Calculate your Auto Loan EMI Calculator using our free EMI Calculator for your Auto or Car Loan. This calculator provides a detailed breakdown of your Auto Loan EMI including the total interest you will be paying along with your principal. Just enter your Car Loan Amount, Rate of Interest, Loan Tenure, & hit “Calculate EMI” to get the exact details of your EMI.
Car Loan EMI
Total Interest Payable
(Principal + Interest)
Break-up of Total Payment
What is an EMI?
EMI means "Equated Monthly Installments." It is fundamentally the amount that the lender will deduct from your bank account every month toward the loan you are taking from the bank or lender. The EMI combines some part of the principal component of the loan and the interest component of the loan. In short, the total payable amount is split into two components called principal and interest, which collectively make it an EMI
How EMI is calculated?
EMI calculation depends on three things, Loan Amount that you have availed from the bank, Interest Rate that the bank is charging, and the Tenure for which you have taken the loan. Below is the formula to calculate the Loan EMI:
EMI = (P * I) * (1 + I) ^ N / [(1+I) ^ N - 1]
P = Principal Amount of your Car Loan
I = Rate of Interest charged by bank for your Loan
N = Repayment Period of your Car Loan
EMI = Your total monthly Car Loan Payment
Amortization Schedule for repayment of your Car Loan
How to use Auto Loan EMI Calculator?
Our Auto Loan EMI Calculator is a very easy to use, intuitive, and quick performing EMI calculator. You just need to know the total loan amount you are looking for, the rate of interest on which you are availing your loan, & the tenure of your loan.
Once you have
- Your Loan Amount
- Rate of Interest
- Loan Tenure
Enter the details in the Auto Loan EMI Calculator as inputs, and hit the “Calculate EMI” button.
On the right side of the screen, you will see the Car Loan EMI, Total Interest Payable, & Total Payment that you will do during your loan tenure.
You can also see the percentage wise breakup of your payment in the colorful chart below the EMI details. From this chart you will be able to understand the percentage of your total payment towards your Principal Loan Amount and percentage of your payment towards the Interest you paid on your loan.
Amortization Chart for your Auto Loan
Our Auto Loan EMI Calculator also provides you with a detailed Amortization Chart for your loan with a yearly and monthly breakup. In this amortization chart, you will be able to see the breakdown of your payment toward the principal and interest year wise.
The details you will get from the generated Amortization Schedule will be
- Principal paid or Principal to be paid
- Interest paid or Interest to be paid
- Total Payment
- Loan Payment Balance
- Percentage of Loan Paid till date.
Looking at the amortization chart, you will be able to understand the following thing
- How much loan principal you have paid
- How much loan principal is remaining
- How much total interest you have paid
- How much total interest is remaining
- What percentage of your total loan is been paid
- Year wise total loan you paid, including the breakdown of principal & interest.
Why use our Auto Loan EMI Calculator
Our Auto Loan EMI Calculator is completely free and easy to use. Also you are free to enter any value for interest rate, loan amount and tenure based on your requirements.
Easy to understand pictorial view of your payment breakup makes it really handy to see how much you will be paying towards the principal and how much towards the interest, which makes it easy to decide, the tenure you may want to take your loan.
Our Calculator provides a really exhaustive Amortization Chart which is really helpful to understand the schedule of your payments for the loan.
Hope you will like our calculator. You can also download our Android EMI Calculator App with a lot more features and financial calculators available for free on the play store.