Car loan EMI calculator for new and used cars
Check the EMI and total interest on a new or used car loan, for tenures up to 8 years.
Make it real
Real loans have part-payments, rate changes and fees. Switch any of them on.
Monthly EMI
₹16,704
for 5 yrs
Interest
2%
of total
- Total interest
- ₹2,02,235
- Total payment
- ₹10,02,235
- Interest ÷ principal
- 0.25×
- Loan-free by
- Oct 2031
The full picture
5 yrs of payments, year by year and month by month.
| Year | Principal | Interest | Total paid | Balance | Paid off |
|---|---|---|---|---|---|
| 2026 | ₹21,156 | ₹12,252 | ₹33,408 | ₹7,78,844 | 3% |
| 2027 | ₹1,33,990 | ₹66,457 | ₹2,00,447 | ₹6,44,854 | 19% |
| 2028 | ₹1,46,923 | ₹53,524 | ₹2,00,447 | ₹4,97,931 | 38% |
| 2029 | ₹1,61,105 | ₹39,342 | ₹2,00,447 | ₹3,36,826 | 58% |
| 2030 | ₹1,76,655 | ₹23,792 | ₹2,00,447 | ₹1,60,170 | 80% |
| 2031 | ₹1,60,170 | ₹6,869 | ₹1,67,039 | ₹0 | 100% |
1–6 of 6 years
How to use this calculator
- 01
Set the basics
Drag the sliders or type the loan amount, interest rate and tenure. Everything updates as you type.
- 02
Add prepayments or rate changes
Optionally add prepayments, rate changes, step-ups, a moratorium or fees to see the full cost of your loan.
- 03
Check the schedule
The charts and month-by-month schedule show how much of each EMI goes to interest and principal. Export as PDF or Excel, or share a link.
Frequently asked questions
What tenure should I choose for a car loan?
Keep it at five years or less. Cars depreciate 15–20% in the first year, so a long loan can leave you owing more than the car is worth. The 20/4/10 rule is a good guide: 20% down, 4-year loan, EMI under 10% of income.
Are car loan rates fixed or floating?
Most car loans in India are fixed-rate, so your EMI doesn't change. Some banks offer floating options. Check the sanction letter.
Is the EMI shown here exactly what my bank will charge?
It uses the same reducing-balance formula banks use, so it matches to the rupee for a fixed rate. Your bank's figure can differ slightly if it rounds EMIs, charges broken-period interest for the first month, or bundles insurance into the loan.
Does a longer tenure save money?
No. A longer tenure lowers the monthly EMI but increases the total interest you pay, often by a lot. Pick the shortest tenure whose EMI still fits comfortably in your budget.