Car Loan EMI Calculator
The car loan EMI calculator by moneyview is easy to use and gives you quick results. All you need to do is enter details such as loan amount to be availed, the interest rate charged, and repayment tenure and leave the rest to us.
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Loan Amount
50k 
25L 
50L 
75L 
1CR 
1.25CR 
1.5CR 
1.75CR 
2CR
Rate of Interest
8% 
12% 
16% 
20% 
24% 
28% 
32% 
36%
Tenure
3mth 
12mth 
24mth 
36mth 
48mth 
60mth 
72mth 
84mth
EMI Schedule
Month  Opening Balance  Interest  Principal  Closing Balance 

Jun '21  ₹ 15,00,000  ₹ 20000  ₹ 1,78,924  ₹ 13,21,076 
Jul '21  ₹ 13,21,076  ₹ 17,614  ₹ 1,81,309  ₹ 11,39,766 
Aug '21  ₹ 11,39,766  ₹ 15,197  ₹ 1,83,727  ₹ 9,56,039 
Sep '21  ₹ 9,56,039  ₹ 12,747  ₹ 1,86,176  ₹ 7,69,862 
Oct '21  ₹ 7,69,862  ₹ 10,265  ₹ 1,88,659  ₹ 5,81,203 
Nov '21  ₹ 5,81,203  ₹ 7,749  ₹ 1,91,174  ₹ 3,90,028 
Dec '21  ₹ 3,90,028  ₹ 5,200  ₹ 1,93,723  ₹ 1,96,305 
Jan '22  ₹ 1,96,305  ₹ 2,617  ₹ 1,96,306  ₹0.00 
Car Loan EMI Calculator By moneyview
If you have decided to buy a car, you must have thought about how to fund it. Instead of spending your hard earned money in one go, using a car loan for your purchase will be much more beneficial.
Of course having prior knowledge about the EMI will help you plan your finances better. Your search for the best ‘Car loan EMI calculator India’ will come to an end today with moneyview’s car loan calculator.
How to Use a Car loan Interest Rate Calculator
Car loan EMI calculators are a great way to understand and prepare in advance for your EMI. Even if you are looking for a ‘second hand car loan calculator’, moneyview’s car loan calculator is your best choice. It is designed to be as simple and easy as possible.
All you need to do is follow the steps given below
 STEP1: Enter the loan amount that you plan to borrow. You can use the slider to adjust the amount
 STEP 2: Enter the rate of interest that is charged. This can again be adjusted by using the slider
 STEP 3: Finally, enter the repayment tenure that you have chosen And voila, the EMI amount to be paid will be displayed along with the EMI repayment schedule and interest to be paid. The Car Loan EMI calculator designed by moneyview has a number of features such as quick and easy EMI calculation which reduces the chances of error.
Used Car Loan Interest Rate Calculator
You might have decided to purchase a preowned car. In most cases, a used car will be more pocketfriendly as compared to a brand new vehicle. But if you think that you cannot take a loan to fund the purchase of your secondhand vehicle, you are mistaken.
You don’t need to separately search for a ‘second hand car loan calculator’ as moneyview’s Car Loan Interest calculator can do the job for you. You can follow the same steps to get an estimate about the EMI on your preowned vehicle.
Formula to Calculate Car Loan EMI
If you are interested in knowing the formula that is used to calculate a Car loan EMI, it is given below
E = [P x R x (1+R)^N] /[(1+R)^N1]
Where P stands for the principal amount that is borrowed
R represents the rate of interest imposed
N is the tenure in number of months
Let us understand this with an example 

Suppose Rs.4,00,000 is the amount borrowed (P), 7.5% is the annual rate of interest imposed, and 48 months(4 years) is the tenure (n)

Then the EMI to be paid using the above formula will be:

[4,00,000 x 0.00666 x (1+0.00666)^48 ]/ [(1+0.00666)^481] = Rs. 9,765

Therefore, the EMI for a Rs. 4 Lakh car loan will be Rs.9,765.
The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100) in this case (7.5/12/100 = 0.00666)
The above formula can be used to calculate EMIs for all types of loans and not just car loans, unless mentioned otherwise.
Car Loan EMI Schedule
If you were searching for ‘car loan calculator India’ to understand in detail how your EMI schedule will look, and how much EMI you will have to pay in India, read on.
We will use an EMI schedule table or an Amortization table that will illustrate how your EMIs need to be paid each month. The table will also show the EMI’s impact on your principal and interest amount.
Even though your EMI remains the same throughout the repayment term, your principal and interest amount will reduce over time. This change is illustrated below 
Year 
Principal 
Interest 
Total Payment 
Balance 
2023 
₹ 4,00,000 
₹ 28,806 
₹ 88,368 
₹ 3,11,632 
2024 
₹ 3,11,632 
₹ 21,474 
₹ 95,704 
₹ 2,15,928 
2025 
₹ 2,15,928 
₹ 13,529 
₹ 1,03,644 
₹ 1,12,284 
2026 
₹ 1,12,284 
₹ 4,926 
₹ 1,12,249 
₹ 35 
2027 
₹ 35 
₹ 0 
₹ 0 
₹0.00 
Car Loan EMI Calculation with an Example
If you are new to car loan EMI calculation, here’s an example to help you out 
Naren wants to buy a new car and uses a car loan to fund this process. His budget is Rs. 5,00,000 and after doing some preliminary research, he estimates that his annual interest rate would be around 9% per annum and he will have a repayment term of 3 years or 36 months.
After using moneyview’s Car Loan EMI calculator, he easily finds out that his monthly EMI would come up to Rs.15,900 with the interest component adding up to Rs. 72,395.
Naren’s Rs. 5 lakh car loan EMI amortization schedule or EMI schedule is as follows
Month 
Opening Balance 
Interest 
Principal 
Closing Balance 
2023 
₹ 5,00,000 
₹ 38,834 
₹ 1,51,962 
₹ 3,48,038 
2024 
₹ 3,48,038 
₹ 24,578 
₹ 1,66,216 
₹ 1,81,822 
2025 
₹ 1,81,822 
₹ 8,986 
₹ 1,81,808 
₹ 14 
2026 
₹ 14 
₹ 0 
₹ 0 
₹0.00 
Just like Naren, you can also enter the details of your loan in our Car Loan Interest calculator to plan your spending so that your finances are not impacted negatively.
Difference Between Flat Balance and Reducing Balance Interest Calculation
The type of interest calculation used for EMI can determine the amount that you pay. There are largely two ways of calculating this  flat balance and reducing balance method.
Here are some of the differences between the two 
Flat Balance Interest Calculation 
Reducing Balance Interest Calculation 
Based on the entire loan amount availed 
Interest calculated only on the outstanding principal amount each month 
Calculated on the overall repayment term 
Calculated on a monthly basis 
Interest stays the same throughout loan tenure 
Interest calculation varies based on outstanding loan amount 
Overall EMI amount tends to be slightly higher 
Overall EMI amount tends to be slightly lower 
Formula used for calculation is  Interest = (Principal * loan tenure * interest rate per annum)/ Total number of installments 
Formula used for calculation is  Interest = Outstanding Loan Amount * Applicable Interest for Each Installment 
The reducing balance interest method is generally used by banks to calculate the EMI and is the basis for the moneyview car loan EMI calculator as well.
Here’s a simple example to illustrate the differences between the two 
Rahul has taken a loan of Rs. 85,000. The interest rate imposed is 16% per annum with a repayment term of 8 months.
If he uses a flat balance method of interest calculation is used, his EMI will be  Rs. 11,758 and his EMI schedule will be 
FLAT RATE CALCULATION 

EMI 
Interest 
Principal 
Balance Due 
11758 
1133.33 
10625.00 
74375.00 
11758 
1133.33 
10625.00 
63750.00 
11758 
1133.33 
10625.00 
53125.00 
11758 
1133.33 
10625.00 
42500.00 
11758 
1133.33 
10625.00 
31875.00 
11758 
1133.33 
10625.00 
21250.00 
11758 
1133.33 
10625.00 
10625.01 
11758 
1133.33 
10625.00 
0.01 
But if the reducing balance method of calculation is used, his EMI will be  Rs. 11,272 and his EMI schedule will be 
REDUCED BALANCE CALCULATION 

EMI 
Interest 
Principal 
Balance Due 
11272 
1133.33 
10139.02 
74860.98 
11272 
998.15 
10274.20 
64586.78 
11272 
861.16 
10411.19 
54175.59 
11272 
722.34 
10550.01 
43625.58 
11272 
581.67 
10690.67 
32934.91 
11272 
439.13 
10833.22 
22101.69 
11272 
294.69 
10977.66 
11124.03 
11272 
148.32 
11124.03 
0.00 
As illustrated by the tables above, his EMI will be lower through the reducing balance method of calculation. The good news is that most lenders opt for this method of calculation.
Factors that Affect Car loan EMI
It doesn't matter if you are looking to purchase a new car or a second hand vehicle, a low car loan EMI is every borrower’s dream. If you want to know what can reduce the EMI on your car loan interest calculator, read on.Here are a few factors that may impact your car loan EMI 

Loan Amount
One of the major factors that determines your EMI is the amount you borrow. If the loan amount is high, your monthly installments too, will be high.

Credit Score and Rate of Interest
Your credit score can help you to avail loans at lower rates of interest and at a repayment term that is affordable. What is considered a good credit score might vary from vendor to vendor.But moneyview provides loans even if you have a CIBIL score as low as 600.

Existing Debt
Existing debt might be an issue if you have too many loans running at the same time. Not only will it be hard for you to repay your EMI, lenders may also perceive you to be credithungry and refuse to lend to you.

Repayment Tenure
The time taken to repay the loan amount is inversely proportional to the EMI amount i.e. a lengthy tenure implies that the EMI amount to be paid each month is lower and vice versa.
But, taking a longer repayment period is not recommended as you will end up paying a higher interest amount overall.

Type of Interest Rate
The type of interest rate chosen can have an impact on your EMI. Please note that this is not the same as interest rate calculation.
A fixed interest rate will ensure the same interest rate throughout the repayment term. But if a floating interest rate is chosen then your interest rate may vary based on the RBI’s directives and can be lower or higher based on economic fluctuations.

Age and Income
The older you are, the harder it is to avail a loan and this is especially the case if you are closer to retirement age.
If your income is not steady or high then lenders will not provide loans easily. As long as your repayment ability is not assured, you will not be able to avail a loan quickly.
This is also the case with age. If you are closer to the retirement age (~60) and do not have regular income, loans won’t be available as easily.
Benefits of Using a Car loan EMI Calculator
Using a car loan interest rate calculator can be beneficial in many ways. Here are a few benefits
 Finding out about your EMI in advance can help you plan your finances better
 Lower chances on making any manual error while using a car loan EMI calculator online
 Saves time and effort
 Can be accessed from anywhere and anytime
Conclusion
In today’s time, having your own vehicle is of utmost importance. You can easily fund the purchase of your fourwheeler by availing a car loan.
No matter what your choice is  a new car, or a second hand vehicle, you can get a loan as per your requirement. Before applying for a loan, you can get an idea of the EMI by checking out moneyview’s online car loan calculator.