 |
| 5yr | $13,285 | $157,121 |
| 7yr | $10,297 | $224,949 |
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $13,285 | $8,485 | $4,800 | $631,515 |
| 2 | $13,285 | $8,549 | $4,736 | $622,966 |
| 3 | $13,285 | $8,613 | $4,672 | $614,353 |
| 4 | $13,285 | $8,678 | $4,608 | $605,675 |
| 5 | $13,285 | $8,743 | $4,543 | $596,932 |
| 6 | $13,285 | $8,808 | $4,477 | $588,124 |
| 7 | $13,285 | $8,874 | $4,411 | $579,249 |
| 8 | $13,285 | $8,941 | $4,344 | $570,308 |
| 9 | $13,285 | $9,008 | $4,277 | $561,300 |
| 10 | $13,285 | $9,076 | $4,210 | $552,225 |
| 11 | $13,285 | $9,144 | $4,142 | $543,081 |
| 12 | $13,285 | $9,212 | $4,073 | $533,869 |
| 13 | $13,285 | $9,281 | $4,004 | $524,587 |
| 14 | $13,285 | $9,351 | $3,934 | $515,237 |
| 15 | $13,285 | $9,421 | $3,864 | $505,815 |
| 16 | $13,285 | $9,492 | $3,794 | $496,324 |
| 17 | $13,285 | $9,563 | $3,722 | $486,761 |
| 18 | $13,285 | $9,635 | $3,651 | $477,126 |
| 19 | $13,285 | $9,707 | $3,578 | $467,419 |
| 20 | $13,285 | $9,780 | $3,506 | $457,640 |
| 21 | $13,285 | $9,853 | $3,432 | $447,786 |
| 22 | $13,285 | $9,927 | $3,358 | $437,860 |
| 23 | $13,285 | $10,001 | $3,284 | $427,858 |
| 24 | $13,285 | $10,076 | $3,209 | $417,782 |
| 25 | $13,285 | $10,152 | $3,133 | $407,630 |
| 26 | $13,285 | $10,228 | $3,057 | $397,402 |
| 27 | $13,285 | $10,305 | $2,981 | $387,097 |
| 28 | $13,285 | $10,382 | $2,903 | $376,715 |
| 29 | $13,285 | $10,460 | $2,825 | $366,255 |
| 30 | $13,285 | $10,538 | $2,747 | $355,716 |
| 31 | $13,285 | $10,617 | $2,668 | $345,099 |
| 32 | $13,285 | $10,697 | $2,588 | $334,402 |
| 33 | $13,285 | $10,777 | $2,508 | $323,624 |
| 34 | $13,285 | $10,858 | $2,427 | $312,766 |
| 35 | $13,285 | $10,940 | $2,346 | $301,827 |
| 36 | $13,285 | $11,022 | $2,264 | $290,805 |
| 37 | $13,285 | $11,104 | $2,181 | $279,701 |
| 38 | $13,285 | $11,188 | $2,098 | $268,513 |
| 39 | $13,285 | $11,271 | $2,014 | $257,242 |
| 40 | $13,285 | $11,356 | $1,929 | $245,885 |
| 41 | $13,285 | $11,441 | $1,844 | $234,444 |
| 42 | $13,285 | $11,527 | $1,758 | $222,917 |
| 43 | $13,285 | $11,613 | $1,672 | $211,304 |
| 44 | $13,285 | $11,701 | $1,585 | $199,603 |
| 45 | $13,285 | $11,788 | $1,497 | $187,815 |
| 46 | $13,285 | $11,877 | $1,409 | $175,938 |
| 47 | $13,285 | $11,966 | $1,320 | $163,972 |
| 48 | $13,285 | $12,056 | $1,230 | $151,917 |
| 49 | $13,285 | $12,146 | $1,139 | $139,771 |
| 50 | $13,285 | $12,237 | $1,048 | $127,534 |
| 51 | $13,285 | $12,329 | $957 | $115,205 |
| 52 | $13,285 | $12,421 | $864 | $102,784 |
| 53 | $13,285 | $12,514 | $771 | $90,269 |
| 54 | $13,285 | $12,608 | $677 | $77,661 |
| 55 | $13,285 | $12,703 | $582 | $64,958 |
| 56 | $13,285 | $12,798 | $487 | $52,160 |
| 57 | $13,285 | $12,894 | $391 | $39,266 |
| 58 | $13,285 | $12,991 | $294 | $26,275 |
| 59 | $13,285 | $13,088 | $197 | $13,186 |
| 60 | $13,285 | $13,186 | $99 | $0 |
About Car Loan EMI Masterclass
Master your car loan with precise EMI calculations, amortization schedules, and tenure comparison.
Understanding Car Loan EMI
A car loan EMI (Equated Monthly Instalment) is a fixed monthly payment comprising both principal repayment and interest. The EMI amount depends on three factors: the loan amount (car price minus down payment), the annual interest rate, and the loan tenure. Using the standard EMI formula, you can precisely determine how much your monthly obligation will be for any combination of these variables.
- Loan Amount: Car on-road price minus your down payment.
- Interest Rate: Typically 8%–14% p.a. for new cars in India.
- Tenure: 12 to 84 months. Longer tenure = lower EMI but higher total interest.
Car Loan vs Cash: Making the Right Decision
Taking a car loan versus paying cash involves a trade-off between liquidity and interest cost. If the car loan rate (say 9%) is lower than what your savings can earn invested (say 12% in equity), financing the car while keeping savings invested can be mathematically advantageous. However, a car depreciates rapidly (20–25% in year one), so minimizing interest cost by keeping tenure short is generally advisable.
Use the EMI comparison table to see how changing the tenure from 3 to 7 years affects your total interest cost.
The Total Money Makeover
by Dave Ramsey
The classic guide to getting out of debt and building wealth with disciplined financial habits.
Get the BookQuestions & Answers
How is a car loan EMI calculated?
Car loan EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the tenure in months.
What is a good interest rate for a car loan in India?
Car loan rates in India typically range from 8% to 14% per annum. Banks like SBI, HDFC, and ICICI offer rates starting around 8.5%–9% for new cars.
What is the maximum tenure for a car loan?
Most banks offer car loans for a maximum tenure of 84 months (7 years). Shorter tenures reduce total interest but increase monthly EMI.
Is it better to make a larger down payment?
A larger down payment reduces the loan amount, which lowers both your EMI and total interest paid. Aim for at least 20% down payment.