Car Loan EMI Calculator

Loan Amount


Rate of Interest (p.a)


Loan Tenure


Monthly EMI


Principal Amount


Total Interest


Total Amount


Principal Amount
Interest Amount
What is a Car Loan EMI Calculator?

A Car Loan EMI (Equated Monthly Installment) Calculator is a digital tool designed to help borrowers estimate their monthly repayments for a car loan. It's a simple yet invaluable tool that takes into account factors such as loan amount, interest rate, and loan tenure to provide borrowers with a clear picture of their financial obligations.

How Does Zactor Tech's Car Loan Calculator Work?

Zactor Tech's Car Loan Calculator operates on a straightforward principle. Users input the loan amount, interest rate, and loan tenure into the designated fields. The calculator then computes the Equated Monthly Installment (EMI) based on these inputs, providing users with an estimate of their monthly payments. Additionally, users can adjust the parameters to see how changes in loan amount, interest rate, or tenure affect their EMIs.

How is EMI Determined?

The EMI for any type of loan is essentially calculated using a formula. The formula is as follows:

E = P x R x (1+R)^n / {(1+R)^n - 1}


E : EMI you own

P : Principal Amount

R : the interest rate applicable to your car loan,

n : tenure of the car loan (in months)


Here's a breakdown of the car loan repayment schedule for a loan amount of Rs.5 lakh, EMI of Rs.10,624, tenure of 5 years, and interest rate of 10% per annum:

YearPrincipal Paid (₹)Interest Paid (₹)Remaning Balance (₹)
2024Rs. 53,187Rs. 31,802Rs. 4,46,813
2025Rs. 86,704Rs. 40,778Rs. 3,60,110
2026Rs. 95,784Rs. 31,700Rs. 2,64,327
2027Rs. 1,05,813Rs. 21,672Rs. 1,58,515
2028Rs. 1,16,893Rs. 10,590Rs. 41,623
2028Rs. 41,624Rs. 871Rs. 0

Loan Summary:

  • Loan Amount: Rs. 5,00,000

  • EMI (Equated Monthly Installment): Rs. 10,624

  • Total Interest Due: Rs. 1,37,411

  • Processing Fee: Rs. 5,000

  • Total Amount Payable: Rs. 6,37,411

This repayment schedule illustrates how the loan is gradually paid off over the 5-year tenure. Initially, a significant portion of each EMI goes towards paying off the interest, with a smaller portion allocated to the principal amount. However, as the tenure progresses, the principal repayment increases, leading to a decrease in the outstanding balance. By the end of the tenure, the entire loan amount along with interest is repaid, resulting in a balance of zero.

Benefits of Using a Car Loan EMI Calculator:
  • Budgeting with Confidence : Knowing your potential EMIs allows you to create a realistic budget. You can adjust loan terms (loan amount, loan tenure) to find an EMI that fits comfortably within your monthly expenses.

  • Informed Decisions : Comparing different loan options becomes easier with an EMI calculator. You can assess various loan terms offered by different lenders and choose the one with the most favorable interest rates and repayment structure.

  • Planning Power : The calculator allows you to experiment with different loan scenarios. Try increasing your down payment or shortening the loan tenure to see how it impacts your monthly payments.


Not at all. Car loan EMI calculators are designed to be user-friendly, requiring only basic inputs such as loan amount, interest rate, and tenure.

Yes, most car loan EMI calculators are versatile and can be used for various types of car loans, including new car loans, used car loans, and refinancing.

Generally, yes. However, it's essential to remember that the results are estimates and may vary slightly from the actual EMI due to factors such as processing fees and taxes.

Absolutely. Car loan EMI calculators allow users to modify the loan amount, interest rate, and tenure to see how different scenarios affect their monthly payments.

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