Car Loan EMI Calculator

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MONTHS
%
Yearly/monthly repayment schedule
2025
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Aug2,00,00017,40716,0571,3501,83,943
Sep1,83,94317,40716,1651,2421,67,778
Oct1,67,77817,40716,2741,1331,51,504
Nov1,51,50417,40716,3841,0231,35,120
Dec1,35,12017,40716,4959121,18,625
2026
MonthBeginning balanceEMIPrincipalInterestEnding Balance
Jan1,18,62517,40716,6068011,02,019
Feb1,02,01917,40716,71868985,301
Mar85,30117,40716,83157668,470
Apr68,47017,40716,94546251,525
May51,52517,40717,05934834,466
Jun34,46617,40717,17423317,292
Jul17,29217,40717,2901172
EMI payable
Payable amount
Total Interest
Loan amount

Car Loan EMI Calculator is an online tool that helps you compute your dream car's EMI. Knowing an EMI before taking any loan is important for your budget planning. Car Loan EMI Calculator provides you EMI amount based on these inputs:  loan amount, interest rate, and loan tenure. It allows you to calculate different EMI on various loan inputs. You can budget your finances before taking a car loan to enjoy driving your ever-wanted vehicle later peacefully. 

Formula For Car Loan EMI Calculator

You can calculate the Car Loan EMI Amount with the help of the mathematical formula: 

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]

Where, 

  • ‘P’ = Principal Amount
  • ‘R' = Monthly Rate of Interest
  • N = Tenure of repayment in months

Example For Car Loan EMI Calculator

Let us assume you take a car loan of Rs 10 lakh at an interest rate of 12%, 

The approximate EMI will be: 

  • P = Rs 10,00,000, 
  • R = 12/100/12 (Converted to months), 
  • N = 2 years or 24 months. 
  • EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] 
  • EMI = 47,073

Therefore your monthly EMI will amount to Rs. 47,073.

How To ClearTax Car Loan Calculator?

  • Select the loan amount
  • Select the loan tenure in months
  • Select the desired interest rate

The calculator would show you the EMI payable, total interest and the total payable amount.

Benefits Of ClearTax Car Loan EMI Calculator

  • Time-saving: Quickly calculates EMIs without the need for complex manual calculations.
  • Financial Planning: Helps in organizing your finances before applying for a car loan.
  • Clarity: Provides a clear understanding of the monthly EMI amounts.
  • Comparison: Allows comparison of different loan amounts, tenures, and interest rates to find the best option.

The car loan EMI calculator simplifies your loan planning by giving a clear view of monthly repayments. It helps you make informed decisions and manage your finances with ease, thus allowing you to purchase your dream car with absolute ease. 

Frequently Asked Questions

How does the term (duration) affect my interest amount?

It is essential to realise that your interest rate is not the only factor that determines the total amount of interest you pay on your car loan. Your car loan tenure plays a significant role in determining the interest amount you repay the lender. As a general rule, for the same interest rate, the longer your duration, the higher are the interest repayments.

What are the current interest rates for car loans?

Banks are offering car loans with annual interest rates ranging from 8.5% to 12%. During festive seasons, some banks agree to waive off processing fees or even relax their current rates. Your credit history also plays a major role while you negotiate on the interest rates. If you have a higher credit score, you may bargain for a lower interest rate.

Which one is better, Car Loan EMI Calculator or Excel Calculator?

The Car Loan EMI calculator is tailor-made to calculate the Car Loan EMIs in seconds. It’s easier to use the Car Loan EMI Calculator as compared to the Excel Calculator.

Can the Car Loan EMI calculated by the bank be different from that calculated by the EMI Calculator?

It will be the same, provided you enter the same values. Please note that even a minor change will result in a difference in the final value. If the bank modifies some of the parameters, you will find the figures to be different from the EMI Calculator.

Will the Car Loan EMI Calculator help me understand how much EMI is payable after I repay a certain amount of principal as a chunk during the loan tenure?

Yes. Feed in the details of the outstanding balance principal and the tenure (provided by the bank on such prepayment). The EMI calculator will help you calculate your EMI for the outstanding balance period.

Is the car loan calculator the same as home, personal loan calculator?

These calculators are the same at the primary level. However, the Car Loan EMI Calculator shows you the specific information on the car loan.

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