Loans
Car Loan EMI Calculator
Calculate your monthly car loan instalment and total interest payable over the tenure.
About the Car Loan EMI Calculator
Car loans use the same EMI formula as home loans but run over shorter tenures — typically 3 to 7 years — and at somewhat higher rates. A shorter tenure raises the EMI but sharply cuts the total interest you pay on a depreciating asset.
EMI = P × r × (1 + r)n / [(1 + r)n − 1]
Frequently asked questions
What tenure is sensible for a car loan?
Many buyers cap it at 5 years — cars depreciate quickly, so paying interest for longer than that erodes value fast.
New vs used car loan rates?
Used-car loans usually carry 2–4% higher interest rates and shorter maximum tenures than new-car loans.