Car Loan Calculator

Car Loan Calculator

Please enter the following car loan information

Car Loan Calculator
  • ₹1Lac = ₹1,00,000
  • ₹1Cr = ₹1,00,00,000
  • You can use Lac or Cr in the below input, it will convert to number automatically
Car Loan Calculation Results (loan amortization)

Car Loan Repayment Schedule (monthly)

Number of installmentsOutstanding Principal (₹)Principal Component (₹)Interest Component (₹)Repayment (₹)
"Car Loan Calculator" Supplementary Information

What is "Car Loan Calculator"?

The "Car Loan Calculator" is used to calculate monthly loan repayments, total loan interest expenses, loan charts, and more without the need for MS Excel (spreadsheet).

There are various types of loans available in the market, including personal loan, credit card loan, car loan, property loan and so on. Regardless of whether it is a personal loan, credit card loan, car loan, or property loan the most important factor is the annual interest rate. How can you calculate the monthly repayment amount for a car loan based on the annual interest rate? Detailed explanations will be provided below.

Car Loan Calculations Based on Annual Interest Rate

The formula for calculating car loans based on the annual interest rate is as follows:

Car Loan Calculation Formula(Base on Annual Interest Rate)

  • A is the monthly repayment amount (or Equated Monthly Installment [EMI for short])
  • P is the loan amount (how much money you borrowed)
  • r is the annual interest rate of the loan (%) divided by 12, as there are twelve months in a year
  • n is the number of repayment months

If I borrowed a car loan of ₹500,000 from a bank with an annual interest rate of 2.5% and a repayment period of 48 months, then my monthly repayment amount would be:

Car Loan calculation example
Car Loan calculation example

Rule of 78

Car Loan borrowers should be careful not to assume that the principal amount repaid each month is the same! Regardless of whether the bank/financial institution uses the "straight-line method" or the "Rule of 78", the proportion of interest paid is higher at the beginning of the repayment. Therefore, if you choose to repay early, you need to pay attention to the remaining principal and any early repayment fees that may be incurred.
I will explain what the "Rule of 78" means.

The "Rule of 78" is derived as follows:

It is named after using a 12-month repayment period. How does 78 come about? Let's see follows:

Rule of 78

That's it, the total interest for the entire period is divided into 78 parts. In the first month, you pay 12/78 of the interest, in the second month, you pay 11/78 of the interest, and so on. Therefore, the proportion of interest to principal in the monthly repayments is not consistent, with more interest paid at the beginning and less interest paid later.


If you borrow a loan for period of 48 months:

Rule of 78

Similarly, the total interest for a 48-month car loan will be divided into 1176 parts. In the first month, you pay 48/1176 of the interest, in the second month, you pay 47/1176 of the interest, and so on.

The calculation results from the "Car Loan Calculator" are for reference only. Before borrowing, you must first consult the relevant banks or financial institutions for accurate information!

This "Car Loan Calculator" allows you to easily calculate loan details. If you find this "Car Loan Calculator" useful, please feel free to share! Thank you!

Credit score rating in India

Credit score rating (CIBIL score) is very important when you borrow money, it is because if your credit score rating is too low, you may not be able to borrow money! For more information about credit score rating, please visit the below websites:
CIBIL Score - How to Check, Calculate and Improve Credit Score
CIBIL Score | Credit Score | Credit Report | Loan Solutions | CIBIL

List of banks in India

No. Bank Name Bank website
1 Allahabad Bank
2 Axis Bank
3 Bank of Baroda
4 Bank of India
5 Bank of Maharashtra
6 Canara Bank
7 Central Bank of India
8 HDFC Bank
9 ICICI Bank
10 IDBI Bank
11 Indian Bank
12 Indian Overseas Bank
13 Jammu & Kashmir Bank Ltd
14 Punjab and Sind Bank
15 Punjab National Bank
16 State Bank of India
17 UCO Bank
18 Union Bank of India
19 Yes Bank Ltd.
20 Saptagiri Grameena Bank
21 Arunachal Pradesh Rural Bank
22 Dakshin Bihar Gramin Bank
23 Uttar Bihar Gramin Bank
24 Chhattisgarh Rajya Gramin Bank
25 Baroda Gujarat Gramin Bank
26 Saurashtra Gramin Bank
27 Sarva Haryana GB
28 Karnataka Gramin Bank
29 Kerala GB
30 Meghalaya Rural Bank
31 Mizoram Rural Bank
32 RRB Puduvai Bharathiar GB
33 RRB Punjab GB
34 Baroda Rajasthan Kshetriya Gramin Bank
35 Rajasthan Marudhara Gramin Bank
36 Andhra Pradesh Grameena Vikas Bank
37 Telangana Grameena Bank
38 Prathama U.P. Gramin Bank
39 Prathama UP GB
40 Uttarakhand Gramin Bank
42 Tamilnad Mercantile Bank Ltd
44 City Union Bank
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