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Due to various car loan options given by multiple banks, it is much easier to acquire your ideal car nowadays. Car loans are available with low interest rates and up to an 8-year repayment period. You can easily find out the lowest car loan interest rate with the help of a car loan EMI calculator.

A Car Loan EMI Calculator or some people also call it a car loan down payment calculator, is available on a variety of banks and third-party websites. It helps you calculate the Equated Monthly Instalments (EMIs) that should be paid. EMI Calculator is simple to use. Basic information such as the repayment term, principal amount, and interest rate must be provided to calculate the EMI.

Year | Principal | Interest | Balance |
---|---|---|---|

2021 | Rs.81,135 | Rs.46,348 | Rs.4,18,866 |

2022 | Rs.89,630 | Rs.37,852 | Rs.3,29,236 |

2023 | Rs.99,017 | Rs.28,468 | Rs.2,30,221 |

2024 | Rs.1,09,384 | Rs.18,099 | Rs.1,20,837 |

2025 | Rs.1,20,839 | Rs.6,646 | 0 |

Loan Amount | Rs.5,00,000 |
---|---|

EMI | Rs.10,624 |

Total Interest Due | Rs.1,37,411 |

Processing Fee | Rs.5,000 |

Total Amount Payable | Rs.6,37,411 |

The total loan amount will be decreased by Rs.32,505, and the loan term will be reduced by seven months.

If prepayment is not made

**EMI:** Rs.1,37,411
**Interest duration:** 5 years

**If prepayment is made:**

**EMI:** Rs.1,09,906
**Interest Duration:** 4 years and 5 months

The Car Loan EMI calculator can help you figure out how much you'll have to pay each month on your car loan. The EMI Calculator will calculate your monthly payments as well as give you a complete loan repayment table that includes information such as the principal and interest amount being paid, and the outstanding balance after each installment is paid.

- This page's calculator can be located at the top. The initial step is to decide on a loan amount.
- Next, choose a repayment period.
- Fill in the interest rate and the processing charge.
- Select ‘Calculate' from the drop-down menu. The results will be shown right away. You can see how much the principal is and how much interest is paid each year.
At the end of each year, the calculator tells the unpaid balance.

## How is Car Loan EMI Calculated?

**E = P x R x (1+R)n / (1+R)n – 1 E = P x R x (1+R)n / (1+R)n – 1**

where **‘E'** denotes the amount of EMI you owe,

**‘P'** refers to the principal.

**‘R'** stands for the interest rate on your car loan.

**‘n'** denotes the length of the car loan (in months)

Car loans are available with both fixed and fluctuating interest rates. The fixed rate will remain constant during the loan's term, but the floating rate may vary at any time. Interest rates are affected by a variety of factors, including relevant taxes, inflation, liquidity, and so on.

The EMI you must pay on a car loan under a fixed rate EMI calculation remains the same throughout the loan term because the bank offered a uniform interest rate for the entire duration.

For example, if you take out Rs.5 lakh car loan with a 10% p.a. interest rate over three years, the monthly interest will be Rs.16,134. This is the total amount due throughout of the loan.

The EMI payable using the floating rate EMI calculation technique varies depending on the interest rate in effect at the moment. The market lending rate determines the floating rate of interest.

Assume you've taken out a 5 lakh car loan with a three-year repayment period. Because the interest rate for a year is 10%, the EMI payment is Rs.16,134 in the case above. You will have an unpaid balance of Rs.3,36,409 at the end of the year. The interest rate on your auto loan at the time was changed to 8%. As a result, the EMI payment for the remainder of the term will be Rs.15,215.

**Note that**, based on market developments, the interest rate may rise or fall over the loan term.

Name of the bank | HDFC Bank | Axis Bank |
---|---|---|

Processing fee | 1% of the loan amount. The maximum and minimum amounts that can be charged are Rs.5,000 and Rs.10,000, respectively. | Rs.3,500 to Rs.5,500 |

Documentation | Rs.700 | Rs.500 per instance |

Foreclosure charges | 3% - 6% depending on the amount of time completed* | 5% of the principal outstanding |

Loan cancellation | As mentioned by the bank | Rs.2,500 per instance |

Penal interest | 2% per month | 2% per month |

**Note that GST rates will be applied in addition to the above-mentioned rates.**

*Foreclosure by HDFC Bank is not permitted within six months from the date the car loan was taken out.

Name of the bank | Name of the bank | Name of the bank | Name of the bank |
---|---|---|---|

Axis Bank | HDFC | State Bank Of India | ICICI |

Kotak Mahindra | Canara Bank | Central Bank of India | PNB |

Union Bank of India | IOB | Federal Bank | Indian Bank |

South Indian Bank | Bank of Baroda | Corporation Bank | IndusInd Bank |

- The breakdown of the due amount is given: The EMI calculator for an auto loan lets you calculate the processing fees, also the interest charged, the principal amount, and the total amount due.
- It is possible to plan your budget: You can organize your budget properly once you know the EMI that needs to be paid. If the loan amount is substantial, you may want to consider a longer repayment period. The vehicle loan EMI calculator can help you figure out these data.
- Accuracy: The obtained results on the calculator are accurate for the information entered on the calculator. The results of manual calculations may not be correct.
- Saves A lot of time: The Car Loan EMI Calculator's primary goal is to save time. The answers are calculated very instantly once the essential details are entered.
- No Limits: The answers are shown very instantly once the essential details are entered. As a result, you utilize the calculator to experiment with various options. This might assist you in determining the best lender and the required down payment. You can compare the EMIs for different numbers because the calculator has no limit on how many times it can be used.

FAQ's### Are there any consequences if I fail to pay an EMI?

If you skip an EMI, you will be penalized. The penalty charges will differ depending on the lender. If you skip an EMI, it will impact your credit score.

## What is Equated Monthly Installment, and how does it work?

Equated Monthly Installments are used to repay secured loans such as home loans and car loans, as well as unsecured loans such as personal loans (EMI). Loan for a car The EMI is a fixed monthly payment made by the borrower to the lender/bank for the purpose of repaying the car loan till the end of the loan term. The principal loan amount and interest payment are included in the EMI.

## What are the advantages of using an online EMI Calculator for a Car Loan?

On the bank's website or a reputable third-party website, you can find an online vehicle loan EMI calculator. The tool is simple to operate. You may use it as many times as you like. The results are immediate and accurate, whereas traditional EMI calculations are time-consuming and prone to human mistakes. To get revised results, try other combinations of the loan amount, loan tenure, and interest rates.

## What is a Repayment Table for a Car Loan?

The periodic loan payback schedule of your automobile loan is represented by a Car Loan Repayment table. It contains information about your car loan payments, including the principal loan amount, EMI, interest payment, and the balance due after each EMI payment.

## Is it possible to get a car loan for my current four-wheeler?

Yes, you can get a car loan for your current vehicle. You can locate a bank that offers a used auto loan that meets your needs and standards.

## Who is eligible for a car loan?

Anyone who fits into one of the following groups is eligible for a car loan:

## What are the various options for paying the auto loan EMI?

The following are the several ways in which the auto loan EMI can be paid:## Is the EMI amount affected by the repayment period?

If you skip an EMI, you will be penalized. The penalty charges will differ depending on the lender. If you skip an EMI, it will impact your credit score.

## Is it possible to adjust the EMI on a car loan in the future?

The car loan EMI will vary depending on whether you choose a variable or fixed rate. In the case of a floating rate, the EMI will fluctuate dependent on the current month's interest rate. If you choose a fixed rate, however, your EMI will not fluctuate.

## Is it possible to get a car loan for a used vehicle?

Car loans for used cars are available from most banks.

If you skip an EMI, you will be penalized. The penalty charges will differ depending on the lender. If you skip an EMI, it will impact your credit score.

Equated Monthly Installments are used to repay secured loans such as home loans and car loans, as well as unsecured loans such as personal loans (EMI). Loan for a car The EMI is a fixed monthly payment made by the borrower to the lender/bank for the purpose of repaying the car loan till the end of the loan term. The principal loan amount and interest payment are included in the EMI.

On the bank's website or a reputable third-party website, you can find an online vehicle loan EMI calculator. The tool is simple to operate. You may use it as many times as you like. The results are immediate and accurate, whereas traditional EMI calculations are time-consuming and prone to human mistakes. To get revised results, try other combinations of the loan amount, loan tenure, and interest rates.

The periodic loan payback schedule of your automobile loan is represented by a Car Loan Repayment table. It contains information about your car loan payments, including the principal loan amount, EMI, interest payment, and the balance due after each EMI payment.

Yes, you can get a car loan for your current vehicle. You can locate a bank that offers a used auto loan that meets your needs and standards.

Anyone who fits into one of the following groups is eligible for a car loan:

- Self-Employed persons
- Firms that form partnerships
- Trusts and HUFs
- Salaried Class
- Partnership firms

The following are the several ways in which the auto loan EMI can be paid:

- Post-dated cheques
- ECS mandate
- Standing Instructions

If you skip an EMI, you will be penalized. The penalty charges will differ depending on the lender. If you skip an EMI, it will impact your credit score.

The car loan EMI will vary depending on whether you choose a variable or fixed rate. In the case of a floating rate, the EMI will fluctuate dependent on the current month's interest rate. If you choose a fixed rate, however, your EMI will not fluctuate.

Car loans for used cars are available from most banks.