Visual EMI Calculator
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Car Loan EMI Calculator
EMI
Flat Rate
Reducing Balance
Balloon Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
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Share
EMI
25833
Interest
550000
Principal
1000000
Total
1550000
550 K
(5 Lac)
5
Year
1,000,000
430 K
(4 Lac)
Year
Original
Reduced
𝒊
25833
will be
EMI
for
1000000
(1 m/10 Lac)
Loan Amount
for
5
Year
Loan Tenure
at
11.00%
Rate of Interest
.
How to Reduce Interest/ Tenure?
Pay
0
1
2
3
4
5
Extra EMI every year.
𝒊
Increase EMI by
0
2
3
5
7
10
15
20
% every year.
𝒊
Pay Lump-Sum
0
(10 K)
(20 K)
(30 K)
(40 K)
(50 K)
(60 K)
(70 K)
(80 K)
(90 K)
(100 K)
in
0
1
2
3
4
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
5 year
550000
Reduced
3 year
11 months
430833
Saved
1 year
1 month
119167
Loan Payment Schedule
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Original
Reduced
Balloon Payment
421 K
(4 Lac)
315 K
(3 Lac)
210 K
(2 Lac)
105 K
(1 Lac)
0
-
-
-
-
-
2024
2026
2028
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Car Loan EMI
A Car Loan EMI Calculator is an easy-to-use tool that helps you estimate your monthly EMI (Equated Monthly Installment) based on the loan amount, interest rate, and tenure. The tool also offers three options to reduce your loan tenure or interest that is pay extra EMIs, make lump-sum payments, or increase your EMI every year. This makes it easier to plan and optimize your loan repayments effectively.
Calculate Car Loan EMI
To calculate car loan EMI enter loan details including loan amount, interest rate, tenure and choose months or years.
Click Calculate to view your initial loan breakdown.
Customize payment options with three inputs.
Select a number of extra EMIs per year.
Increase EMIs by a percentage.
Select lump sum payment in a specific year.
Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.
Eligibility Criteria for Car Loan EMI
Age and Income:
Applicants must meet the minimum age requirement and have a stable income source that matches the lender's income eligibility criteria.
Creditworthiness:
A good credit score is necessary, reflecting responsible credit history and timely repayment behavior, which impacts the car loan EMI.
Employment Stability:
Borrowers should have stable employment, often with a required minimum tenure in their current job or business.
Documentation:
Applicants need to submit essential documents, including ID proof, income proof, and address verification, to complete their loan application.
Car Loan EMI Calculator FAQ
How can I reduce my car loan EMI?
You can reduce your car loan EMI by making extra EMIs, paying lump-sum amounts, or increasing your EMI every year. The car loan EMI calculator helps you explore these options to lower your interest or tenure.
Why should I use a Car Loan EMI Calculator?
A Car Loan EMI Calculator helps you estimate your monthly payments, compare loan options, and see how different factors like extra payments or increased EMIs can reduce your overall interest and loan tenure.
Can I reduce my car loan tenure without increasing my EMI?
Yes, by making lump-sum payments or paying extra EMIs, you can reduce the loan tenure without necessarily increasing your monthly EMI.
×
How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
550000
1 Extra EMI/ year
5 year
▶ 0 year
495000
▶ 55000
2 Extra EMI/ year
4 year
▶ 1 year
440000
▶ 110000
3 Extra EMI/ year
4 year
▶ 1 year
430833
▶ 119167
How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
550000
Increase EMI by 1%
5 year
▶ 0 year
540833
▶ 9167
Increase EMI by 3%
5 year
▶ 0 year
513333
▶ 36667
Increase EMI by 5%
5 year
▶ 0 year
485833
▶ 64167
How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
550000
Pay 10% in 2nd year
5 year
▶ 0 year
504167
▶ 45833
Pay 20% in 3rd year
5 year
▶ 0 year
449167
▶ 100833
Pay 30% in 4th year
4 year
▶ 1 year
440000
▶ 110000
How to Reduce Interest/ Tenure?
Making early payments towards Principal amount can reduce your Interest and/ or Tenure.
1. How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
2. How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
3. How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
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