Car Loan Calculator
Calculate auto loan monthly EMI, down payment financing, bank processing fees, and total vehicle on-road cost.
About the Car Loan Calculator
The CalcNest Car Loan Calculator helps you plan your auto financing by calculating exact monthly EMIs, total interest payouts, down payment ratios, and the true cost of car ownership.
Mathematical Formula
Car EMI = Loan Amount × r × (1 + r)^n / ((1 + r)^n - 1)
Total Cost of Car = Vehicle Price + Total Interest + Processing Fee Calculates monthly equated installments, total interest liability, bank documentation fees, and true aggregate cost of vehicle ownership.
Variables & Components
Worked Example: ₹12,00,000 Car with 20% Down Payment at 9.0% p.a. for 5 Years
Suppose you buy a new car with an on-road price of ₹12,00,000. You pay a 20% down payment (₹2,40,000) and finance the remaining ₹9,60,000 at 9.0% interest for 5 years (60 months) with 1% processing fee.
Step-by-Step Calculation
- Net Financed Principal = ₹12,00,000 - ₹2,40,000 = ₹9,60,000.
- Bank processing fee (1%) = ₹9,600.
- Monthly interest rate r = 9.0 / 1200 = 0.0075.
- Monthly EMI = ₹9,60,000 × 0.0075 × (1.0075)^60 / ((1.0075)^60 - 1) = ₹19,928 per month.
- Total payment over 60 months = 60 × ₹19,928 = ₹11,95,680 (Total Interest = ₹2,35,680).
- Total real cost of car ownership = ₹12,00,000 + ₹2,35,680 + ₹9,600 = ₹14,45,280.
How to Use This Calculator
Enter the On-Road Price of the vehicle.
Enter your Down Payment sum or slider amount.
Specify the lender’s Annual Interest Rate and Loan Tenure (1 to 7 years).
Review your monthly EMI, total interest liability, on-road cost breakdown, and yearly schedule.