Car Loan EMI Calculator
Calculate your car loan EMI with on-road price, down payment, and total cost of ownership.
Popular cars
Approx. mid-variant on-road prices (2025-26). Actual prices vary by city and variant.
Loan amount: ₹9.60 L
Monthly EMI
₹19,928
Loan Amount
₹9.60 L
Total Interest
₹2.36 L
Total Payment
₹11.96 L
Down Payment
₹2.40 L
Total cost of ownership (financing)
On-Road Price
₹12.00 L
Interest Cost
₹2.36 L
Effective Total
₹14.36 L
About the Car Loan EMI Calculator
A car loan EMI calculator does more than compute a monthly number - it reveals the true cost of driving a car on credit. The on-road price includes registration, insurance, and accessories that many buyers forget to finance. Choosing the right down payment is a balance between preserving cash and minimizing total interest paid. A 20% down payment vs a 10% down payment on a 12 lakh car can save over 50,000 in total interest over 5 years.
Car Loan EMI Formula
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)
P = Loan amount (on-road price minus down payment) | r = Monthly interest rate (annual rate / 12 / 100) | n = Loan tenure in months
Worked Example
Maruti Swift: On-road price 9 lakh, 20% down (1.8 lakh), loan 7.2 lakh at 9% for 5 years
EMI: 14,952 | Total paid: 8,97,120 | Total interest: 1,77,120 | Total cost of ownership: 10,77,120 (loan + down payment)
Tips & Insights
- 1
The on-road price is 10-18% higher than the ex-showroom price due to RTO, insurance, and accessories. Always calculate EMI on the on-road price.
- 2
A 30% down payment reduces your EMI and total interest significantly compared to 10%. Every additional rupee upfront saves proportionally in interest.
- 3
Car loans at new car dealerships often have higher rates than your bank. Compare rates before signing at the showroom.
- 4
A car depreciates 20% in year 1 and 15% in year 2. If you finance 90%, you owe more than the car is worth immediately - negative equity.
- 5
Consider insurance cost: comprehensive insurance for a new car can be 30,000-70,000/year for the first 3 years.
- 6
If you plan to sell within 3-4 years, choose the shortest affordable tenure to build equity faster.
Why this matters for you
The true cost of a car is not the sticker price or even the on-road price - it is the on-road price plus all the interest you pay over the loan tenure. For a 10 lakh car financed at 85%, the total cost including interest can be 12-13 lakh over 7 years. Knowing this upfront helps you decide: is this car worth it? Can I buy a slightly cheaper model with cash? Should I wait 6 months and save a larger down payment? The calculator makes these trade-offs concrete.
Related Calculators
EMI Calculator
Calculate your Equated Monthly Instalment for home, car, or personal loans.
Amortization
Get a full month-by-month loan amortization schedule. See every EMI broken into principal and interest, track your outstanding balance, and find the break-even year.
Loan Compare
Compare two loans side by side - EMI, total interest, and total payment. Find which loan costs less overall.