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What is EMI Calculator for Car Loan?

The car loan EMI calculator is an online tool designed to help you estimate the Equated Monthly Installment (EMI) for your car loan. Apart from the EMI, it displays the total amount payable and total interest payable, making it easier for you to plan your budgets before taking any loan. 

The car loan calculator in India generates these results based on the loan amount, loan tenure, and interest rate. You can adjust the inputs to compare different loan options and view how EMIs vary, allowing you to budget accordingly. The new car loan EMI calculator eliminates complex manual calculations, thereby saving time, and helps organize your finances before taking a loan.

How to Use an EMI Calculator for Car Loan?

Here’s the step-by-step process to use the car loan EMI calculator:

  1. 1. Open Tata Capital’s car EMI calculator online.
     

  2. 2. Use the slider to set the loan amount based on the price of the car you are willing to buy. This is the principal amount. You can also enter the amount in the textbox.
     

  3. 3. Enter the loan tenure, which is the amount of time you require to repay the loan. You can enter it in years or months. The loan tenure at Tata Capital ranges from 1 to 6 years.
     

  4. 4. Select the rate of interest offered to you by the lender. It can range between 10.75% p.a. and 25% p.a.
     

  5. 5. The online car loan calculator will instantly display the results for the monthly EMI, total amount payable, and total interest payable.

Key Factors That Influence Car Loan EMI

Several factors determine the Car Loan EMI, and understanding them helps borrowers estimate repayments more effectively before applying for a loan.

  • Loan Amount (Principal): The total loan amount serves as the basis for the EMI calculation. A higher loan amount generally results in a higher monthly installment.
  • Interest Rate: The annual interest rate affects both the monthly EMI and the total interest payable during the loan tenure. Even small changes in the rate can impact the overall repayment amount.
  • Loan Tenure: The repayment period influences the EMI structure. A longer tenure reduces the monthly installment but increases the total interest paid, while a shorter tenure raises the EMI but lowers the overall borrowing cost.
     

Using an EMI calculator to test different combinations of these factors can help borrowers identify a repayment structure that balances affordability and total loan cost.

Amortization Table for Car Loan

An amortization schedule is a tabular breakdown of your loan’s periodic payments over its tenure. It shows your monthly EMI, its two components (the interest portion and the principal portion), and the remaining loan balance after the EMI payment. 

You can create an amortization schedule with basic information, such as the loan tenure, interest rate, and installment details. Initially, the interest component is higher than the principal. However, as the outstanding balance reduces, the interest portion begins to decline and the principal portion rises, until full loan repayment. The amortization schedule helps you track repayment progress, understand how interest is charged, and plan prepayments effectively to save on interest costs.

A car loan interest calculator can help you prepare an amortization schedule.

EMI Calculation Formula for Car Loan

You can calculate your EMI with a simple formula:

E = [P × R × (1+R) ˄N] / [(1+R) ˄ (N-1)]

Where,

P = Principal Amount

R = Rate of interest

N = Tenure of loan in months

Example: Suppose you take a car loan worth Rs. 12 lakhs at an interest rate of 12% for 5 years. Using the above formula, the EMI is calculated as follows:

P = 12,00,000

R = 12/100/12 (converted to a monthly interest rate)

N = 5 years or 60 months

E = [12,00,000 x 12/100/12 x (1 + 12/100/12) ^ 60] / [(1 + 12/100/12) ^ 60-1]

E = 26,693

In the above example, your EMI will be Rs. 26,693. The sum payable at the end of the loan tenure will be Rs. 16,01,580 (26693*60). Of this, Rs. 4,01,580 is the interest amount payable. 

Benefits of Using a Car Loan EMI Calculator

  • Flexible tenure: With Tata Capital’s car loan, you have the flexibility to choose a repayment tenure of up to 84 months. It allows you to spread your EMI payments over an extended tenure and repay them at your convenience.

  • Quick processing: At Tata Capital, we ensure that you won’t have to wait long to buy your dream car. You can apply for our car loan online by filling out a simple application form and uploading the bare minimum documents. Upon approval, you will get the required finances in your bank account within a few working days.

  • Flexi EMI options: At Tata Capital, you have the option to customize your car loan EMIs according to your convenience. You can increase or decrease your car loan tenure to ensure that your EMIs remain affordable and you can pay them comfortably.

  • Competitive interest rates: With Tata Capital, you can get the required financing to pay for your dream car at highly competitive interest rates. Our car loan interest rates are among the lowest in the market. You can use our car loan EMI calculator to know your EMIs in advance and make the best decision.

  • Instant approval: You can get instant approval by applying for a car loan online at the Tata Capital website. We will verify your documents and disburse the loan amount directly to your bank account, ensuring a quick and hassle-free process.

FAQs on Car Loan EMI Calculator

How does a car loan EMI calculator work?

The Car Loan EMI calculator on the Tata Capital website uses the standard EMI formula to estimate monthly loan repayments. The formula is E = [P × R × (1+R ⁿ] / [(1+R ⁿ − 1], where P represents the loan principal, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the loan tenure in months. By entering the loan amount, interest rate, and tenure into the calculator, you can instantly view the estimated EMI, total interest payable, and the overall repayment amount for your car loan.

How to use Tata Capital's EMI calculator? Is it accurate?

You can use Tata Capital’s car loan EMI calculator in just a few simple steps:

  1. 1. Step 1: Enter your desired loan amount based on the price of the car you are trying to buy, or use the slider to adjust it.

  2. 2. Step 2: Select your preferred loan tenure in months or years (1-6 years).

  3. 3. Step 3: Add the rate of interest offered to you.

In just three simple steps, the calculator gives you accurate estimates of your monthly EMIs, total interest, and total payable amount, with final figures confirmed at the time of your loan approval.

Is the car loan EMI calculator based on a fixed or floating rate of interest?

The Tata Capital car loan EMI calculator is based on a fixed interest rate, which means your EMI remains the same throughout the loan tenure. Since Tata Capital currently only offers fixed-rate car loans, you generally cannot change your EMI once the loan has started. However, if you wish to revise your loan terms, get in touch with us to check the process and understand any additional costs or documentation needed for the same.

Can I switch from a fixed to a floating interest rate (or vice versa) after the loan disbursal?

Yes, under RBI guidelines, lenders may allow a switch between fixed and floating interest rates by charging a nominal fee. At Tata Capital, car loans are offered at fixed rates, ensuring predictable EMIs throughout your tenure.

What is the minimum down payment required to avail a new car loan? How is the car loan EMI calculated?

Tata Capital offers up to 100% funding on new car loans, so you may not need a down payment. Your EMI is calculated using the formula:

E = [P × R × (1+R)ⁿ] / [(1+R)ⁿ – 1]

Where:

  1. 1. P = Loan amount (principal)

  2. 2. R = Monthly interest rate

  3. 3. N = Loan tenure in months

For example, a Rs. 10 lakh loan at 12% for 5 years results in an EMI of about Rs. 22,244.

Can the EMI calculator be used for both new and used vehicles?

No, Tata Capital’s car loan EMI calculator is designed for new car loans. For used vehicles, interest rates differ, so it’s best to use the dedicated used car loan EMI calculator for accurate estimates.

What factors affect car loan EMI?

Your car loan EMI depends on:

  1. 1. Loan amount: Higher loan amounts increase EMIs.

  2. 2. Interest rate: Higher rates lead to costlier repayments.

  3. 3. Tenure: Longer tenure reduces EMI but increases total interest.

  4. 4. Down payment: A higher upfront payment lowers the EMI burden.

  5. 5. Credit score: A strong score may get you better terms.

Missing an EMI can attract late payment charges, impact your credit score, and affect your future loan eligibility.

What happens if I miss an EMI?

If you miss a car loan EMI, you may face late payment charges and a negative impact on your credit score. To amend, pay the overdue amount quickly, avoid repeated delays, or get in touch with Tata Capital for repayment support.

What are the eligibility criteria to avail a car loan?

To avail a new car loan from Tata Capital, you need to meet the following criteria:

  1. 1. Age: 21-60 years for salaried professionals; 21-65 years for self-employed individuals.

  2. 2. Income: Minimum Rs. 3 lakhs per year for salaried and most self-employed individuals; Rs. 2 lakhs for certain self-employed individuals.

  3. 3. Work/business: At least one year of employment or business continuity.

  4. 4. Credit score: A healthy credit score (ideally, above 750) improves your chances of approval.

  5. 5. ABB rule: For some self-employed individuals, the Average Bank Balance (ABB) must be at least 0.5x the EMI.

Your eligibility may vary depending on your profile and documentation.

What are the documents required for a new car loan with Tata Capital?

To apply for a new car loan with Tata Capital, you’ll need to provide the following documents:

  1. 1. Identity proof, such as Voter ID, Passport, Driving License, or Aadhaar.

  2. 2. Income proof, such as last three months’ bank statements, salary slips, and ITRs/audited financials (for self-employed).

  3. 3. Residence proof, such as Voter ID, Passport, Driving License, or Aadhaar.

  4. 4. Car-related documents, such as an invoice copy.

  5. 5. Your signature proof.

The exact documents required depend on your unique profile.

What are all the important fees & charges for availing a new car loan?

Here are some of the important fees and charges for availing Tata Capital’s new car loan:

  1. 1. Processing fee: 2.95% of the loan amount

  2. 2. Foreclosure charges: 6% if closed within 12 months; 5% after 12 months

  3. 3. Statement of account: Nil through the customer portal, Rs. 250 for branch walk-ins

  4. 4. Loan cancellation: Rs. 6,500 (after the cooling-off period)

  5. 5. Duplicate NOC: Rs. 300

  6. 6. Stamp duty: At actuals

  7. 7. NACH/PDC charges: Rs. 500

  8. 8. Documentation charges: Up to Rs. 1,999

  9. 9. Other charges: These may apply for repossession (Rs. 22,000), RC-related delays, or part-prepayments.

GST and other government levies also apply to all of these fees and charges. Visit our rates & charges page for a detailed breakdown of the associated costs.

Do I need a co-applicant for a car loan from Tata Capital? What are the requirements for co-applicants?

Yes, you can add a co-applicant to Tata Capital’s new car loan. While it isn’t mandatory, having a co-applicant can strengthen your application and help you qualify for better loan terms if you don’t meet the criteria alone. Co-applicants should meet basic eligibility criteria, such as:

  1. 1. Age: Within the lender’s specified range.

  2. 2. Income: Stable and verifiable source of income.

  3. 3. Credit score: A healthy credit score improves approval chances.

Can I avail myself of a car loan to buy a used vehicle?

Yes, you can apply for a car loan to buy a used vehicle through Tata Capital. The terms, eligibility, and interest rates may differ from new car loans. For details, explore Tata Capital’s used car loan offering.

How long can I take to repay a car loan?

You can repay a Tata Capital car loan over a period of 1-7 years. The tenure you choose impacts your EMI and overall cost:

  1. 1. A shorter tenure means paying higher EMIs each month but saving on total interest.

  2. 2. A longer tenure means paying smaller EMIs but ending up with higher overall interest.

What should be done after paying the last car loan EMI?

Once you’ve paid your last EMI, make sure to collect the No Dues Certificate and loan closure documents (like Form 35 and loan statement). Then, have the hypothecation (the lender’s legal claim on your car) removed from your RC at the RTO and update your car insurance.

Is the car EMI calculator result accurate for floating and fixed-rate Car Loans?

The Car Loan EMI calculator at Tata Capital provides accurate estimates for loans offered at a fixed interest rate, where the EMI generally remains constant throughout the tenure. For floating-rate car loans, the calculator estimates the EMI based on the interest rate entered at the time of calculation. If the applicable interest rate changes during the loan tenure, the EMI or repayment schedule may be adjusted accordingly. The calculator, therefore, serves as a helpful planning tool to estimate repayment obligations before applying for a car loan.

Can I use this EMI tool for used Car Loans and two-wheeler loans?

The EMI calculator for Car Loans on the Tata Capital website is designed for new and used Car Loans. For two-wheeler loans, use the dedicated bike EMI calculator available on the Tata Capital vehicle loan section. Simply enter the applicable loan amount, interest rate, and tenure for whichever vehicle loan you are evaluating.

How does part prepayment affect my Car Loan EMI?

Part prepayment on a Car Loan reduces the outstanding principal amount, which can lower the total interest payable over the remaining tenure. At Tata Capital, borrowers may have the option to make part prepayments in accordance with the applicable loan terms and charges. After a part prepayment, the lender may either reduce the remaining EMI amount or adjust the loan tenure while keeping the EMI unchanged, depending on the repayment structure selected. This helps borrowers manage their loans more efficiently and potentially reduce the overall borrowing cost.

Can I compare EMIs from different banks using Tata Capital's Car Loan EMI calculator?

The Car Loan EMI Calculator from Tata Capital helps you estimate monthly installments by entering the loan amount, interest rate, and tenure. This allows you to understand your expected EMI and total repayment before applying. Choosing Tata Capital for your Car Loan also offers benefits such as competitive interest rates, minimal documentation, quick approvals, and flexible repayment tenures, making the car financing process simple and convenient.

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