The Car Loan EMI Calculator helps you calculate the EMIs you need to pay for your loan. Simple and user-friendly, it gives you instant results in just a few seconds. You can use this ready-to-use calculator from anywhere, anytime to know your Car Loan EMI amount. Discover More EMI calculators like the home loan EMI calculator, personal loan EMI calculator, etc.
What is a Car Loan EMI Calculator?
A tool that computes your equated monthly installment based on loan amount, interest rate, and tenure, helping you plan vehicle financing.
The Car Loan EMI Calculator from HDFC Bank helps you calculate the EMIs you need to pay for your loan. Simple and user-friendly, it gives you instant results in just a few seconds. You can use this ready-to-use calculator from anywhere, anytime to know your Car Loan EMI amount.
How do you calculate the Car Loan EMI amount?
If you want to calculate your EMI amount, you proceed using the following formula:
EMI = P × Rr × (1 + R)^N/ [(1 + R)^N – 1]
Where:
- P is the principal loan amount
- R is the monthly interest rate (annual interest rate divided by 12 and then by 100)
- N is the loan tenure in months
For example, a loan amount of ₹10,00,000 at an annual interest rate of 9% over a tenure of 5 years (60 months):
- P = ₹10,00,000
- R = (9 / 12) / 100 = 0.0075
- N = 60
Car Loan EMI Calculator for the Last 20 Years
Car loan rates mirrored broader monetary trends over two decades:
| Period | Approx. New Car Loan Rates | Key Drivers |
|---|---|---|
| 2005–2010 | 10.00%–14.50% | High repo rates, inflation control |
| 2011–2015 | 10.00%–11.50% | Rate cuts post-2008 crisis, competitive NBFC entry |
| 2016–2020 | 9.00%–10.00% | RBI repo rate easing, MCLR introduction |
| 2021–2025 | 7.80%–9.50% | Historic low repo, pandemic relief measures |
Why Use a Car Loan EMI Calculator?
It enables quick comparison of EMIs across lenders and tenures, ensures realistic budgeting, and prevents payment shocks.
Amortization schedule
An amortization schedule is the complete table of periodic loan payments, including the principal and interest amount in each payment, until the loan is fully repaid. It provides a complete guide to breaking down a credit option, such as a car loan, into a series of fixed payments.
The monthly payment remains the same, but the payment is made up of parts that differ over time. The best thing about an amortization schedule is that it is very helpful for banks and financial institutions to keep a complete track of the loans. Provided below is the amortization schedule for a car loan worth Rs. 8 Lakh for a tenure of 5 years at an interest rate of 9.5%.
Advantages of using an Online EMI Calculator for Car Loans
Below are the advantages of using our Car Loan EMI Calculator:
- Easy to use: The calculator is available online and is simple to use, with no complexities. The results are thrown in instantly after you enter the loan amount, loan duration, and the applicable interest rate.
- Accurate results: Manual EMI calculation is a lengthy process and prone to mistakes. It throws up accurate results as per the inputs provided.
- Flexible: The calculator is pretty flexible. You can change the inputs, and the calculator will change the results accordingly. Thus, it helps you get a good idea of the EMI amount and manage your finances accordingly.
Car Loan EMI Calculator FAQs
Is the Car Loan EMI Calculator accurate?
Yes, the Bank auto loan calculator provides a deeper insight into your EMI calculations. The Car Loan pre-payment calculator uses the standard method to determine your monthly EMI. The final EMI may vary slightly depending on factors such as processing fees, insurance premiums, pre-existing conditions, your credit score, and more.
Who can avail a Car Loan?
Anybody who falls under the following categories can avail a car loan: Self-employed individuals or Salaried individuals.
Is the Car Loan EMI Calculator based on a fixed or a Floating Rate of Interest?
A Car Loan EMI Calculator based on a fixed rate of interest. This means it calculates your Equated Monthly Installment (EMI) assuming a constant rate of interest throughout the loan tenure. Fixed-rate car loans have a stable interest rate, and your EMI remains consistent over the loan’s duration.
Do I need to register to use an EMI calculator?
No. Car loan EMI calculators on bank and aggregator sites are free and require no login.
