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Car Loan EMI Calculator

Enter Loan Amount

Enter Loan Interest (%)

Years to Pay

Principal
Annual Rate
Loan Terms
Monthly Payable
Total Cost
Total Interest

 

Are you looking to purchase a car, but unsure of how much your monthly EMI payments will be? Our car loan EMI calculator is here to help you. This simple and easy-to-use tool will give you an estimated monthly payment based on the amount you want to borrow and the interest rate offered by your finance company or bank. 

Whether you're a first-time car buyer or looking to trade up to a newer model, our car loan EMI calculator will help you make informed decisions about your purchase.

How to Use Our Car Loan EMI Calculator?

To use our car loan EMI calculator, simply enter the following details:

1. Loan amount: The amount you want to borrow to purchase your car.
2. Interest rate: The interest rate offered by your finance company or bank. This can vary depending on the banks/finance company and your personal credit score.
3. Loan tenure: The length of time you want to repay the loan, typically expressed in months.

Our calculator will then give you an estimated monthly payment based on these inputs. It's important to note that the actual EMI you pay may be slightly different, depending on the interest rate offered by your bank or financial company and any changes to the loan amount or tenure.

Benefits of Using Our Car Loan EMI Calculator

• Easy to use: Our car loan EMI calculator is simple and straightforward to use, giving you an estimated monthly payment in just a few clicks.
• Quick results: You'll have an estimated monthly payment in just a few seconds, so you can make informed decisions about your car purchase.
• Accurate: Our calculator uses the latest algorithms and up-to-date interest rates, giving you an accurate estimate of your monthly payment.

Why Choose Our Car Loan EMI Calculator Over Competitors?

• Comprehensive: Our calculator takes into account the loan amount, interest rate, and loan tenure to give you a more accurate estimate of your monthly payment.
• Reliable: Our calculator uses the latest algorithms and up-to-date interest rates, giving you reliable and accurate results.
• User-friendly: Our calculator is designed to be simple and easy to use, so you can get your estimated monthly payment in just a few clicks.

Conclusion

If you're looking to purchase a car, it's important to know what your monthly EMI payments will be. Our car loan EMI calculator is here to help you make informed decisions about your purchase. Simply enter the loan amount, interest rate, and loan tenure, and you'll have an estimated monthly payment in just a few seconds. Choose our calculator for reliable, accurate, and user-friendly results.

FAQs

Q. What is the EMI for 8 Lakh Car?

Have attached some of the examples for varying loan amount with a fixed 8.30% interest with a 2 range of EMI for 5 & 7 years.  Use our car loan emi calculator for your customized amount, interest rate and tenure.

Loan amount	Interest Rate	EMI for 7 Years	EMI for 5 year
3 Lakh	8.30%	4721	6126
4 lakh	8.30%	6294	8168
5 Lakh	8.30%	7868	10210
6 Lakh	8.30%	9442	12252
7 Lakh	8.30%	11015	14294
8 Lakh	8.30%	12589	16336
10 Lakh	8.30%	15736	20420
12 Lakh	8.30%	18883	24504
14 Lakh	8.30%	22031	28588
15 lakh	8.30%	23604	30630
18 Lakh	8.30%	28325	36756
20 Lakh	8.30%	31472	40841
22 Lakh	8.30%	34619	44925
25 Lakh	8.30%	39340	51051
28 Lakh	8.30%	44061	57177
30 Lakh	8.30%	47208	61261

Q. Can I get a car loan with low CIBIL score?

For any kind of loans, a CIBIL score of 750 and over is considered as a good score. No worries, you'll get car loan. Depending on the finance company or bank, they might charge you a highest interest rate when compared against a person with a good CIBIL score. So always speak with multiple finance companies and banks before choosing where to avail the loan.

Q. What are the documents need to submitted for availing car Loan?

Here are some of the documents listed:

• Aadhar car
• PAN card
• Address proof
• Pay slips of 3 month
• Canceled cheque

The above is just for reference and may vary based on the finance company or bank, please contact them directly for more details.

Q. What is 20/4/10 rule of buying car?

It is a guidelines, which helps not to fall in a loan trap. 

• Basically, you should pay at least 20% down payment while paying, if you can afford more on down payment it is an added advantage. 
• The guideline is to pay 20% of down payment on a 4 year loan tenure and spend no more than 10% of your monthly income on car expense including EMI
• This, will help you to avoid buying a expensive car vs the car we can afford.
• Another tip, is to if your credit score is very low, Try to buy the loan on your spouse name. Because with good CIBIL score, you can save more on interest rate.

Q. Is car loan available for second hand cars?

Yes, now most of the second hand car dealers have tied up with the banks and finance companies and started providing second hand car on a car loan. This is useful, for most of the people who is tight on budget and looking to buy cars on used car market. 

Q. Is it good to close car loan early?

Yes, closing a car loan early might help you to save on the interest to be paid to the bank or finance company. However, please remember some banks might charge a penalty for closing a loan early. So, my advice is to always speak with your finance company about if there are any penalty charges for closing the loan early. If there is any, please keep in mind the penalty charge amount and calculate if there are any advantages.

In my experience, if there is very less time for the loan end date, you won't benefit much from closing the loan early. For example, if there are only six months left to close EMI, you might find not closing early will be beneficial for you.