Car Loan EMI Calculator

Buying a car is not an unaffordable dream anymore. Thanks to the various banks and NBFCs that offer car loans at affordable rates of interest, it has become much easier to own the asset. Several banks, financial institutions, and apps/websites offer a lucrative car finance calculator that helps you ascertain the EMI to be paid towards your loan repayment after you enter the repayment term, the principal, and the interest rate. EMI on the car loan is a significant amount that you have to repay over the term, along with interest.  

  • ₹ 1L
  • ₹ 1Cr
  • 1Yr
  • 7Yr
  • 7%
  • 17.5%
  •   Interest Amount
  •   Principle Amount
  • Monthly EMI
  • ₹8,653
  • Principle Amount
  • ₹4,80,000
  • Interest Amount
  • ₹3,27,633
  • Total Amount to Pay
  • % 8.00
Year Interest Paid Principle Paid Outstanding Loan Balance
2023 ₹ 120,000 ₹ 8,093 ₹ 128,093

The Car Loan EMI Calculator is an online tool that helps you find out the equated monthly instalments – EMIs that you have to pay to the lender during the car loan. Car loans can be availed at affordable interest rates with a repayment term of up to 8 years.

The main purpose of having a car loan EMI calculator in India is to save time. The digital tool uses a standardized formula to calculate your EMI details and generate an accurate figure when you enter important data. Here are some ways that a car finance calculator can help you:

● It is always accurate and never makes mistakes.

● It helps you plan your monthly budget and decide whether the EMI that has been calculated is affordable for you or not, considering your other loans, liabilities, and monthly expenses.

● It helps you to break down the amount that is payable into several items, including the amount borrowed, applicable car loan interest rate, and processing fees.

The step-by-step procedure for using the EMI car loan calculator offered by 5paisa is given below:

Step 1. You can browse the official website of and find the car finance calculator at the top of this page.

Step 2. You must select the loan amount, repayment term, car loan interest rate, and administration fees.

Step 3. Click on 'Calculate'. You will immediately get your EMI along with the total amount you will be paying towards the loan. It also displays the year-by-year amortization schedule, which gives you insights into the deduction of principal amount and interest amount every year deduced from the EMIs that you pay annually.

The auto loan EMI calculator also shows the balance due at the end of each year.

The EMI for each type of loan is calculated using a formula. The formula is as follows:

E = P x R x (1+R)^n / {(1+R)^n – 1}

'E' stands for EMI you owe,

'P' stands for the Principal Amount - the loan amount that you have applied for,

'R' stands for the interest rate that applies to your car loan,

'n' stands for the duration of the car loan in months.

Car Loan EMI calculators are offered by all the major banks, NBFCs, and other financial apps. The top banks that offer this tool are Axis Bank, HDFC, State Bank of India, ICICI, Kotak Mahindra, Canara Bank, Central Bank of India, PNB, Union Bank of India, IOB, Federal Bank, Indian Bank, South Indian Bank, Bank of Baroda, and IndusInd Bank. Most of them also offer a car loan eligibility calculator to help borrowers assess their eligibility criteria before they can apply for car loans.

Using the car loan calculator for an online car loan is free for unlimited use once you sign up with 5paisa. The online auto loan EMI calculator provides accurate results and saves you from the hassle of manual calculations, thus saving a lot of time and effort. Here are some of the key benefits offered by auto loan calculators:

The breakdown of the amount owed is provided

The Car Loan EMI Calculator will help you calculate processing fees, interest paid, the total amount owed, and the principal amount.

Your budget can be planned well in advance

You can plan your monthly expense and budget based on the EMI figure that is ascertained by the car loan calculator. If you think the EMI is unaffordable, you don’t have to cancel the loan. Instead, just increase the loan tenure, and you will be paying a much lower EMI each month (but a higher interest amount). If you have saved enough for the car purchase, it is better to make a larger down payment so that your loan term and monthly EMIs become smaller.


While doing manual calculations, it is possible that you can make mistakes, considering the complicated formula. But the auto loan calculator is always error-free.


The primary purpose of the auto loan EMI calculator is to save time. You get immediate and accurate results as soon as you enter the relevant data.

Free and limitless to use

You can apply various permutations and combinations and retrieve various EMI options till the time you can the perfect one that fits your monthly budget.

Helps you compare various loan offers

You can wisely use the car loan calculator and compare the various offers made by different lenders to ascertain which is the most lucrative option for you and finally settle for it. You can make comparisons on the interest rate, tenure, or loan amount offered by them.

As you can summarise, a car loan calculator in India can be hugely beneficial to all potential borrowers. It is a highly beneficial digital tool that can be used several times and help you choose the best loan offer.

Frequently Asked Questions

You can opt for one of these:

● SI - Standing Orders on your bank account (any) that you have with the same bank that you have taken the loan from, wherein your monthly EMI will be deducted from that specified account.

● The NACH - National Automated Clearing House, also popularly known as ECS, is for people who don’t have a savings or current account in the same bank that has offered them the car loan; in that case, NACH/ECS helps to deduct the EMI from their primary bank accounts, even it belongs to another bank.

● If you don't have an account, you can give the bank or the lender your post-dated checks to compensate for the upcoming EMIs of your car loan.

Here are some of the advantages you get when working on the car loan calculator:

● It is easily accessible and super convenient to use

● It saves you from the manual calculations

● It provides fast and accurate results

● It is the safest way to access your financial information and give you the right result

● Helps you determine what your car loan EMI expenses will be

● It facilitates credit planning

A car loan repayment table is the schedule generated by the car loan calculator based on the periodic repayment for your car loan. It tells you everything about what your EMI consists of (the principal amount and interest amount figures) while you are making a payment each month. It gives you an accurate breakdown of the principal amount and interest that your EMI comprises after each payment until the loan is paid in full. The best thing about a car loan repayment table is that it is very useful for banks and financial institutions to generate a complete picture of loans.

Yes, you can get a car loan for your existing four-wheeler. You can visit the 5paisa website to find a bank that offers a used car loan that meets your needs and requirements.

Yes, the EMI you have to pay depends on the repayment period you choose. The EMI will be lower if the mandate is longer.