Car Loan EMI Calculator
Car Loan EMI Calculator Calculate the monthly EMI on a car loan and the total interest you'll pay. Enter the loan amount, annual interest rate, and tenure, and this calculator uses the standard amortization formula to give your monthly installment and ove — free online calculator.
Formula
P is the initial principal, r is the monthly interest rate, and n is the number of monthly payments. For a zero-interest loan, EMI = P ÷ n.
This model uses monthly compounding and regular end-of-month payments. Fees, insurance, taxes and early repayments are not included unless they are part of the principal.
Example Calculation
Principal: Rs 2,000,000
Annual rate: 22%
Term: 5 years / 60 months
The monthly rate is 0.22 ÷ 12 ≈ 0.018333. Substituting this rate and 60 payments into the formula gives a monthly instalment of approximately Rs 55,238.
Frequently asked questions
What does EMI mean?
EMI stands for equated monthly instalment: a scheduled payment containing both principal and interest.
How should I enter the interest rate?
Enter a yearly percentage such as 22 for 22%. The calculator converts it to a monthly rate automatically.
What happens when the interest rate is zero?
The borrowed amount is divided evenly across the number of payments.
Why might my bank quote a different payment?
A lender may include fees or insurance, use daily interest, apply different rounding, or offer a variable rate.
Does a longer term reduce the total cost?
A longer term usually lowers the monthly instalment but increases total interest at the same positive rate.
Is this suitable for flat-rate loans?
This formula models a reducing-balance loan. Flat-rate loans use a different method.
Are my figures uploaded?
The calculation runs directly in the page; the values are not stored by this calculator.