| Monthly EMI | ₹2,174 |
| Principal amount | ₹1,00,000 |
| Total interest | ₹30,455 |
| Total payment | ₹1,30,455 |
Buying a car is one of the big financial decisions. With a car loan, you don't have to worry about paying the full amount in one go. Car loans are designed to distribute the price of a car over a certain period. It helps individuals to make manageable repayments in monthly instalments. Before availing a car loan, it's required to understand the EMIs, total interest payable and total amount you are going to pay. We have an easy to use Car Loan EMI calculator where you can enter the loan amount, interest rate and tenure and get the expected results.
It uses a specific formula to calculate the car loan EMI. You need to provide the loan amount, interest rate and tenure to get the expected results.
Where:
Suppose you are going to take a car loan of 10 lakh rupees for 60 months (5 years), at an annual interest rate of 7%.
Put all the values in the formula:
After calculation, the EMI comes to ₹ 19,801.
In 5 years, the amount of interest paid is ₹ 1,88,072 and the total payment (principal + interest) is ₹ 11,88,072.
| Details | Amount |
|---|---|
| Loan Amount (Principal) | ₹10,00,000 |
| EMI | ₹19,801 |
| Total Interest | ₹1,88,072 |
| Total Payment (Principal + Interest) | ₹11,88,072 |
EMIWala Car Loan Calculator helps you to calculate your monthly payments and provide a clear picture of the total interest and repayment amount.
If you want to take a personal loan, explore Personal Loan EMI Calculator which helps you understand the monthly EMI, total interest payable, total payment along with the monthly breakdowns.
Similarly, you can use Home Loan EMI Calculator if you want to buy a house or even if you want to re-finance your current home loan. This calculator also offers the option to add prepayments so that the overall interest is reduced along with the loan tenure.
The age limit for a car loan is between 21 to 60 years. Most of the banks require at least 21 year old applicant, and ensure that the loan is completed before the age of 60, while the specific terms can differ from bank to bank.
The formula E= P* R* (1+R)^n/[(1+R)^n -1] is used to calculate the car loan EMI, where E represents the EMI, P represents the loan amount or principal, R represents monthly interest rate, and n represents number of months of the loan.
Most Indian banks ask for a minimum monthly salary to be around ₹20,000 to be eligible for a car loan. However, it depends on the car model, the policies of a bank, and the applicant's credit score.
You can easily calculate the monthly car loan EMI using EMIWala Car Loan Calculator. Enter the loan amount, interest rate and time period to get the expected results.
It depends on your financial situation. In general, shorter loan for 3 to 5 years is better because you pay less interest.
Yes, you can pay off a car loan early, but the bank will probably charge you a prepayment fee. It is better to review your loan agreement for such charges and pay off the loan ahead of schedule to save some interest.