Car Loan Calculator (Advanced)
Calculate your car loan EMI, total interest, total cost of car, and view a detailed amortization schedule with chart.
Car Loan Summary
Loan Amount
Monthly EMI
Total Interest
Total Cost (₹)
| Month | EMI | Principal | Interest | Balance |
|---|
What Is a Car Loan?
A car loan is a secured loan offered by banks and NBFCs to purchase a new or used car. The loan is repaid through fixed monthly EMIs over a chosen tenure.
How Car Loan EMI Is Calculated
EMI = P × r × (1 + r)n / [(1 + r)n − 1]
Where P is the loan amount after down payment, r is monthly interest rate, and n is total months.
Tips to Reduce Car Loan EMI
- Make a higher down payment
- Choose shorter tenure
- Compare interest rates
- Negotiate processing fee