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Car Loan EMI Calculator

It is very easy to calculate the EMI for your car loan. You will get EMI as soon as you enter the required loan amount and the interest rate. Installment in EMI calculator is calculated on reducing balance. As per the rules of financing institutions, processing fee or possible charges may be applicable which are not shown in the EMI we calculate.

Calculate your EMI

Down PaymentRs.0
0Rs.0
Bank Interest Rate 8 %
8%22%
Loan Period ( Years )
  • Total Loan AmountRs.0
  • Payable AmountRs.0
  • You''ll pay extraRs.0
EMIper month
Rs0
Calculated on On Road Price
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Frequently Asked Questions about Emi

How is car loan EMI calculated monthly?

EMIs or Equated Monthly Installments refer to the monthly payments you make to the lender to repay your loan. These payments include the principal amount as well as the interest i.e. EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula:

{P x R x (1+R)^N / [(1+R)^N-1]}

where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.

What are the documents required to apply for a car loan?

To process your loan application with the chosen lender, you would be required to submit your KYC documents, which include your identity proof and current address proof, a copy of your PAN Card, your bank statement and your income proofs (Form 16/Salary Slips/ITR). You can get the exact requirement from your loan consultant after applying with us here.

What is the minimum down payment for a car loan?

The lenders generally finance 90% of the On-Road Price of the car. Some customers may be eligible for 100% funding too. This means the minimum possible down payment that you have to pay includes the RTO and insurance charges. Down payment is the difference between the On-Road Price of the car and the amount funded by the lender. For example:- Rohit from New Delhi is planning to purchase Honda Amaze, which has an ex-showroom price of ? 7,05,000 in New Delhi. RTO charges for this car in New Delhi will be ? 68,018 and Insurance charges will be ? 29,880. A leading financier approved his new car loan for 90% of the On-Road Price of the car. Therefore, he will have to pay the 10% of On-Road Price (10% of ? 802898 = ? 80289.8) as a down payment to purchase the car.

What is the tenure for which I can avail a car loan?

Most lenders offer car loans for tenures ranging from 1 year to 5 years. You can choose the loan tenure as per your preference. Some lenders like HDFC Bank, Axis Bank, ICICI Bank also offer car loans with tenure up to 7 years.

Generally, new car loan customers choose a 5-year tenure. For a longer tenure, EMIs will be lower but the borrower will end up paying more interest against the loan amount and for a shorter tenure, EMIs will be higher and the customer will end up paying lower interest against the loan amount. So, if the customer is getting a loan for 7 years and doesn’t want to commit to a higher EMI then he should choose a loan tenure for 7 years.

What will be the rate of interest on a car loan?

Interest rate primarily depends on the principal amount and tenure of the car loan. Interest rate of lenders generally varies from 8.75% per annum to 11.50% per annum.

What is the maximum number of years I can get a car loan for?

Most lenders offer car loans for tenures ranging from 1 to 5 years. You can choose the loan tenure as per your preference. Some lenders like HDFC Bank, Axis Bank, ICICI Bank also offer a car loan with tenure up to 7 years.

What happens when I pay a bigger amount than my actual EMI for a car loan?

When you are paying off a part of the car loan by making larger payments than the EMI, before the end of the tenure, then it is called part prepayment. By part prepayment, your principal outstanding will be reduced and also reduce your future EMIs. Usually, banks accept part prepayment of upto 25% of the principal outstanding amount in a year, charges against the part prepayment depends upon the due month of the EMI.

For example: HDFC charges 5% on the part payment amount in case part prepayment is within 13-24 months from 1st EMI and 3% on the part payment amount in case part prepayment is post 24 months from 1st EMI.

What is the difference between fixed-rate and floating-rate interest on car loan?

Fixed Interest Rate:

Fixed Interest Rate allows the repayment in fixed equal monthly installments over the entire period of the loan. The interest rates in such a case are fixed and don’t change with market fluctuations. Thus the borrower knows the exact amount he needs to pay in the future or at least he knows the exact interest rate to pay for the outstanding loan at that time.

Floating Interest Rate:

Floating interest rate, which is also referred to as variable or adjustable interest rate is any debt instrument that does not have a fixed interest rate. The time period for a car loan plays an important role in deciding this fixed percentage. The borrower decides the time period and the lender charges the interest rate accordingly. This period generally ranges from 1 month-7 years.

How can I make my loan EMI payments?

After the car loan is approved, a customer will have to sign an agreement including a NACH (National Automated Clearing House) form, a centralised system implemented by National Payments Corporation of India (NPCI), launched with an aim to consolidate multiple ECS (Electronic Clearing Service) systems running across the country allowing paperless debit transactions between banks.

Getting into such an agreement would mean that the customer has granted permission for auto-debiting of the EMI amount from his bank account on a date as mentioned in the agreement till the last EMI of the loan amount.

What should be done after paying the last EMI?

A number of borrowers assume their job is done after paying off the last equated monthly installment (EMI) on their car loan. But, there are still some unfinished tasks left for the borrower. After completing the repayment of your car loan, there are five important things that you need to do as explained below:

a) If you made the last EMI on your car loan or did a prepayment to close the car loan, then get the final payment receipt from your bank.

b) Within 2-3 weeks’ time of repaying the car loan, you should receive all your documents from the bank via post at your registered address. The set of documents includes a No Dues Certificate (NDC) or No Objection Certificate (NOC) from the bank along with other documents submitted at the time of the car loan application.

c) Do collect the entire repayment statement of your car loan from the bank which you can receive after submitting an application in the bank. This will be useful while updating the credit history in case of any discrepancies in your credit score and report.

d) Hypothecation essentially means that the car for which you have taken a loan for is kept as collateral with the bank until you pay off the loan. The car is in the physical possession of the customer but the bank is the actual owner of the car until the customer pays off the entire loan amount. Once the loan amount is completely repaid, hypothecation removal is required to transfer the ownership of the car to the customer as there is no outstanding amount against the car.

Why is my CIBIL Score important for getting my loan sanctioned?

If you want to take a new car loan, you cannot afford to ignore the Credit Information Bureau of India Limited (CIBIL) score. It provides lenders a snapshot of your credit health and history, and your willingness and ability to repay debts on time. CIBIL scores are an indispensable part of getting a new car loan sanctioned. Lenders need to know that you are a creditworthy applicant who they can afford to lend to. Nothing proves to be a more reliable measure (at least at an initial stage) than a good CIBIL score. An unsatisfactory CIBIL score always weakens your chances of getting a car loan without any hassle.

What should be the minimum CIBIL score to get a car loan?

While there is no fixed minimum CIBIL score to apply for a new car loan, it is recommended that you ensure that you have a score of at least 750 before you apply to avoid potential rejection.

What are the steps for hypothecation removal from RC after Car Loan closure?

Hypothecation removal process can be explained in the following 4 steps:-

Step 1: Receive Documents from the Lender/Bank

No Objection Certificate:

It is the agreement by bank, which states that the lender has no objection over removal of hypothecation

Form 35:

Two copies of Form 35 are usually given, and it mentions the termination of hypothecation between you and the bank.

Step 2: Documents to be taken to the RTO

You need to collect the following documents and then visit the RTO:
  • Original Form 35, and copies of it signed by the registered owner and the bank, original Bank NOC, copy of your PAN Card, copy of valid car insurance, original RC (Registration Certificate), copy of your address proof, copy of valid Pollution Under Control (PUC) Certificate
Apart from a visit to the regional transport office, you will have to go to the insurance company, and submit a copy of No Dues Certificate, which you received from the bank

Step 3: Submit the Hypothecation Removal Application

Submit the duly filled Hypothecation Removal Application and attach the required set of documents to it

Step 4: Process to Receive the RC Smart Card

Now collect the ‘Acceptance Form’ that contains details mentioned on the RC. In case any corrections are required in the details, you must get it done. The changes (if any) will be reflected in the specific form.
  • To collect the Smart Card RC you need to pay a fee.
  • Collect receipt of the same, and you can take the Smart Card RC within a few days (date will be specified).
  • Visit RTO for collecting the new RC Smart Card (sans hypothecation), on the given date.
After all these procedures, you will get rightful ownership of the car you had taken on car loan, with the bank ownership cancelled over the vehicle.

What are the benefits of applying for a car loan through CarDekho?

CarDekho is a one-stop solution for all your car finance needs. We have partnered with India’s leading banks and NBFCs to help you get a loan to purchase your dream car. We provide you with door-step assistance making the process hassle-free and quick. Just fill out the form, check your eligible quotes from our partners and submit the application to us. We will take care of the rest.

What will be the rate of interest if I take a loan through CarDekho? Will I be charged a processing fee on my loan?

We provide offers starting from 10% per annum. Your exact rate of interest will be determined by the lender on the basis of your loan application. Lenders generally charge you a processing fee that’s directly deducted from your loan amount. The processing fees can be negotiated with the lender at the time of sanction of your application.

Does CarDekho help provide loans on used cars as well?

Yes, CarDekho offers loans on used cars as well. We are serviceable in 65 locations, have satisfied upward of 45,000 customers through our service and provided hasslefree experience of RC transfer to about 26,000 customers. We are the trusted partners of all leading financiers of India such as HDFC Bank, Axis Bank, IDFC First bank, etc. You can begin your used car loan application here and we will help you process your used car loan with minimal hassle.

What will be the charges if I miss paying an EMI on time?

Whenever an EMI is missed, the bank charges a late payment fee which varies from bank to bank. Late payment charges of some major lenders can be found below:

BankLate Payment Charges
HDFC Bank Car Loan 2% pm on overdue amount
ICICI Bank Car Loan 2% pm on overdue amount
Axis Bank 2% pm on overdue amount
Kotak Bank 3% pm on overdue amount

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KM driven per day20 km/day
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Disclaimer : As per the information entered by you the calculation is performed by EMI Calculator and the amount of installments does not include any other fees charged by the financial institution / banks like processing fee, file charges, etc. The amount is in Indian Rupee rounded off to the nearest Rupee. Depending upon type and use of vehicle, regional lender requirements and the strength of your credit, actual down payment and resulting monthly payments may vary. Exact monthly installments can be found out from the financial institution.

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