Car LoanEMI Calculator
What is a Car Loan EMI Calculator?
Few moments compare to the excitement of owning a brand-new car. To make the journey smooth, understanding your financial commitments is essential. A Car Loan EMI Calculator enables you to plan repayments with precision by factoring in the loan amount, tenure, and car loan interest rates.
Whether you’re eyeing a luxury sedan or a high-end SUV, a car loan calculator allows you to compare options from various car loan apps and secure the lowest interest rate car loans.
Benefits of Car Loan EMI Calculator?
Smarter Financial Planning
It can help you align your loan with your budget and expenses.
Precise EMI Calculation
With a car loan EMI calculator, you can estimate your monthly repayments with accuracy.
Effortless Loan Comparison
You can evaluate multiple financing options with ease.
Detailed Interest Insights
You can get a clear view of total interest payable.
How To Calculate EMI for a Car Loan
- Enter the Loan Amount – The amount you want to borrow.
- The Repayment Tenure – The number of months to make the repayment.
- Apply the Interest Rate – The interest rate to be applied to the loan.
- View EMI Breakdown – Structured monthly installment details.
You can quickly estimate your Car loan EMI with the following details.
Formula for Car Loan EMI:
Car loan EMI is calculated with the help of the following formula.
- P = Loan Amount,
- R = Monthly Interest Rate,
- N = Number of Months.
Where
For example:
If you take a ₹10 lakh car loan at 12% annual interest for 5 years, the EMI would be approximately ₹22,244.
Factors that affect Car Loan EMIs
Loan Amount
The loan amount is the total sum borrowed from a lender to purchase a vehicle, which has a direct impact on the monthly EMIs. A higher loan amount results in increased EMIs, requiring careful financial planning to ensure smooth repayment. Opting for a lower car loan amount or making a larger down payment helps reduce EMI burdens and minimizes overall interest costs. Choosing an amount that aligns with your financial capacity ensures a manageable repayment structure while securing the vehicle of your choice.
Credit Score
A credit score is a figure that represents an individual’s creditworthiness, based on their repayment history and financial behavior. A higher credit score often secures the lowest interest rate car loans, resulting in reduced EMIs and overall borrowing costs. However, a lower score may lead to higher interest rates, increasing monthly EMIs and making repayment more expensive. Maintaining a strong credit score through timely payments and responsible credit usage enhances eligibility for favorable loan terms, ensuring a cost-effective borrowing experience.
On the contrary, a lower score may result in higher rates, increasing repayment costs. Lenders assess past repayment history, credit utilization, and outstanding debt before finalizing terms.
Loan Tenure and Interest Rate
Loan tenure refers to the timeframe over which the loan is repaid, while the interest rate determines the cost of borrowing. A longer tenure results in lower EMIs but increases total interest paid over time. In contrast, a shorter tenure leads to higher EMIs but reduces overall interest costs.
Similarly, a lower interest rate decreases EMIs, making the loan more affordable, whereas a higher rate raises repayment obligations. Choosing the right balance ensures financial efficiency and manageable repayments
Down Payment
A down payment is the upfront amount paid when financing a vehicle, influencing the car loan EMI structure. While a higher down payment can lower EMIs and reduce interest costs, borrowers can also opt for a higher loan amount to manage expenses without financial strain. Car loan apps offer flexible financing options to suit different financial preferences, ensuring seamless repayment
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Hear from our customers
As a first-time buyer, the car loan EMI calculator helped me understand EMIs, tenure, and interest without any stress.
Rhea N.
Kolkata
I used the EMI calculator to adjust loan amounts and tenure until the EMI fit my budget—super helpful for planning.
Siddharth K.
Mumbai
Seeing both EMI and total interest made the car loan options feel more transparent. The calculator was spot on.
Anita P.
Mumbai
It was a quick and easy process and I got EMI and interest estimates in seconds based on the tenure I had in mind.
Manav J.
Kolkata
The calculator showed how a longer tenure would reduce EMI but increase interest. Helped me find the right balance.
Tanya V.
Mumbai
As a first-time buyer, the car loan EMI calculator helped me understand EMIs, tenure, and interest without any stress.
Rhea N.
Kolkata
I used the EMI calculator to adjust loan amounts and tenure until the EMI fit my budget—super helpful for planning.
Siddharth K.
Mumbai
Seeing both EMI and total interest made the car loan options feel more transparent. The calculator was spot on.
Anita P.
Mumbai
It was a quick and easy process and I got EMI and interest estimates in seconds based on the tenure I had in mind.
Manav J.
Kolkata
The calculator showed how a longer tenure would reduce EMI but increase interest. Helped me find the right balance.
Tanya V.
Mumbai
Frequently Asked Questions?
To complete Digital KYC, only your Aadhaar Card & PAN Card are required.
Income Proof is not required for all customers. Only for some high-value loans, depending on customer’s credit profile, he/she may be asked to submit Income Proof by linking his bank account or via PDF Bank statement so that the bank statement can be fetched & verified online.
No, we do not require any security or guarantor to approve your loan. Once we verify your basic information & complete your digital KYC, your loan will be approved by the system, based on profile eligibility.
Once you have paid all your EMIs and outstanding dues, we will send you a No Objection Certificate (NOC). The NOC will be sent to your registered email id after 72 hours (3 days) of closing your loan account.
Kissht - India’s Most
Trusted Loan App
Kissht - India’s
Most Trusted Loan App
