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Calculate monthly EMI, total interest & amortization for your car loan
Enter car loan details and click Calculate EMI
EMI stands for Equated Monthly Installment — the fixed amount you pay to the bank or NBFC every month to repay your car loan. Each EMI consists of two parts: principal repayment and interest payment. Unlike home loans that span 20-30 years, car loans in India typically have shorter tenures of 1-7 years, which means the EMI amount is relatively higher but the total interest paid is significantly lower. For example, on a Rs 5 lakh car loan at 9% for 5 years, your EMI would be approximately Rs 10,380 — and you would pay about Rs 1.23 lakh in total interest over the loan period.
Understanding your car loan EMI before visiting the dealership is crucial for budgeting. Financial advisors recommend that your total EMI payments (including car loan, home loan, and any other loans) should not exceed 40-50% of your monthly take-home salary. Most Indian banks like SBI, HDFC Bank, ICICI Bank, and Axis Bank offer car loans at interest rates between 7.5% and 12% depending on the car model, your credit score, and whether it is a new or used car. Using this calculator, you can compare different loan amounts, interest rates, and tenures to find the most affordable EMI for your budget.
The car loan EMI formula is the same reducing balance formula used for all types of loans: EMI = P × r × (1+r)n / ((1+r)n - 1), where P is the principal loan amount (car price minus down payment), r is the monthly interest rate (annual rate divided by 12 and then by 100), and n is the total number of monthly installments. All banks and NBFCs in India — including SBI, HDFC Bank, ICICI Bank, Mahindra Finance, and Bajaj Finserv — use this standard formula.
For instance, a Rs 8 lakh car loan at 9% annual interest for 5 years: r = 9 / 12 / 100 = 0.0075, n = 5 × 12 = 60 months. Plugging into the formula gives an EMI of Rs 16,607. Over 5 years, you would pay Rs 9,96,420 in total — that is Rs 1,96,420 in interest alone, which is about 24.6% of the original loan amount. Choosing a shorter 3-year tenure would increase the EMI to Rs 25,436 but reduce total interest to Rs 1,15,688 — a saving of Rs 80,732. This trade-off between affordable monthly payments and total cost is the key decision when choosing your car loan tenure.
Getting a lower interest rate can save you thousands of rupees over the life of your car loan. Here are proven strategies: First, maintain a credit score above 750 — banks offer their best rates to borrowers with excellent CIBIL scores, often 0.5-1% lower than standard rates. Second, compare offers from at least 3-4 banks and NBFCs before finalizing. SBI and public sector banks often have slightly lower rates for new cars, while NBFCs like Mahindra Finance and Bajaj Finserv may offer faster approval for used cars. Third, make a larger down payment (20-30%) — this reduces your loan-to-value ratio and may qualify you for a better rate.
Another important factor is the car model itself. Banks have a "preferred list" of car models for which they offer lower rates because of higher resale value. Popular models from Maruti Suzuki, Hyundai, and Tata Motors typically get better financing terms. Also, avoid very long tenures (6-7 years) unless necessary — while the EMI is lower, you end up paying significantly more interest, and the car depreciates faster than you pay off the loan. A 3-5 year tenure is generally considered the sweet spot for car loans in India. Finally, check for seasonal offers — banks often run lower-rate promotions during Diwali, Navratri, and the year-end period.
| Feature | JumpTools | CarWale | CarDekho | ClearTax | Axis Bank |
|---|---|---|---|---|---|
| Price | Free | Free (ads) | Free (ads) | Free (limited) | Free (leads) |
| Registration Required | No | No | No | Yes | Yes (for apply) |
| Down Payment Input | Yes - slider + presets | Yes | Yes | No | No |
| Amortization Schedule | Year-by-year chart + table | No | No | Basic table | No |
| Pre-computed EMI Table | 150 rows, 4 rates | No | No | No | No |
| Mobile Friendly | Fully responsive | Yes | Yes | Yes | Yes |
| Privacy | 100% client-side | Server-based | Server-based | Server-based | Server-based |
Get your monthly car loan EMI, total interest, and total payable amount instantly with real-time sliders.
Enter an optional down payment to see how it reduces your loan amount, EMI, and total interest payable.
Year-by-year breakdown showing principal paid, interest paid, opening and closing balance for your car loan.
Interactive stacked area chart showing principal vs interest breakdown over the car loan tenure.
Quick presets for popular car loan interest rates from 7.5% to 10.5% offered by major banks.
Pre-computed EMI table for Rs 1L to Rs 1.5Cr across 3, 5, and 7 year tenures at multiple rates.
Enter Car Price Use the slider or presets to set the on-road price of the car (Rs 2L to Rs 25L).
Set Down Payment Optionally set a down payment amount (0-80% of car price) to reduce your loan amount.
Adjust Rate & Tenure Set the interest rate (7-12%) and loan tenure (1-7 years) to match your bank's offer.
Click Calculate View monthly EMI, total interest, amortization schedule, and principal vs interest chart instantly.
Calculate car loan EMI, total interest, and year-by-year amortization schedule. Down payment support. Visual principal vs interest breakdown chart. 100% client-side — your financial data never leaves your browser.