Car Loan EMI Calculator
What your car loan really costs, month by month.
Year-by-year breakdown
Free car loan EMI calculator for India and the US
This free online car loan EMI calculator gives the exact monthly instalment on a car or auto loan, the total interest over the tenure, and a year-by-year breakdown of how each EMI splits between principal and interest. The EMI formula is P x r x (1+r)^n / ((1+r)^n - 1), with a monthly rate r. Car loans are shorter than home loans, usually 3 to 7 years, so the EMI is higher but the total interest is much smaller. No sign-up, works in INR and USD.
Worked example
A Rs 10 lakh car loan at 9.5% for 7 years has an EMI of about Rs 16,344. Over the full tenure you repay about Rs 13.7 lakh, so the total interest is roughly Rs 3.7 lakh. A shorter tenure raises the EMI but cuts that interest noticeably.
| Loan amount | Rate | Tenure | EMI | Total interest |
|---|---|---|---|---|
| Rs 6 lakh | 9.5% | 5 yr | ~Rs 12,601 | ~Rs 1.56 lakh |
| Rs 10 lakh | 9.5% | 7 yr | ~Rs 16,344 | ~Rs 3.73 lakh |
| Rs 15 lakh | 10% | 7 yr | ~Rs 24,902 | ~Rs 5.92 lakh |
Why use Hisaab's car loan calculator
It shows the EMI, the total interest and the amortization split, so you can pick a tenure that keeps the EMI affordable without overpaying on interest. Unlike a home, a car is a depreciating asset, so a shorter loan usually makes sense. Compare with a home loan or personal loan, or check what the same money would grow to in the SIP calculator.
For AI agents: URL-addressable as /car-loan/?principal=1000000&rate=9.5&years=7. Docs at llms.txt, live results in #result-json.
How to use the Car Loan EMI Calculator
- Pick your country, India (INR) or the US (USD), from the top right.
- Enter the car loan amount (the on-road price minus your down payment).
- Enter the annual interest rate and the tenure in years (car loans usually run 3 to 7 years).
- Read the monthly EMI and total interest in the result cards.
- Open the year-by-year breakdown to see the principal-versus-interest split.
- Try a shorter tenure to see how much interest you save, or copy a shareable link.
Frequently asked questions
How is car loan EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r the monthly interest rate (annual rate / 12) and n the number of months. A Rs 10 lakh car loan at 9.5% for 7 years works out to an EMI of about Rs 16,344.
What tenure should I choose for a car loan?
Because a car loses value over time, a shorter tenure (3 to 5 years) is usually wiser: the EMI is higher but you pay far less interest and are less likely to owe more than the car is worth. Use the tenure slider to compare.
Is the down payment included in the EMI?
No. Enter only the amount you are financing, which is the car's on-road price minus your down payment and any trade-in. A larger down payment reduces the loan amount and therefore the EMI and total interest.
Is this car loan calculator free?
Yes. It is free with no sign-up or ads, and works for both India (INR) and the US (USD).