Car Loan EMI Calculator
By Anowar
Checked by Jasmine
If you are planning to buy a car, you must check your financial situation regarding the car loan EMI.
Because it depends on your income and other expenses which can be affected if the EMI exceeds the budget.
Image credit: Canva
Here, our handy Car Loan EMI calculator can help you do just that. It is a financial tool to calculate your
equated monthly installments (EMI) for a car loan.
EMI is important for managing personal finances, as it helps you budget your expenses and lets
you make good decisions when purchasing a car.
Calculation Results
| Down Payment |
₹0.00 |
| Loan Amount |
₹0.00 |
| EMI |
₹0.00 |
| Total Payment |
₹0.00 |
| Total Interest |
₹0.00 |
How to Calculate Car Loan EMI?
EMI (Equated Monthly Installment) is the amount you pay monthly to repay a car loan. It includes both
principal and interest.
The calculator uses the following formula to calculate EMI:
To calculate the Equated Monthly Installment (EMI) for a car loan, you can use the following formula:
- Loan amount (P): 500,000
- Down payment: 100,000
- Original loan amount: 500,000 minus 100,000 equals 400,000
- Annual interest rate: 10%
- Monthly interest rate (r): 10 percent divided by 12 equals 0.00833
- Loan term: 5 years equals 60 months (5 multiplied by 12)
- Total payment: Multiply the EMI by the number of months (n).
- Total interest: Subtract the principal from the total payment.
So, using these steps, you can calculate the EMI for any car loan based on the loan amount, interest
rate, and tenure.
