Car Loan Calculator

A car loan is a short-tenure secured loan against the vehicle. Tenures typically range from 1 to 7 years and interest rates run higher than home loans because of the shorter horizon and faster depreciation.

The standard EMI formula applies:

EMI = P × r × (1 + r)^n / [(1 + r)^n − 1]

P = loan principal (price − down payment)
r = monthly interest rate
n = tenure in months

Enter the on-road price, your down payment, the dealer/bank interest rate, and tenure (1–7 years). Used-car loans typically carry rates 2–4% higher than new-car loans, so adjust the rate accordingly.