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Car Loan Calculator

Calculate EMI, view amortization schedule, and export as PDF

Last Updated: July 2026
Car loan amount (after down payment)
Car loan interest rate
Repayment period
Monthly EMI
—
Fixed monthly payment
Total Interest
—
Over entire tenure
Total Payment
—
Principal + Interest

Principal vs Interest Over Time

Yearly Summary

YearPrincipalInterestTotal PaidBalance

Monthly Amortization Schedule

MonthEMIPrincipalInterestBalance

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What Is a Car Loan Calculator?

A Car Loan Calculator helps you compute the EMI for your vehicle purchase, showing the complete amortization schedule. Since car loans typically have shorter tenures (3-7 years) than home loans, the interest burden is relatively lower but still significant.

At 9% for 5 years on a ₹8 lakh car loan, you pay ₹1.92 lakh in interest — about 24% of the loan amount. This calculator helps you compare tenures, plan down payments, and understand the true cost of financing your car.

Car Loan EMI Formula

EMI = P × r × (1+r)n / [(1+r)n −1]
P = Loan amount (after down payment)r = Monthly interest raten = Tenure in months

Frequently Asked Questions

What is the current car loan interest rate?
Car loan rates range from 7.5% to 10% depending on the lender, loan amount, and your credit score. SBI offers 7.70%, HDFC 7.90%, Tata Capital 8.50%. New cars get lower rates than used cars.
How much down payment is required?
Most banks finance 80-90% of the on-road price for new cars and 70-85% for used cars. A 10-20% down payment is standard. Higher down payment means lower EMI and less total interest.
What is the ideal car loan tenure?
Shorter tenures (3-5 years) save significant interest. A 7-year loan can cost 40% more in interest than a 3-year loan. Choose the shortest tenure where the EMI is comfortable within 15-20% of monthly income.
Can I prepay my car loan?
Yes. Floating-rate car loans have zero prepayment penalty as per RBI. Some fixed-rate loans may charge 2-4% penalty. Check your loan agreement. Even partial prepayments can save substantial interest.
New car vs used car loan - rate difference?
New car loans are 0.5-2% cheaper than used car loans. Banks consider new cars better collateral. Used car rates also depend on the vehicle age — older cars get higher rates and shorter tenures.

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