Car Loan Calculator
Calculate your car loan EMI, interest, and payment schedule in INR
Loan Details
Monthly EMI
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Total Interest
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Total Amount Payable
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Principal Amount
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Payment Breakdown
Amortization Schedule
| Month | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|---|---|---|---|
| Enter loan details and click “Calculate EMI” to see the amortization schedule | ||||
This calculator provides estimates only. Actual loan terms may vary based on lender policies and creditworthiness.
Car Loan Calculator
Buying a car is one of the biggest financial decisions for many individuals. Whether you are purchasing your first car or upgrading to a new model, understanding your loan repayment plan is crucial. This is where a Car Loan Calculator becomes your best financial companion. It helps you estimate your monthly EMI, total interest payable, and the overall repayment schedule within seconds.
In this article, we’ll explain what a car loan calculator is, how it works, its benefits, and how you can use it to make better financial decisions.
What is a Car Loan EMI Calculator?
A Car Loan EMI Calculator is a free online tool that helps you calculate the Equated Monthly Installments (EMI) you need to pay for your car loan. By entering just three details — loan amount, tenure, and interest rate — you can get instant results about your monthly payments.
This tool not only shows your monthly EMI, but also provides:
• Total Interest Payable over the loan period
• Total Repayment Amount (Principal + Interest)
With this information, you can make better financial decisions before applying for a car loan.
Used Car Loan Calculator
Buying a pre-owned car is a smart financial choice for many people. It allows you to own a vehicle at a lower cost compared to a brand-new model. However, if you are planning to buy a used car with the help of a loan, you must know how much EMI (Equated Monthly Installment) you will need to pay every month. This is where a Used Car Loan Calculator becomes an essential tool.
What is a Used Car Loan Calculator?
A Used Car Loan Calculator is an online tool that helps you calculate the monthly EMI for your second-hand or pre-owned car loan. By entering a few basic details — loan amount, interest rate, and tenure — you can instantly find out:
• Your monthly EMI
• Total interest payable
• Total repayment amount
This tool makes financial planning easier by giving you a clear picture of your loan obligations before applying.
Car Loan Calculator Formula
When planning to buy a car through a loan, one of the most important things to know is how much EMI (Equated Monthly Installment) you will pay every month. Understanding the Car Loan Calculator Formula helps you calculate your EMIs accurately and plan your budget better.
Car Loan Calculator Formula
The formula used to calculate a car loan EMI is:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1] Where:-
• P = Loan Amount (Principal)
• R = Monthly Interest Rate (Annual Interest Rate ÷ 12 ÷ 100)
• N = Loan Tenure in Months
Example Calculation
Let’s say you borrow ₹7,00,000 at an interest rate of 9% per annum for 5 years (60 months).
• Loan Amount (P) = ₹7,00,000
• Annual Interest Rate = 9%
• Monthly Interest Rate (R) = 9 ÷ 12 ÷ 100 = 0.0075
• Loan Tenure (N) = 60 months
EMI = [7,00,000 × 0.0075 × (1 + 0.0075)^60] ÷ [(1 + 0.0075)^60 – 1]
Your monthly EMI will be approximately ₹14,564.
Amortization Schedule
When you take a loan, whether for a car, home, or personal needs, you agree to repay it through monthly installments (EMIs). Each EMI includes two parts – Principal Repayment and Interest Payment. An Amortization Schedule is the detailed breakdown of how these EMIs are distributed throughout the loan tenure.
For borrowers, it provides transparency and better financial planning. For banks and lenders, it helps maintain accurate loan tracking.
What is an Amortization Schedule?
An Amortization Schedule is a table that shows every loan payment from the beginning until the loan is fully paid off. It includes:
• Payment Number (Month/Year)
• Principal Component (how much of the loan amount is repaid)
• Interest Component (how much interest is paid)
• Total EMI (fixed monthly installment)
• Outstanding Balance (remaining loan after each payment)
👉 While the monthly EMI remains the same, the share of interest and principal changes with every installment. At the beginning, a larger part goes towards interest, but as the loan progresses, a larger portion goes towards principal repayment.
Why is an Amortization Schedule Important?
1. Clear Loan Repayment Plan – You know how much you are paying each month.
2. Interest vs Principal Tracking – See exactly how much of your EMI goes to interest and how much reduces your loan balance.
3. Better Financial Planning – Helps you plan prepayments or early closures.
4. Transparency – No hidden surprises in repayment.
5. Bank Records – Financial institutions use amortization schedules to track borrower payments.
How to Use WowTool Car Loan EMI Calculator
Planning to buy a new or used car on loan? Before applying for a loan, it is important to know how much EMI (Equated Monthly Installment) you will need to pay every month. The WowTool Car Loan EMI Calculator is a free and user-friendly online tool that helps you calculate your EMIs instantly.
In this article, we’ll explain how to use the WowTool calculator, why it is useful, and how it helps in better financial planning.
What is WowTool Car Loan EMI Calculator?
A Car Loan Repayment Table, also known as an Amortization Schedule, is a detailed statement that shows how your car loan will be repaid over time.
It provides a month-by-month (or year-by-year) breakdown of:
• Loan Principal (amount borrowed)
• EMI (Equated Monthly Instalment)
• Interest component of each EMI
• Principal component of each EMI
• Outstanding loan balance after every payment
👉 In the early months, the interest portion is higher, and the principal portion is smaller. As the loan progresses, the principal component increases while the interest portion decreases.
This table helps borrowers clearly understand how much interest they are paying, how much of the principal is repaid, and the remaining balance at any given time.
Advantages of Using WowTool Online EMI Calculator for Car Loan
Buying a car is a big financial decision, and most people rely on loans to make it happen. Before applying for a car loan, it’s important to know your monthly EMI (Equated Monthly Installment) in advance. The WowTool Online EMI Calculator for Car Loan is a simple yet powerful tool that helps you plan your finances smartly.
Let’s explore the key advantages of using WowTool’s EMI Calculator for car loans.
FAQs
Car Loan EMI Calculator Formula
The standard formula to calculate Car Loan EMI is:
EMI = P x Rrx (1+R)^N/[(1+R)^N-1] Where:-
• P = Loan Amount (Principal)
• R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
• N = Loan Tenure in months
What is a Car Loan EMI?
A Car Loan EMI (Equated Monthly Instalment) is the fixed monthly payment you make to the bank or financial institution to repay your car loan. The EMI consists of two parts:
• Principal: The actual loan amount borrowed to purchase the car.
• Interest: The cost charged by the lender for providing the loan.
By paying EMIs over the loan tenure, you gradually repay the full loan amount without putting a heavy burden on your finances.
👉 For example, offer car loans with high loan amounts, attractive interest rates, and flexible EMI options, making car ownership more affordable and convenient.
How does a Home Loan Eligibility Calculator work?
A Home Loan Eligibility Calculator uses a mathematical formula to estimate the maximum loan amount you can borrow based on your income and repayment capacity.
The calculator considers several key factors, including:
• Monthly/Annual Income – Higher income increases loan eligibility.
• Loan Tenure – Longer tenure improves eligibility as EMIs are spread out.
• Rate of Interest – Lower rates enhance eligibility by reducing EMI burden.
• Existing EMIs/Obligations – Other active loans reduce eligibility.
• Age & Profession – Younger borrowers with stable jobs/businesses qualify for higher loan amounts.
This tool helps borrowers plan better by giving a clear picture of affordability before applying for a loan.
What is a Car Loan Repayment Table?
A Car Loan Repayment Table, also known as an Amortization Schedule, is a detailed statement that shows how your car loan will be repaid over time.
It provides a month-by-month (or year-by-year) breakdown of:
• Loan Principal (amount borrowed)
• EMI (Equated Monthly Instalment)
• Interest component of each EMI
• Principal component of each EMI
• Outstanding loan balance after every payment
👉 In the early months, the interest portion is higher, and the principal portion is smaller. As the loan progresses, the principal component increases while the interest portion decreases.
This table helps borrowers clearly understand how much interest they are paying, how much of the principal is repaid, and the remaining balance at any given time.
What is the typical tenure of a car loan in India?
In India, the typical tenure of a car loan ranges from 1 year to 5 years. However, many banks and NBFCs now also offer longer repayment options of up to 7 years.
• Shorter tenure (1–3 years): Higher EMIs but lower total interest outgo.
• Longer tenure (5–7 years): Lower EMIs but higher overall interest cost.
👉 Choosing the right tenure depends on your monthly budget, loan amount, and interest rate. Borrowers who want smaller EMIs often go for longer tenures, while those who want to save on interest choose shorter durations.