EMI
Principal Amount
₹ 0
Interest
₹ 0
Payable Amount
₹ 0
Do you want to know how much EMI you will have to pay for your car loan? If yes, then you are at the right place. Angelone’s Car Loan EMI Calculator is a simple and convenient tool that helps you calculate your monthly car loan instalments in minutes.
A car loan EMI calculator helps you estimate the amount of money you will have to pay every month towards your car loan. EMI stands for equated monthly instalment, which is the fixed amount of money you pay to your lender every month until you repay the entire loan amount.
A car loan EMI calculator takes into account three factors: the loan amount, the interest rate and the loan tenure. By entering these details, you can get an instant result of your monthly EMI, along with the total amount payable and total interest payable.
- The Car Loan EMI calculator uses a simple formula to calculate the EMI.
- Car EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- where,
- P = Principal amount
- R = Interest rate per month (divide the annual interest rate by 12)
- N = Number of monthly instalments or loan tenure in months
- For example, if Vivek takes a car loan of ₹200000 from a bank at an interest of 9% per annum for 20 years. Here is how the EMI would be calculated.
- P = ₹100000
- R = (9/12)/100 = 0.0075
- N = 20*12 = 240
- Therefore,
- EMI = [100000x0.01x(1+0.01^60]/[(1+0.01)^60-1]
- EMI = 17994.51912 / Month
- To use Angel One EMI calculator, you need to enter the following inputs:
- Loan amount:Amount of money that you want to borrow or have already borrowed from the lender.
- Interest rate:Interest rate charged by the lender/financial institute for the loan.
- Loan tenure: The duration of the loan in months or years.
FAQs

You can reduce your Car Loan EMI amount by:
- Choosing a longer loan tenure: This will reduce your monthly instalment but increase your total interest payable.
- Choosing a lower interest rate: This will reduce both your monthly instalment and your total interest payable. You can negotiate with your lender or switch to another lender who is offering lower interest rate.
- Making a higher down payment: This will reduce your principal amount and hence your monthly instalment and total interest payable.

- Income: Income determines your repayment capacity and hence your maximum EMI amount. Generally, lenders prefer that your EMI does not exceed 40% to 50% of your monthly income.
- Credit score: Credit score reflects your credit history and repayment behaviour. Higher credit score indicates lower risk of default, which increases your chances of getting a loan at a lower interest rate and higher EMI amount.
- Existing debts: Existing debts affect your debt-to-income ratio, which is the percentage of your income that goes towards paying off your debts. A lower debt-to-income ratio indicates a higher surplus income and hence increases your EMI eligibility.

Apart from the interest rate, a car loan may involve some other charges and fees, such as:
- Processing fee: One-time fee charged by the lender for processing your loan application
- Documentation fee: Fee charged by the lender for verifying your documents
- Prepayment fee: Fee charged by the lender if you repay your loan before the end of the tenure
- Foreclosure fee: Fee charged by the lender if you close your loan account before the end of the tenure
- Late payment fee: Fee charged by the lender if you miss or delay your EMI payment
- Cheque bounce fee: Fee charged by the lender if your cheque or ECS mandate gets rejected due to insufficient funds or other reasons

The documents required for applying for a car loan may vary from lender to lender but generally include:
- Identity proof: PAN card, Aadhaar card, passport, driving license, voter ID card, etc.
- Address proof: Aadhaar card, passport, driving license, voter ID card, utility bills, rent agreement, etc.
- ncome proof: Salary slips, bank statements, income tax returns, Form 16, etc. for salaried individuals; bank statements, income tax returns, GST returns, business proof, etc. for self-employed individuals
- Vehicle details: Quotation or invoice of the car from the dealer