Most lenders require a down payment of 10-20% of the car’s value.
Car Loan calculators
Calculate EMIs and interest payable for Car loans.
Rs.200000
1 Lac
1 Crore
10%
1%
30%
23 Years
1
10
Principal Amt:
Rs.1,18,000
Interest Amt:
Rs.4,522
Rs.1,22,522
How to Use?
- Enter loan amount, tenure, and interest rate.
- Calculate EMI and total payable interest.
Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
| EMI (Equated Monthly Installment) | The fixed monthly repayment amount. |
| P | Principal amount of the home loan. |
| r | Monthly interest rate (annual interest rate divided by 12). |
| n | Total number of monthly installments (loan tenure in months) |
Advantages
- Accurate EMI planning
- Transparent interest calculation
- Helps budgeting
- Easy comparison of loan offers
FAQ's
What is the typical down payment for a car loan?
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Can I get a car loan without a salary slip?
Yes, but you may need to provide alternative income proof like bank statements or IT returns.
Is there a penalty for prepaying a car loan?
Some lenders charge a prepayment penalty, but it varies by bank.