Introduction:

Buying a new or used car? Our Auto Loan Calculator helps you figure out your monthly EMI, total interest payable, and overall cost of your car loan before you apply. Just enter your loan amount, interest rate, and loan tenure, and get instant, accurate results.

Whether you’re comparing loan offers from different banks or budgeting for your next vehicle, this calculator gives you a clear financial picture within seconds.

How to Use the Auto Loan Calculator:

1. Enter Loan Amount: The total amount you plan to borrow for your car.
2. Enter Interest Rate (%): The annual interest rate charged by your bank or finance company.
3. Enter Loan Tenure: The duration of your loan in months or years.
4. Click Calculate to view your Monthly EMI, Total Interest, and Total Payment instantly.

Age Calculator

You can adjust the inputs to compare multiple loan scenarios and choose what fits your budget best.

Example Calculation:

Suppose you take a car loan of AED 100,000 (or ₹10,00,000) at 7.5% interest for 5 years.

• Monthly EMI = AED 2,004
• Total Interest = AED 20,240
• Total Payment = AED 1,20,240

This breakdown helps you understand how much you’ll pay each month and over the entire loan period.

Benefits of Using an Auto Loan Calculator:

• Plan your budget before applying for a car loan.
• Compare loan offers from different banks or dealers.
• Avoid surprises by knowing your EMI and total cost in advance.
• Save time with instant online calculations.

Factors That Affect Your Auto Loan EMI:

• Loan Amount: Higher amounts lead to higher EMIs.
• Interest Rate: Even a small change in rate can significantly affect the EMI.
• Loan Tenure: Longer tenures reduce monthly EMI but increase total interest paid.
• Down Payment: Paying more upfront lowers your loan amount and EMI.

Tips to Get the Best Car Loan Deal:

• Maintain a good credit score for better interest rates.
• Compare offers from multiple banks and dealers.
• Look for seasonal discounts or low-interest promotional offers.
• Choose shorter tenures if you can afford higher monthly payments to save on interest.

Auto Loan Formula (EMI Calculation):

The EMI (Equated Monthly Instalment) is calculated using this standard 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 = Loan Tenure (in months)

Limitations of the Calculator:

While this Auto Loan Calculator gives you accurate estimates, actual EMIs may vary slightly based on:

• Processing fees or taxes
• Floating vs fixed interest rates
• Prepayment or part-payment conditions

Always confirm with your bank or lender for final details before signing your loan agreement.