Car Loan EMI Calculator
Calculate auto financing EMIs and interest to budget for your vehicle purchase.
Monthly Loan EMI₹12,871
Principal Amount₹8,00,000
Interest Payable₹2,81,186
Total Bill:₹10,81,186
Breakdown
Principal Amount74.0%
Interest Cost26.0%
How This is Calculated (Formula Transparency)
EMI = [P * r * (1 + r)^n] / [((1 + r)^n) - 1], where P = Principal, r = monthly rate, n = tenure in months.
Concept: P = 10,00,000, r = 9 / 12 / 100 = 0.0075, n = 84 months. EMI = [10L * 0.0075 * 1.0075^84] / [1.0075^84 - 1] = ₹16,089.
Worked Example Case Study
Scenario: Car loan of ₹10,00,000 at 9% interest for 7 years.
Detailed Calculation: P = 10,00,000, r = 9 / 12 / 100 = 0.0075, n = 84 months. EMI = [10L * 0.0075 * 1.0075^84] / [1.0075^84 - 1] = ₹16,089.
Result Outcome: Monthly EMI: ₹16,089. Total Interest: ₹3,51,487. Total Payment: ₹13,51,487.
Assumptions & Rules
- Calculated based on standard reducing balance interest.
- Calculations are compliant with laws and rates as of FY 2025-26 (AY 2026-27).
Get Pre-Approved Loan Quotes Secure
Find the lowest interest rates from SBI, HDFC, ICICI, and LIC Housing.