Free Car loan EMI calculator India

Car Loan EMI Calculator

Whether you are employed or self-employed, purchasing your dream car is now virtually within your reach. Unlike a few decades ago, you don't need to be affluent or save a significant amount of money to get your first car. You can easily apply for a new Car Loan and start driving your dream car sooner.

Monthly EMI Amount

Principal Amount

Total Interest

Total Amount Payable

Amount 1

Amount 2

Amount 3

Amount 4

For example, if you borrow Rs.10,00,000 from the bank at 6.5% annual interest for a period of 5 years then Monthly EMI = 10,00,000 * 0.00541 * (1 + 0.00541)60 / ((1 + 0.00541)60 - 1) = Rs.1957. i.e. you will have to pay Rs.1957 for 60 months to repay the entire loan amount. The total amount payable will be Rs.1,17,397 that includes Rs.17,397 as interest toward the loan.

* Graph To undestand how the Interest in Rupees decreasing and Principal paid till current month is increasing with each passing month.

This Line Graph of this Online EMI calculator will show you a clear cut growth of Interest in Rupees and Total Amount to be paid back to the bank with respect to the increase of Load Tenure.

Car Loan EMI Monthly Amortized Schedule

Month Opening Balance Interest Paid Principal Paid Remaining Loan Amount

* Note: For Android Use Only Chrome to Print Loan Statement.

What is an Car loan EMI ?

The Equated Monthly Instalment (or EMI) is made up of the principal and interest part of the loan. As a result, the EMI equals the principal amount plus the interest paid on the Car Loan. The EMI is often fixed for the whole term of your loan and is to be returned monthly over the term of the loan.

While the amount of principal and interest components in your monthly EMI payment won't alter, it will over time. You'll put more money toward the principal and less toward interest with each additional payment.

How to Use our Online Car loan EMI calculator for Car loans ?

Our Online Car loan EMI calculator for Car loan is quick, simple to use, and intuitive to grasp with colourful charts and instant results. Using this Online Car Loan EMI calculator, you can determine the EMI for a Car loan and the amortising schedule of the car loan.

Please find the steps below to calculate EMI online using our online EMI calculator Tool.

Step 1: Slide the Car Loan Amount bar or enter the Loan amount( Principal ) manually into the text box to calculate Car EMI online.

Step 2: Slide the Car loan interest bar or enter the ROI ( Percentage )manually into the text box to calculate Car EMI online in India.

Step 3: Slide the Loan Tenure bar or enter the Loan Tenure ( Loan Period ) manually into the text box to calculate Car EMI online in India.

Step 4: See the result instantly in our Car EMI calculator online for Car loan, you can see Monthly EMI installment, Total Interest and Total Amount you need to payback to the bank. Look at the graph to get more insights about Car Loan Amount calculation Online.

Step 5: Look at the chart and graph below to get more insights about your Car EMI calculation Online and how the amount payable to the bank changes with the increase Loan Tenure or Interest Rate.

Also, keep in mind the amortisation montly schedule, which indicates the interest and principal repaid each month during the loan's term.

How Online Car EMI calculator calculate EMI accurately ?

As every other Car loan interest rate calculator on the Internet our Car EMI calculator for Car loans uses a specific formula to calculate your EMI, Net payback to the bank.

EMI = [Px Rx (1+R) ^N]/ [(1+R) (N-1)] , where

P is the Car loan amount.

R is the rate of Car loan interest.

N is the Car loan tenure.

What are Advantages of using Geekyprofessor App's Online Car EMI calculator ?

It is completely free of charge. Anyone, at any time, can use it as many times as they wish.

Our online Car loan calculator is always 100 percent accurate.

It's quick and gives you an accurate estimate right away.

Geekyprofessor App, in addition to the Car loan EMI calculator, provides the other calculators like SIP, GST calculators you can find them below. They are all free to use and can be used as many times as you wish.

Consider Floating Rate EMI In Car EMI Calculation

We advise you to compute the floating or variable rate EMI by taking into account two opposing situations, namely the optimistic (deflationary) and pessimistic (inflationary) scenarios. You are going to choose how much money you need to borrow and how long your loan term should be. Loan amount and loan tenure are two factors needed to compute the EMI. However, banks and HFCs choose interest rates based on the rates and guidelines set by the RBI. You should compute your EMI as a borrower taking into account the two extreme scenarios of an increase and a drop in the interest rate.

Optimistic( Deflationary ) Case: Assume that the interest rate decreases from its current level by 1% to 3%. Calculate your EMI taking this circumstance into account. Your EMI will decrease in this case, or you might choose to reduce the loan's term. For instance, a positive situation allows you to compare buying a house as an investment with other investment alternatives.

Pessimistic( Inflationary ) Case: Assume that the interest rate is increased by 1% to 3% in a similar manner. Do you think you'll be able to keep making EMI payments without too much difficulty? Your monthly payment for the duration of the loan could significantly increase with even a 2% increase in the interest rate.

Your planning and instant online Car EMI calculation for such potential future events is aided by such a computation. When you take out a loan, you're committing to a certain amount of money for the upcoming months, years, or decades. Think on the best and worst case scenarios, and prepare for both. In other words, expect the best while preparing for the worse!

How can an Online Car EMI calculator for home loans help you ?

A Car EMI calculator online in India(or Car loan interest rate calculator) is an calculator through which any customer can check their monthly EMI to be paid back to the bank or HFC along with the Interest instantly.

This Online Car loan calculator for car loans enables you to calculate your EMI amount accurately and make the necessary financial plans. Keeping your debt-to-income ratio below 50% will increase the likelihood that your loan application will be approved.

A Car loan EMI calculator can help you save time. You are not need to perform difficult calculations manually, which can be quite frustrating.

It removes the possibility of error, giving you an accurate estimate every time. Also, this car loan calculator for car loans gives you much better insights with charts and line graphs for your clarity. This online Car EMI calculator is highly tailored to each form of loan. A Car loan's EMI structure differs from that of a personal loan.

How is the Car Loan EMI to be paid ?

You can select either of these:

Standing Instructions (SI) can be used if you have an Axis Bank savings, salary, or current account. Your EMI will be deducted immediately from the account you designate.

If you do not have an Axis Bank account and would like your EMIs to be debited automatically at the conclusion of the monthly cycle, you can use a National Automated Clearing House (NACH)/ECS mandate.

Post-Dated Cheques for Your Automobile Loan If you do not have an Bank account and live in a non-ECS region, you can pay in instalments.

What happens if you skip your EMI ?

Remember that missing EMIs reflects poorly on your creditworthiness and may have an influence on your credit score. As a result, borrow prudently in the interest of your financial well-being and, as much as possible, do not skip your payments.

However, if you miss an EMI due to inadequate funds or for any other reason, the bank will notify you and may levy a late payment penalty. The loan's duration would lengthen as a result of missing the EMI (assuming EMIs remaining the same).

It is important to note that frequent late payments increase the possibility of default, and in such a case, your car, which was hypothecated to the bank as collateral for the Car Loan, may be seized. As a result, always make it a point to pay your Car Loan EMI on time.

Which bank is best for Car loan and also Car loan interest calculator ?

1. Axis Bank
3. Carwale.