EMI Calculator for Car Loan | Car Loan Eligibility & Required Documents

Do you want to buy your favourite car? Then, use Online Car Loan EMI calculator to calculate Equated Monthly Instalment. The EMI calculator available on our site is a New EMI car loan calculator. Before you apply for EMI car loan, you need to know the car loan eligibility and documents required for the car loan. So, we have given the car loan EMI details in this article. If you read this article completely, you will get a clear idea about How to calculate Car loan EMI? And major factors to calculate car loan EMI, car loan interest rates, etc.

Car Loan EMI calculator

Buying a four wheeler is a so easy through EMI car loan. Nowadays all middle-class people prefer car loan on EMI basis, so the demand for EMI car loans has been increasing day by day. If you would like to buy your favourite car through EMI, the equated monthly instalment calculation is needed. So, you can get the car loan monthly EMI payment easily using Car Loan EMI calculator. To calculate the car loan EMI the important factors required are car loan amount, interest rate, and loan tenure. Therefore, as soon as you enter these values in the EMI car loan calculator, it will calculate the total amount payable per month, i.e., monthly EMI.

EMI Calculator For Car Loan

Click here to check Car loan EMI Interest Rates

What is Car Loan EMI?

EMI is abbreviated as Equated monthly instalment. The EMI is the amount which is paid every month by the borrower to the lender or the bank or any finance institution. You have to pay every month till the loan amount is completely paid back. EMI is calculated on the total loan amount and the car loan interest rates. These interest rates are not same for all banks; the EMI car loan interest rates depend on the bank. So, select the bank with low EMI Interest Rate. You will also find the Car loan EMI interest rates of the some of the top banks in India.

 What is EMI Calculator?

The EMI calculator is a perfect tool to calculate the EMI of various loan such as Car loan, home loan, personal loan just within a fraction of seconds. EMI calculator will give you the accurate and exact values. The EMI calculator on our site will help you to calculate the car loan EMI’s for repayment of your Car loan. You may also calculate car loan EMI on an excel sheet. Otherwise, you can manually calculate the car loan EMI using the formula to calculate car loan EMI. But, these two processes are complicated when compared to the Car Loan EMI calculator. You can find the car EMI calculation in the below sections for this page.

 Key factors required to Calculate Car Loan EMI

  • Car loan amount (in rupees).
  • Car Loan Interest Rates ( In percentages).
  • Tenure of the Car loan (months/ years).

How To Calculate Car Loan EMI?

We have explained the Car loan EMI calculation by considering an example. So that it will be easy to understand for you.


Consider, Car loan Principle/ Amount as Rs. 50,00,000.

EMI Car Loan Rate of Interest: 11%.

Loan Tenure: 240 months.

Then substitute these values in the Car Loan EMI Calculation Formula as shown below.

E= P.r. (1+r)n/((1+r)n-1)

r stands for Rate of Interest, n stands for tenure/ loan period or duration, E stands for EMI, P stands for Principle/loan amount.

E= P.r. [(1+r)n/((1+r)n-1)].

=(50,00,000)(0.11) [(1+0.11)240/((1+0.11)240-1)].

=Rs. 51, 609.

What is Car Loan Amortization Table?

The Amortization table is the schedule of all the interest rates, principle, EMI for every month or year of the loan tenure. The amortization schedule is a table which gives the clear picture of the car loan repayment per month, balance to be paid, interest paid, Principle paid etc. It is a table where you will find the complete loan repayment details throughout the loan period.

 Bankwise Car loan EMI Interest Rates List

Before you apply for a Car Loan on EMI,  have a glance at the list of car loan EMI interest rates of Top banks. All the updated Interest rates of car loan given below. The EMI Car loan interest rates are as follows.

Bank Name Car loan Interest Rates (New 4 Wheeler)
United Bank of India 9.95% to 10.45%
Axis Bank 11% to 12%
Andhra Bank 10%
HDFC Bank 11.50% to 13.75%
IDBI Bank 9.95%
ICICI Bank 10.75% to 12.75%
Indian Bank 10.15%
Federal Bank 9.92% – 10.52%
Kotak Bank 11.50% – 13.50%
Bank of India 9.35%
State Bank of India 9.20% to 9.25%
Bank of Maharashtra 9.45% to 11.45%
Corporation Bank 9.15% to 13.75%
Tamilnad Mercantile Bank 11.30% to 11.55%
Central Bank of India 8.9%
Oriental Bank of Commerce 10.20% to 12.70%

Car Loan Interest Rate Types

  • Fixed Interest Rate Loan

The fixed interest Rate loan is the loan where there will be no changes in the Interest rate. You will not observe any interest rate fluctuations. The interest rate throughout the car loan tenure is fixed. So, it will be more advantageous for everyone.

  • Floating Interest Rate Loan

In this type of loans, there will be no fixed interest rate. It fluctuates throughout the loan period. This is also known as variable rate of Interest.  Mortgage loans do not have fixed interest rates. Floating interest rates has both advantages and disadvantages.

 Car loan Eligibility

The following are the Eligibilities for a Car loan

  • Minimum Age to apply for the Car loan: 18Years.
  • Maximum Age to apply for the Car loan: 75 years.
  • Minimum Net Income must be Rs. 10,000 per month.
  • Salaried/ self-employed must have the experience of 3 years.
  • In the case of business, it is 2 years.
  • Your current residence should be Urban/Semi-urban/Rural (minimum 1 yr).

Car Loan Documents List

The following are the documents required for the Car loan. Once, check the list of car loan documents before you apply for the Car loan through EMI. The below-given list of documents required for a car loan is common for all banks.

  • Employee Proof.
  • Income Proof.
  • Age Proof.
  • Address Proof.
  • Photographs.
  • Processing Fee cheque.
  • PAN Card.
  • Bank Statements of last 3 months.
  • Salary Slip.
  • IT Tax Return.

Steps To Use Car Loan EMI calculator

  • Firstly, go to the home page of our site.
  • On the top of the homepage, you will find the “Car Loan EMI calculator”.
  • Click on that; then you will find the EMI Car loan calculator.
  • Enter the Car loan principle amount in Rupees.
  • Now, enter the interest rate of your car loan and loan tenure in months/ years.
  • Finally, click on submit.
  • In a fraction of seconds, the car loan monthly payment is calculated.

Also, find how to calculate Personal loan using Personal Loan EMI Calculator and Home Loan using Home Loan EMI Calculator on our website www.emicalculators.co.in.

Updated: March 7, 2017 — 9:29 am

1 Comment

Add a Comment
  1. I’m interesting this kar loan

Leave a Reply

Your email address will not be published. Required fields are marked *