Planning to buy a new car or a used vehicle? One of the biggest questions on your mind is probably, “How much will my monthly loan payment be?” Our Auto Loan Calculator is here to help! This easy-to-use, free online tool helps you estimate your monthly Equated Monthly Installments (EMI) so you can budget smartly and confidently purchase your dream vehicle.
An Auto Loan Calculator is an online tool designed to calculate the fixed monthly payments you will need to make to repay your vehicle loan over a chosen period. It simplifies complex calculations by using your loan amount, interest rate, and loan tenure to give you an instant estimate of your monthly installment.
The EMI calculation for an auto loan is similar to other loan EMIs and uses the following formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1] Where, P = Principal loan amount R = Monthly interest rate (annual rate ÷ 12 ÷ 100) N = Number of monthly installments (loan tenure in months)
For example, if you take a loan of ₹10,00,000 at an annual interest rate of 9% for 5 years, simply enter these values into the calculator to get your monthly EMI instantly without any hassle.
Whether you are planning to buy a brand-new car or a used vehicle, the auto loan process and repayment remain similar, but there are a few differences to keep in mind:
Using our Auto Loan Calculator, you can experiment with different loan amounts, tenures, and rates to find the best plan that fits your budget—whether you're buying new or used.
This tool is perfect for:
An Auto Loan Calculator offers numerous advantages that can help you take control of your finances:
Follow these steps to get the most accurate and helpful results from our calculator:
Two major factors affect your monthly EMI — the interest rate and the loan tenure.
Use our calculator to find the right balance that suits your monthly budget and long-term affordability.
Students and learners interested in finance can benefit greatly by understanding the formula behind EMI calculations. Here’s a simplified explanation:
The EMI is calculated so that each monthly payment covers the interest cost for that month plus a portion of the loan principal. Over the loan tenure, the interest portion decreases and the principal portion increases.
By playing with the calculator, students can see how changing loan amounts, rates, or tenure affects monthly payments — making it a practical tool for learning real-world finance.
EMI stands for Equated Monthly Installment — a fixed monthly payment made towards repaying your auto loan.
Yes! Whether it’s a car, bike, scooter, or commercial vehicle, you can use the calculator by entering the correct loan details.
This basic calculator focuses on principal and interest only. Be sure to account for other costs separately.
Absolutely. Just enter the loan amount, interest rate, and tenure specific to your used vehicle loan, and get your EMI instantly.
Prepaying reduces your outstanding principal, which can lower your EMI or shorten your loan tenure, saving you interest.
EMI remains fixed for loans with fixed interest rates. For floating rates, your EMI might change based on interest rate fluctuations.
Choose a tenure that balances your monthly affordability with the total interest cost. Our calculator helps you compare different tenures quickly.
Whether you’re a first-time buyer or a seasoned vehicle owner, our Auto Loan Calculator is your go-to tool for making smart financial choices. Bookmark this page and use the calculator anytime you want to assess your monthly payments or plan your loan strategy. It’s free, fast, and easy to use!
Start now, enter your loan details, and take the stress out of vehicle financing!