Car Loan EMI Calculator

A car loan calculator is an online tool that helps you figure out how much you’ll pay each month for a car loan. To use it, you just need to enter a few details the amount of money you want to borrow, the interest rate, how long you’ll be paying off the loan, and any down payment you’ll make. Once you fill in these details, loan calculator car loan shows your estimated monthly payment. It’s a quick and easy way to see how much your monthly payments will be, helping you plan your budget better before you commit to buying a car. You could easily evaluate monthly payments using vehicle loan EMI calculator available on our 5 paisa website as vehicle car loan calculator also called as Car EMI calculator.

Using a car loan calculator makes car financing easier and more manageable. Here’s why:

Quick Calculations: You can easily figure out your monthly loan payments using 5 paisa’s vehicle car loan calculator.

Better Budgeting: 5paisa’s vehicle car loan calculator helps you see how much you’ll need to pay each month, so you can plan your budget.

Compare Loans: You can check different loan options to find the best deal for you.

Negotiate Better: Knowing your monthly payments helps you negotiate better terms with lenders.

Future Planning: If you’re not ready to buy a car yet, it helps you plan for future purchases.
 

To calculate your car loan EMI, you can use this formula:

EMI = [P x R x (1+R)^N] / [(1+R) ^ N - 1]

Where:

P = The amount you borrow (car price minus down payment).
R = The monthly interest rate (annual rate divided by 12).
N = The total number of months for the loan.

Example

Suppose you're buying a car for Rs. 12 lakh. You pay Rs. 2 lakh upfront, so you borrow Rs. 10 lakh. The loan term is 5 years (60 months) with an annual interest rate of 9%.

Using the formula, your monthly EMI will be Rs. 20,758.
 

Using 5paisa’s car loan calculator is straightforward. Just follow these simple steps:

Step 1: Enter the Loan Amount

This is the total amount you want to borrow, which is the car's price minus your downpayment.

Step 2: Enter the Interest Rate

Input the interest rate offered by your lender.

Step 3. Enter the Loan Tenure

Specify how long you plan to repay the loan, in months or years.

Once you’ve filled in these details, car loan calculator will quickly show your monthly EMI and the total interest you’ll pay over the loan period. It will also provide an amortization schedule, showing how much of each monthly payment goes toward the loan principal and interest.
 

A Car Loan Calculator is a handy tool when you're thinking of getting a car loan. Here's why it's a game changer:

•    Easy Budgeting: Loan calculator car loan tells you exactly how much you'll pay each month for your car loan, ensuring no surprises in your budget.
•    Comparison Made Simple: You can check different loan options to see which one suits you best.
•    Clear Breakdown: Loan calculator car loan shows where your money goes, how much for the car and how much for interest. No hidden costs.
•    Plan Ahead: You can see if the loan fits your budget before you even apply for it.
•    Prepayment Planning: Helps you strategize paying extra to shorten the loan duration.
•    No Math Hassles: No need for complex calculations, doing the work for you.
•    Loan Tenure Choices: Car loan interest rate calculator allows you to select a loan duration, with shorter terms resulting in less interest.
•    No restrictions on usage: You can use vehicle car loan calculator as often as you like, and it’s free.
In short a car loan interest calculator helps you figure out your monthly payments and total interest. With a car loan interest calculator, you can easily manage your budget and avoid surprises.
 

To calculate your monthly car loan EMI (Equated Monthly Installment), you use this formula:

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]

Here’s a breakdown:

P is the principal amount or the total amount of the loan you take.
R is the monthly interest rate. To find this, take the annual interest rate, divide it by 12 and then divide by 100.
N is the total number of monthly payments, which is the loan term in months.

For example, if you take a car loan of ₹10,00,000 at an annual interest rate of 12% for 2 years. Our car loan interest rate calculator can help you calculate the final no.

Principal (P) = ₹10,00,000
Monthly Interest Rate (R) = 12% per year / 12 months / 100 = 0.01 (or 1% per month)
Number of Months (N) = 2 years × 12 months/year = 24 months

Using these values in the formula

EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1]

The approximate EMI would be ₹47,073. This means each month, you’ll pay ₹47,073 towards your car loan.