Plan your next car purchase with our accurate EMI and payment schedule tool.
Our auto loan EMI calculator helps you accurately estimate your monthly payments. By entering the car's on-road price, your planned down payment, the car loan interest rate, and the loan tenure, the tool instantly calculates your EMI. This helps you check your car loan eligibility in terms of affordability.
The generated loan amortization schedule provides a transparent view of your repayment journey. It shows how much of each EMI contributes towards the principal and interest, helping you understand the total interest you will pay over the entire loan period.
The **Ex-Showroom Price** is the cost of the car excluding registration, insurance, and other charges. The **On-Road Price** is the final price you pay, which includes the ex-showroom price plus RTO registration, road tax, and insurance. Loans are typically calculated on the on-road price.
A high credit score (usually 750 or above) is crucial for getting a car loan approved quickly and at a favorable interest rate. Lenders see a good score as a sign of financial reliability, which can lead to a lower car loan interest rate and better terms.
While banks may finance up to 90-100% of the car's price, it's advisable to make a down payment for car of at least 20%. A higher down payment reduces your loan amount, which lowers your monthly EMI and saves you a significant amount on total interest paid.
Yes, many banks and financial institutions offer loans for used or pre-owned cars. Our used car loan calculator can also be used for this purpose. However, the interest rates for used car loans are typically higher, and the loan tenure is shorter compared to new car loans.
Loan foreclosure is when you pay off your entire car loan before the scheduled end of the tenure. Some banks may levy a pre-payment or foreclosure penalty for this. It's important to check the terms and conditions of your loan agreement regarding these charges.