How is a car loan EMI calculated?

EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the amount financed, r the monthly interest rate and n the tenure in months. In plain words: the longer the tenure the smaller each instalment but the more interest in total, and a bigger down payment shrinks P and with it every instalment. The calculator on this page runs exactly this formula and shows the month-by-month split.

What interest rate should I use?

Your own bank's quote, because rates differ by lender and credit record and no calculator knows yours. The slider covers 7% to 14% a year and opens at 9.5% as an assumption to start from, not a market figure.

Should I calculate the EMI on the ex-showroom or the on-road price?

On-road. It is the full amount you actually pay, including road tax and insurance, and the amount a loan has to cover. Open any car on this site and its variant pages carry this calculator with the real price already filled in, on-road for your city.

Car loan EMI calculator

Four numbers decide your EMI: the price, the down payment, the tenure and the rate. Set them below and read the monthly figure.

Calculate on the on-road price, not ex-showroom. On-road is the full amount you actually pay, and the amount a loan has to cover.

Which price are you putting in?

On-road price₹15.00L

Good choice. The on-road price is the full amount you pay, so this EMI is the complete picture.

Down payment₹3,00,000 (20%)

Tenure5 years

Interest rate assumption9.5%

Rates differ by lender and credit record. Drag this to the rate your bank actually quotes you.

Monthly EMIabout ₹25,200

Amount financed: ₹12,00,000
Interest over 5 years: ₹3,12,000
Total paid, down payment included: ₹18,12,000

Year-by-year scheduleHow each year's payments split between interest and the loan

YearLoan repaidInterestStill owed

2026₹47,481₹28,126₹11,52,519

Oct 2026₹15,702₹9,500₹11,84,298

Nov 2026₹15,827₹9,376₹11,68,471

Dec 2026₹15,952₹9,250₹11,52,519

2027₹2,01,564₹1,00,864₹9,50,955

Jan 2027₹16,078₹9,124₹11,36,441

Feb 2027₹16,205₹8,997₹11,20,236

Mar 2027₹16,334₹8,869₹11,03,902

Apr 2027₹16,463₹8,739₹10,87,439

May 2027₹16,593₹8,609₹10,70,846

Jun 2027₹16,725₹8,478₹10,54,121

Jul 2027₹16,857₹8,345₹10,37,264

Aug 2027₹16,991₹8,212₹10,20,273

Sept 2027₹17,125₹8,077₹10,03,148

Oct 2027₹17,261₹7,942₹9,85,888

Nov 2027₹17,397₹7,805₹9,68,490

Dec 2027₹17,535₹7,667₹9,50,955

2028₹2,21,570₹80,857₹7,29,387

Jan 2028₹17,674₹7,528₹9,33,282

Feb 2028₹17,814₹7,388₹9,15,468

Mar 2028₹17,955₹7,247₹8,97,513

Apr 2028₹18,097₹7,105₹8,79,416

May 2028₹18,240₹6,962₹8,61,176

Jun 2028₹18,385₹6,818₹8,42,791

Jul 2028₹18,530₹6,672₹8,24,261

Aug 2028₹18,677₹6,525₹8,05,584

Sept 2028₹18,825₹6,378₹7,86,760

Oct 2028₹18,974₹6,229₹7,67,786

Nov 2028₹19,124₹6,078₹7,48,662

Dec 2028₹19,275₹5,927₹7,29,387

2029₹2,43,558₹58,867₹4,85,828

Jan 2029₹19,428₹5,774₹7,09,959

Feb 2029₹19,582₹5,621₹6,90,377

Mar 2029₹19,737₹5,465₹6,70,640

Apr 2029₹19,893₹5,309₹6,50,747

May 2029₹20,050₹5,152₹6,30,697

Jun 2029₹20,209₹4,993₹6,10,488

Jul 2029₹20,369₹4,833₹5,90,118

Aug 2029₹20,530₹4,672₹5,69,588

Sept 2029₹20,693₹4,509₹5,48,895

Oct 2029₹20,857₹4,345₹5,28,038

Nov 2029₹21,022₹4,180₹5,07,016

Dec 2029₹21,188₹4,014₹4,85,828

2030₹2,67,731₹34,695₹2,18,096

Jan 2030₹21,356₹3,846₹4,64,472

Feb 2030₹21,525₹3,677₹4,42,947

Mar 2030₹21,696₹3,507₹4,21,251

Apr 2030₹21,867₹3,335₹3,99,384

May 2030₹22,040₹3,162₹3,77,343

Jun 2030₹22,215₹2,987₹3,55,128

Jul 2030₹22,391₹2,811₹3,32,738

Aug 2030₹22,568₹2,634₹3,10,169

Sept 2030₹22,747₹2,456₹2,87,423

Oct 2030₹22,927₹2,275₹2,64,496

Nov 2030₹23,108₹2,094₹2,41,388

Dec 2030₹23,291₹1,911₹2,18,096

2031₹2,18,097₹8,724₹0

Jan 2031₹23,476₹1,727₹1,94,621

Feb 2031₹23,661₹1,541₹1,70,959

Mar 2031₹23,849₹1,353₹1,47,110

Apr 2031₹24,038₹1,165₹1,23,073

May 2031₹24,228₹974₹98,845

Jun 2031₹24,420₹783₹74,425

Jul 2031₹24,613₹589₹49,812

Aug 2031₹24,808₹394₹25,004

Sept 2031₹25,004₹198₹0

Arithmetic on your inputs, not a loan offer: lenders set their own rates, fees and margins, and the quote that matters is theirs.

Skip the typing: open a car, the real price fills in

Pick a car, choose a variant, and its page carries this calculator with that variant's actual price already in place, on-road for your city. The only thing left to set is your bank's rate.

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Car loan EMI, answered

The formula, the rate to use, and which price to finance.

How is a car loan EMI calculated?: EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the amount financed, r the monthly interest rate and n the tenure in months. In plain words: the longer the tenure the smaller each instalment but the more interest in total, and a bigger down payment shrinks P and with it every instalment. The calculator on this page runs exactly this formula and shows the month-by-month split.
What interest rate should I use?: Your own bank's quote, because rates differ by lender and credit record and no calculator knows yours. The slider covers 7% to 14% a year and opens at 9.5% as an assumption to start from, not a market figure.
Should I calculate the EMI on the ex-showroom or the on-road price?: On-road. It is the full amount you actually pay, including road tax and insurance, and the amount a loan has to cover. Open any car on this site and its variant pages carry this calculator with the real price already filled in, on-road for your city.