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

Find your car for the EMI on every variant, or set your own numbers below.

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?

Ex-showroom price₹25.00L

The ex-showroom price is not what you pay: road tax, registration and insurance come on top of it, upfront. Use the on-road price instead for the true EMI.

Down payment₹5,00,000 (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 ₹42,000

Amount financed: ₹20,00,000
Interest over 5 years: ₹5,20,000
Total paid, down payment included: ₹30,20,000

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

YearLoan repaidInterestStill owed

2026₹52,548₹31,459₹19,47,452

Nov 2026₹26,170₹15,833₹19,73,830

Dec 2026₹26,378₹15,626₹19,47,452

2027₹3,33,302₹1,70,743₹16,14,151

Jan 2027₹26,586₹15,417₹19,20,866

Feb 2027₹26,797₹15,207₹18,94,069

Mar 2027₹27,009₹14,995₹18,67,060

Apr 2027₹27,223₹14,781₹18,39,837

May 2027₹27,438₹14,565₹18,12,399

Jun 2027₹27,656₹14,348₹17,84,743

Jul 2027₹27,875₹14,129₹17,56,869

Aug 2027₹28,095₹13,909₹17,28,773

Sept 2027₹28,318₹13,686₹17,00,456

Oct 2027₹28,542₹13,462₹16,71,914

Nov 2027₹28,768₹13,236₹16,43,146

Dec 2027₹28,995₹13,008₹16,14,151

2028₹3,66,381₹1,37,664₹12,47,770

Jan 2028₹29,225₹12,779₹15,84,926

Feb 2028₹29,456₹12,547₹15,55,469

Mar 2028₹29,690₹12,314₹15,25,780

Apr 2028₹29,925₹12,079₹14,95,855

May 2028₹30,162₹11,842₹14,65,694

Jun 2028₹30,400₹11,603₹14,35,293

Jul 2028₹30,641₹11,363₹14,04,652

Aug 2028₹30,884₹11,120₹13,73,769

Sept 2028₹31,128₹10,876₹13,42,641

Oct 2028₹31,374₹10,629₹13,11,266

Nov 2028₹31,623₹10,381₹12,79,643

Dec 2028₹31,873₹10,131₹12,47,770

2029₹4,02,743₹1,01,301₹8,45,027

Jan 2029₹32,126₹9,878₹12,15,645

Feb 2029₹32,380₹9,624₹11,83,265

Mar 2029₹32,636₹9,368₹11,50,628

Apr 2029₹32,895₹9,109₹11,17,734

May 2029₹33,155₹8,849₹10,84,579

Jun 2029₹33,417₹8,586₹10,51,161

Jul 2029₹33,682₹8,322₹10,17,479

Aug 2029₹33,949₹8,055₹9,83,531

Sept 2029₹34,217₹7,786₹9,49,313

Oct 2029₹34,488₹7,515₹9,14,825

Nov 2029₹34,761₹7,242₹8,80,064

Dec 2029₹35,037₹6,967₹8,45,027

2030₹4,42,713₹61,330₹4,02,313

Jan 2030₹35,314₹6,690₹8,09,713

Feb 2030₹35,593₹6,410₹7,74,120

Mar 2030₹35,875₹6,128₹7,38,244

Apr 2030₹36,159₹5,844₹7,02,085

May 2030₹36,446₹5,558₹6,65,639

Jun 2030₹36,734₹5,270₹6,28,905

Jul 2030₹37,025₹4,979₹5,91,881

Aug 2030₹37,318₹4,686₹5,54,563

Sept 2030₹37,613₹4,390₹5,16,949

Oct 2030₹37,911₹4,093₹4,79,038

Nov 2030₹38,211₹3,792₹4,40,827

Dec 2030₹38,514₹3,490₹4,02,313

2031₹4,02,314₹17,725₹0

Jan 2031₹38,819₹3,185₹3,63,494

Feb 2031₹39,126₹2,878₹3,24,368

Mar 2031₹39,436₹2,568₹2,84,932

Apr 2031₹39,748₹2,256₹2,45,184

May 2031₹40,063₹1,941₹2,05,121

Jun 2031₹40,380₹1,624₹1,64,742

Jul 2031₹40,700₹1,304₹1,24,042

Aug 2031₹41,022₹982₹83,020

Sept 2031₹41,346₹657₹41,674

Oct 2031₹41,674₹330₹0

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

Or start from one of these

Maruti Suzuki S-Presso

from ₹3.50L ex-showroom

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from ₹11.00L ex-showroom

Mahindra BE 6

from ₹18.90L ex-showroom

Browse every car →

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.