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India (INR)
Car loan calculator
Estimate monthly EMI, total interest and repayment for any car loan in India.
- Monthly EMI
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- Total interest
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- Total payment
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How car loan EMI is calculated in India
Most banks and NBFCs use the reducing-balance method. Your EMI stays fixed each month, but the interest portion decreases over time as the principal is paid down.
The standard formula is: EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is the loan amount, R is the monthly interest rate, and N is the total number of months.
Tips before you sign a car loan
- Compare offers from at least three lenders — rates differ by 0.5–1.5% easily.
- Check processing fees, foreclosure charges and insurance bundling.
- Keep EMI under 15–20% of your monthly take-home pay.
- A larger down payment reduces interest significantly over 5–7 years.
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