Car Loan EMI Calculator
Calculate your monthly car loan EMI, interest outflow and more
₹
%
₹21,247
Total Interest
₹2,74,815
Total Amount
₹12,74,815
Total Amount
₹12.75L
Principal: ₹10L
Interest: ₹2.75L
About Car Loan EMI Calculator
What is EMI?
EMI stands for Equated Monthly Installment. It’s the fixed amount you pay to your lender each month until the loan is fully repaid. Each EMI payment consists of both principal and interest components.
How is Car Loan EMI Calculated?
The EMI for a car loan is calculated using the following formula:
EMI = [P × R × (1+R)^N]/[(1+R)^N-1]
Where:
- P is the Principal or loan amount
- R is the rate of interest calculated on a monthly basis (i.e., Annual Rate ÷ 12 ÷ 100)
- N is the tenure or duration of the loan in months
Factors Affecting Car Loan EMI
The following factors affect your car loan EMI:
- Loan Amount: Higher loan amount means higher EMI.
- Interest Rate: Higher interest rate leads to higher EMI.
- Loan Tenure: Longer tenure reduces your EMI but increases total interest paid.
- Down Payment: Higher down payment reduces your loan amount and subsequently the EMI.
Benefits of Using Car Loan EMI Calculator
- Plan your budget effectively by knowing your monthly payment obligation.
- Compare different loan options with various tenures and interest rates.
- Understand the total interest cost over the loan period.
- Make informed decisions about down payment amount.
