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Calculate Your Car EMI

Thinking about buying a new car? Our easy-to-use car loan EMI calculator instantly gives the monthly EMI you would be required to pay based on the loan amount, the loan term and interest rate.

₹

1 Lakh
1 Cr
12
96

%

7%
17.5%

₹

16,490

EMI PER MONTH

EMI Calc

Principal Amount

₹

8,00,000

Interest Amount

₹

1,89,427

Payable Amount

₹

9,89,427

For a loan of the principal amount of ₹8,00,000 over 60 months at 8.70% p.a., your monthly EMI will be ₹16,490. You will pay ₹1,89,427 in interest over the full tenure. Your total payable amount will be ₹9,89,427.

*The rate mentioned in the calculator is an indicative rate only. The actual rate may vary.

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Car Loan EMI Calculator FAQs

Yes, monthly EMI includes both interest and principal repayment. No separate interest bill is charged. Every payment is split into two components — interest and principal. The interest component is calculated on the outstanding balance for that month, while the principal component is the remaining portion of the EMI that directly reduces your total outstanding loan balance. In the initial years of your tenure, a larger share of each EMI goes toward interest. As the principal drops, the interest portion shrinks and more of your EMI goes toward clearing the principal.
The EMI on a ₹10 lakh car loan for 5 years (60 months) ranges from approximately ₹19,801 to ₹25,122 per month, depending on the interest rate (7% to 17.5% p.a. on this calculator).
Select your brand, model and variant, enter your down payment, and choose a tenure. The calculator shows your estimated EMI, loan amount, total interest and total repayment. You can change any input to compare scenarios.
EMI is based on the loan amount, which depends on the variant’s price. A top-spec variant has a higher on-road price, which means a larger loan and a higher EMI at the same rate and tenure.
Car loan EMIs (Equated Monthly Installments) are calculated using the reducing-balance formula: EMI = P × R × (1+R)^N ÷ [(1+R)^N − 1], where P is the loan amount, R is the monthly rate (annual rate ÷ 12 ÷ 100) and N is the number of months. For example, ₹10 lakh at 9% for 5 years gives an EMI of ₹20,758.
Yes, it is free. The calculator does not ask for personal details or run a credit check, so it won’t affect your credit score. A credit enquiry may happen only when you apply to a lender.
The EMI calculator uses the standard reducing-balance formula and the rate you select or the indicative rate shown. Your actual EMI may differ because the lender sets the final rate and may add fees. Treat the result as an estimate until you receive a lender offer.
The down payment is the on-road price minus the loan. Many banks finance up to 90% of the on-road price, so a 10% down payment is common. Some lenders may offer higher funding for strong profiles.
Some banks offer up to 100% funding on the on-road price to eligible applicants, but it is not guaranteed. A zero down payment increases your loan, EMI and total interest.
Ex-showroom price is the vehicle price before taxes and charges. On-road price adds RTO, insurance, Fastag and other charges. Model EMI calculators on CarLelo use on-road price; the general EMI calculator uses the loan amount you enter.
Rates vary by bank, loan amount, tenure, credit score and whether the car is new or used. Indicative ranges on this calculator are from 7% to 17.5% p.a.; your lender’s offer may differ.
On ₹10 lakh at 9%, the EMI is ₹31,800 for 3 years, ₹20,758 for 5 years and ₹16,089 for 7 years. Total interest is about ₹1.45 lakh, ₹2.45 lakh and ₹3.51 lakh respectively. A longer tenure lowers your EMI but costs more overall. The maximum tenure depends on the lender.
Car loans are commonly offered at fixed rates, but this varies by the bank you choose. Check your loan agreement. This calculator assumes a rate that stays constant for the whole tenure.
Make a larger down payment, choose a longer tenure, or look for a lower rate by comparing lenders and improving your credit score. Remember that a longer tenure raises your total interest.
Eligibility depends on age, income, employment type, credit score and existing liabilities. Salaried and self-employed applicants can both apply, and the exact criteria differ by lender.
There is no single official minimum credit score requirement for a car loan. Lenders generally prefer 750 or above and may offer better rates for higher scores. Lower scores may still be approved at the lender’s discretion, sometimes at a higher rate.
You typically need identity and address proof, a PAN card, recent bank statements, and income proof to avail a car loan. This means salary slips or Form 16 if you are salaried, or income tax returns if you are self-employed.
Yes. Banks are likely to charge a processing fee, documentation fees, and prepayment or foreclosure charges. The calculator’s EMI does not include these.
Yes. Most banks allow part-payment or foreclosure on a car loan. Some charge a fee, particularly on fixed-rate loans.
For a car used for personal purposes, salaried individuals cannot claim a deduction on car loan interest. Self-employed people and businesses may be able to claim certain costs if the vehicle is used for business — consult a tax advisor.
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