Home Loan EMI
Calculate reducing-balance monthly home loan mortgage installments and interest schedule.
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Car Loan EMI Calculator · Official Calculation Report
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https://agworld.co.in/car-loan-emi-calculator/
FINANCE CALCULATOR
Car Loan EMI Calculator
Estimate your monthly car payment, total interest, and repayment schedule before you buy.
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Car Loan Details
Your Car Loan EMI
| Car On-Road Price | ₹ 12,00,000 |
| Down Payment | ₹ 2,00,000 (16.7%) |
| Loan Amount | ₹ 10,00,000 |
| Interest Rate | 9.00% p.a. |
| Loan Tenure | 5 Years (60 months) |
| Total Payment | ₹ 12,45,490 |
| Total Interest | ₹ 2,45,490 |
Principal Amount: ₹ 10,00,000 (80.3%)
Total Interest: ₹ 2,45,490 (19.7%)
Loan Repayment Breakdown
Yearly split of principal vs interest repayment over your loan tenure
Principal Amount
Interest Amount
Key Insights
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Monthly EMI₹ 20,758
-
Total Interest₹ 2,45,490 (19.7%)
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Total Payment₹ 12,45,490
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Loan Tenure5 Years (60 months)
Quick Facts
- ✓ A higher down payment reduces your EMI and total interest.
- ✓ A shorter loan tenure helps you save on overall interest.
- ✓ Even a small change in interest rate can significantly impact your EMI.
- ✓ Compare different loan offers before finalizing your car loan.
- ✓ Use the amortization schedule to see year-wise breakup of principal and interest.
Frequently Asked Questions
What is a car loan EMI?
A car loan EMI (Equated Monthly Instalment) is a fixed monthly payment made to your auto financer until the vehicle loan is paid off. It includes both principal and interest components calculated on a monthly reducing balance.
How is car loan EMI calculated?
It uses the standard reducing balance formula
E = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1), where P is the sanctioned loan amount (On-Road Price minus Down Payment), r is the monthly interest rate, and n is the tenure in months.
What factors affect my car loan EMI?
Key determinants are vehicle on-road price, your down payment percentage, interest rate, and chosen tenure. A higher down payment or shorter tenure directly cuts your total interest expense.
Is it better to choose a shorter or longer tenure?
A shorter tenure (e.g. 3-5 years) lowers your total interest burden and protects against vehicle depreciation outpacing your loan balance. A longer tenure (up to 7 years) keeps monthly cash outflow smaller.
Can I make a part payment or prepay my car loan?
Yes. Under RBI guidelines, floating-rate auto loans to individual borrowers have zero foreclosure fees. Fixed-rate auto loans may involve a nominal fee (usually 2-4% of outstanding principal) after the initial lock-in period.