Car Loan EMI Calculator

Calculate your Car Loan EMIs with our Car Loan EMI Calculator and plan your budget accordingly.

Your Loan Amount




Rate of Interest (P.A)




Loan Duration







Principal Amount


Total Interest


Total Amount


Principal Amount


Buying a car is a dream come true for many of us. Just a decade ago, buying a car simply meant saving up diligently for years. But things have changed now. Car sales are growing in India, partly due to the easy availability of car loans. In this blog post, we introduce you to our car loan EMI calculator which will help you calculate the amount you need to pay every month. This easy-to-use tool lets you plug in your loan amount and the interest rate to know your monthly installment payable. Read on to learn more.

Understanding the car loan EMI

An Equated Monthly Installment (EMI) is a fixed monthly payment charged by the loan provider to help you repay your loan amount in affordable terms. The EMI is payable on a fixed date every month and comprises repayment of principal and interest. 

A car loan EMI is the monthly repayment for the car or vehicle loan that one has availed to finance the car purchase. Using a car loan EMI calculator, you can ascertain the EMI amount payable on your car loan.

How to understand the car loan EMI calculator

Car loan EMI calculations require a deep understanding of financial concepts, making it difficult for the common man. That is why we have designed an online car loan EMI calculator for you. 

The simple design and intuitive input fields of the car loan EMI calculator will make it easy for you to calculate car loan EMIs. Furthermore, it also gives you the option of keying in the numbers multiple times till you can find an EMI amount that you can afford. All you need to use the car loan EMI calculator online is access to the internet.

Using car loan EMI calculators

Our car loan calculator is a simple and easy-to-use online tool. You just need to input the loan amount, the interest rate, and the tenure of the loan. You will get the EMI amount that you need to pay every month once you key in the requisite numbers.

Watch out for these factors that can impact your car loan EMIs

Your car loan EMI amount is a combination of the principal amount, interest rate, and tenure. However, other factors too have a bearing on your car loan EMIs. Some of them are:


1. The amount you pay initially

When you avail a car loan, you will have to pay some amount upfront to get a loan. This is called a down payment. Your car loan EMI amount is inversely related to your down payment amount. Therefore, if you put in a higher down payment amount, your EMI will be lower and if you put in a lower down payment, your EMI amount will be higher. 


2. Your credit score

Credit score stands for your creditworthiness. It is calculated based on your record of repaying previous loans or credit card bills. A higher credit score means you are more creditworthy and thus a lesser risk to the bank. Therefore, your credit score will impact the rate at which you will get the loan. Your EMI is directly related to the loan interest rate. 


3. Income vs. debt obligation

Your income in comparison to your total debt obligations denotes your ability to repay a loan. Therefore, if you have a lower debt-to-income ratio, you will get a cheaper loan. This is because a lower ratio suggests that your ability to repay is higher. 


4. Tenure of the loan

Car loan EMI and loan tenure are directly related. Short-term loans will have higher EMI but will attract a lower interest rate. Conversely, a longer-tenure loan will have a lower EMI but the interest rate will be higher. 


5. Make of the vehicle, model, and age

For a vehicle or car loan, the car is the collateral for the tenure of the loan. This makes the make, model, and age of the vehicle an important factor in determining the interest rate of the car loan which, in turn, will impact the car loan EMI. 


While there are multiple factors impacting the car loan EMI amount, it is important to note that a lower EMI doesn’t always mean better loan terms and vice versa. You should always calculate the outgoing interest amount before accepting the loan terms. To put it simply, use the car loan EMI calculator to know the EMI amount.

The math involved in calculating car loan EMI

The process of manually calculating the car loan EMI is complicated. It is easier to use the car loan calculator to know the EMI amount. 


But if you are curious about the math involved, here is how it works. The formula to use is:

E= P. R. (1+R)^n/[(1+R)^n -1]


E = EMI 

P = Principal amount 

R = Rate of interest per month

n = Tenure in months


Let’s put the above formula to use and calculate the car loan EMI amount. For instance, you want to buy a car worth Rs. 17,00,000. You are ready to put in a down payment of Rs. 5,00,000, so will need a loan of Rs. 12,00,000. A bank is offering you a car loan of Rs. 12,00,000 at a 7% rate of interest for 5 years. 


Your tenure here will be 5*12 months that is 60 months and the interest will be 0.583% per month. Your EMI will come to Rs. 23,761 per month. 


For your Rs. 12 lakh car loan, you will be paying a total of Rs. 14,25,686 to the bank. Out of this, Rs. 2,25,686 will be the interest and the rest will be towards paying back the capital.

Why should you use a car loan EMI calculator?

There are many benefits of using the CoinSwitch car loan EMI calculator. Here, we list out the main ones.


  • Precise results


Buying a car on loan is an important financial decision. This requires precise numbers, not estimates. Therefore, using an online car loan calculator is recommended as it will give you the exact EMI amount and also provide a breakdown of the total interest paid on the loan. 


  • Lets you easily compare loan offers


It is advisable to approach multiple lenders before finalizing the car loan. Comparing different loan offerings will help you get a car loan at the best rate. An EMI calculator will help you calculate EMIs for different loan offers. Thus, you can compare various loan offers and select the most cost-effective one.


  • Gives you better financial control 


The car loan EMI calculator will provide you with the exact EMI amount. This will help you make a sound financial decision as it will not leave anything to assumptions.


If you are looking to buy a car, you will need the car loan EMI calculator above to calculate the EMI amount that you can afford to spare every month without disrupting your lifestyle and savings. Key in the numbers to calculate the EMI value now. 


1.How does the term (duration) impact my interest amount?

The duration of the loan and the interest rate are directly proportional. The longer the duration of the loan, the more you will have to pay toward interest.

2.What is the current interest rate for car loans?

Macroeconomic factors impact the interest rate on all loans, including car loans. It is advisable to check with several lenders to get the best interest rate.

3.Which one is better, a car loan EMI calculator or an Excel calculator?

To use an Excel calculator, you will need knowledge of finance to compute the car loan amount. An online car loan EMI calculator requires just three variables to calculate the EMI amount. A car loan calculator is any day recommended as it is easy to use.

4.Can the car loan EMI calculated by the bank be different from the one provided by the EMI calculator?

The car loan EMI calculated by the online calculator is accurate. If there is a discrepancy between that and the one quoted by the bank, the first suggested action is checking the input variables. You can also talk to the bank to understand the reason for the difference.

5.Is the car loan calculator the same as the home or personal loan calculator?

Loan calculators are based on three factors: principal amount, interest rate, and tenure. Therefore, a car loan calculator can also be used to calculate EMI for homes, as well as personal loans. However, we do have separate pages for each of these categories.