Car Loan EMI Calculator
Calculate your monthly car loan payments for all major banks including SBI, HDFC, ICICI, PNB, and Bank of Baroda
Calculate Your Car Loan EMI
Your Loan Details
Enter your loan details to calculate your EMI
Car Loan EMI Calculator – How It Works
Our Car Loan EMI Calculator helps you determine your monthly Equated Monthly Installment (EMI) payments for your car loan. Simply enter the loan amount, interest rate, and tenure to get instant results.
A Car Loan EMI Calculator is an online tool that helps you calculate the monthly installments you’ll need to pay towards your car loan. It takes into account the principal amount, interest rate, and loan tenure to provide accurate EMI amounts.
This tool is especially useful when comparing loan offers from different banks like SBI, HDFC Bank, and ICICI Bank.
The formula used to calculate EMI is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (annual rate divided by 12)
- N = Loan tenure in months
Our calculator automatically applies this formula to give you accurate results for your car loan EMI.
| Bank | New Car Interest Rate | Used Car Interest Rate |
|---|---|---|
| SBI Car Loan | 8.50% – 9.60% | 9.60% – 10.60% |
| HDFC Car Loan | 8.75% – 9.85% | 9.85% – 10.85% |
| ICICI Car Loan | 8.90% – 10.00% | 10.00% – 11.00% |
| Bank of Baroda | 8.60% – 9.70% | 9.70% – 10.70% |
Note: Interest rates are subject to change. Please check with the bank for current rates.
- Increase your down payment: A larger down payment means a smaller loan amount and lower EMIs.
- Opt for a longer tenure: While this increases total interest, it reduces monthly payments.
- Improve your credit score: A higher score can help you negotiate better interest rates.
- Compare lenders: Check offers from multiple banks before finalizing your loan.
- Consider pre-approved loans: These often come with better terms and lower rates.
Popular Car Loan EMI Calculations
Here are some common car loan scenarios people search for:
10 Lakh Car Loan EMI for 5 Years
At 8.5% interest rate: ~₹20,500/month
8 Lakh Car Loan EMI for 5 Years
At 8.5% interest rate: ~₹16,400/month
10 Lakh Car Loan EMI for 7 Years
At 8.5% interest rate: ~₹15,800/month
5 Lakh Car Loan EMI for 3 Years
At 8.5% interest rate: ~₹15,800/month