Car Loan EMI Calculator
₹
%
Yr
Monthly EMI: ₹19,566
Principal amount: ₹1,000,000
Total interest: ₹173,969
Total amount: ₹1,173,969
- Principal amount
- Interest Amount
CAR Loan EMI Calculator
India is now the 4th largest market for cars, growing at 9.5% annually. This increasing demand for vehicles has led to a surge in the need for a simple, easy-to-use car loan EMI calculator.
There are plenty of online car loan EMI calculators available, but simplicity is key. IPOtank offers an easy-to-use tool that helps you make an informed decision regarding the amount of loan you need, your EMIs, and other related details.
How Can a Car Loan EMI Calculator Help?
Getting your dream car is easier than ever due to various car loan options available today. Gone are the days of saving for years to buy a car. Now, with a decent income and credit score, you can get pre-approved car loans. However, loan amounts and tenure still depend on several factors. This is where a car loan EMI calculator can help.
Here are some benefits of using a car loan EMI calculator:
- Saves Time: The calculator produces results instantly as soon as you enter the necessary details, saving you time compared to manual calculations.
- Accurate: Unlike manual methods, the online tool provides error-free results every time.
- Helps Plan Your Budget: Knowing your EMI helps you plan your finances better. It helps in determining the loan amount, tenure, and EMI you can afford.
- Breaks Down Your Payments: The calculator details the total payable amount, breaking it down into loan amount, interest, and processing fees.
How to Calculate Your Car Loan EMI?
IPOtank follows a standard formula:
E = P × R × (1 + R)^n / [(1 + R)^n - 1]
Here are the components:
| P | Principal amount |
| R | Monthly interest rate |
| N | Total loan tenure in months |
| E | Monthly EMI |
For example, if you borrow Rs 10 Lakh at an interest rate of 10% for 7 years (84 months), the EMI is Rs 16,602. The total payment is Rs 13,94,568, with Rs 3,94,568 as interest.
You can choose between various fixed or floating interest rates on our website.
Amortization Schedule
An amortization schedule breaks down the periodic loan payments, including both principal and interest, until the loan is fully paid off. It helps both borrowers and lenders track loan repayment. Below is an example for a car loan of Rs. 8 Lakh at 9.5% interest for 5 years:
| Principal (Rs.) | Interest (Rs.) | Principal + Interest (Rs.) | Balance (Rs.) | |
| 1 | 10,468 | 6,333 | 16,801 | 7,89,532 |
| 2 | 10,551 | 6,250 | 16,801 | 7,78,981 |
| 3 | 10,635 | 6,167 | 16,801 | 7,68,346 |
| 4 | 10,719 | 6,083 | 16,801 | 7,57,628 |
| 5 | 10,804 | 5,998 | 16,801 | 7,46,824 |
| 6 | 10,889 | 5,912 | 16,801 | 7,35,925 |
Factors That Affect Your Car Loan EMI
Several factors affect your car loan EMI, such as:
- Loan Amount: A higher loan amount means a higher EMI.
- Interest Rate: The interest rate directly influences your EMI; a higher rate increases the EMI.
- Loan Tenure: A longer tenure means a lower EMI but higher total interest paid.
- Credit Score: A good credit score can help you secure lower interest rates.