Rs. 1 lakh - Rs. 10 crore
You may be eligible for a pre-approved offer
Quick approval | Flexible tenure options | Minimal paperwork
New Car Finance EMI Calculator
Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.
The calculator(s) are not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
What is a car loan EMI calculator?
A car loan EMI calculator shows the estimated monthly amount you may need to pay for your new car loan. It helps you plan your repayment before you apply. You only need to enter the loan amount, interest rate, and tenure. The calculator then shows the estimated EMI, total interest, and total repayment amount.
This makes it easier to check whether the EMI fits your monthly budget. You can also change the tenure or downpayment amount to compare different repayment options. Bajaj Finance New Car Loan offers financing of up to 100% of the car's on-road price. Check your eligibility now and find out how much you can borrow.
How do you use the online car loan EMI calculator?
You can use the online car loan EMI calculator in a few simple steps. It helps you estimate your monthly EMI before you apply.
Enter the loan amount you want to borrow.
Fill in the applicable interest rate.
Select the loan tenure based on your repayment plan.
View the estimated new car loan EMI instantly.
Before you begin, check your new car loan eligibility and documents. This can help make the application process smoother.
Key components of car loan EMI calculation
The car loan EMI calculator uses a few details to estimate your monthly instalment. These details affect how much you pay every month and how much interest you pay over time.
Component | How it affects EMI |
Loan amount | A higher loan amount usually increases the EMI. A bigger down payment can reduce the loan amount. |
Interest rate | A higher interest rate increases the EMI. Even a small rate change can affect the monthly amount. |
Loan tenure | A longer tenure can lower the EMI. It may also increase the total interest paid. |
Repayment structure | In the early months, a larger share goes towards interest. Later, more goes towards principal repayment. |
By entering these details into a car loan EMI calculator, you can get a quick EMI estimate. This helps you compare options and choose a repayment plan that suits your budget.
How does a car loan calculator help with planning?
A car loan calculator helps you plan your monthly outgo before taking a loan. It gives you a clear estimate, so you can avoid choosing an EMI that feels too high later. You can use it to compare different loan amounts, interest rates, and tenures. This helps you balance monthly comfort with the total cost of borrowing.
Planning need | How the calculator helps |
Monthly budget | It shows whether the EMI fits your income and expenses. |
Tenure comparison | It helps you compare shorter and longer repayment periods. |
Total interest check | It shows the total car loan interest rate payable across the loan period. |
Loan amount planning | It helps you adjust the loan amount before applying. |
Expense planning | It helps you plan savings, investments, and emergency funds better. |
A car loan EMI calculator is useful before you start the loan application. It gives you clarity on repayment and helps reduce the risk of financial strain.
What is the formula for car loan EMI?
Your car loan EMI is calculated using this formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Here is what each term means:
Term | Meaning |
P | Principal loan amount |
R | Monthly interest rate |
N | Total number of monthly payments |
You can use this formula to calculate EMI manually. However, manual calculation can take time and may lead to errors. A car loan EMI calculator makes this easier. You only need to enter the loan amount, tenure, and interest rate to get an instant estimate.
How does tenure change your car loan EMI?
The loan tenure has a direct impact on your EMI. A longer tenure can reduce the monthly EMI, but it can increase the total interest paid.
The example below shows how EMI changes when the tenure increases from 5 years to 7 years. The loan amount and interest rate remain the same.
Loan details | 5-year loan | 7-year loan |
Loan amount | Rs. 7,50,000 | Rs. 7,50,000 |
Interest rate | 9.60% | 9.60% |
Tenure | 5 years | 7 years |
Monthly EMI | Rs. 15,788 | Rs. 12,296 |
Total interest paid | Rs. 1,97,284 | Rs. 2,82,900 |
Total repayment amount | Rs. 9,47,284 | Rs. 10,32,900 |
This comparison shows that extending the tenure reduces the EMI burden each month, but the total interest paid over the loan period becomes higher. Using a car loan calculator allows you to quickly test different loan tenures and find a repayment plan that suits your budget.
What is a car loan amortisation schedule?
A car loan amortisation schedule shows how each EMI is split between interest and principal repayment. In the early months, a larger share goes towards interest. Over time, the principal share increases. Here is a simple example of the amortisation schedule for a car loan of Rs. 7,50,000 taken for 12 months at an interest rate of 9.60% per annum:
Month | Opening balance | EMI | Interest component | Principal component | Closing balance |
1 | Rs. 7,50,000 | Rs. 65,728 | Rs. 6,000 | Rs. 59,728 | Rs. 6,90,272 |
2 | Rs. 6,90,272 | Rs. 65,728 | Rs. 5,522 | Rs. 60,206 | Rs. 6,30,066 |
3 | Rs. 6,30,066 | Rs. 65,728 | Rs. 5,041 | Rs. 60,687 | Rs. 5,69,379 |
4 | Rs. 5,69,379 | Rs. 65,728 | Rs. 4,555 | Rs. 61,173 | Rs. 5,08,206 |
5 | Rs. 5,08,206 | Rs. 65,728 | Rs. 4,066 | Rs. 61,662 | Rs. 4,46,544 |
6 | Rs. 4,46,544 | Rs. 65,728 | Rs. 3,572 | Rs. 62,156 | Rs. 3,84,388 |
7 | Rs. 3,84,388 | Rs. 65,728 | Rs. 3,075 | Rs. 62,653 | Rs. 3,21,735 |
8 | Rs. 3,21,735 | Rs. 65,728 | Rs. 2,574 | Rs. 63,154 | Rs. 2,58,581 |
9 | Rs. 2,58,581 | Rs. 65,728 | Rs. 2,069 | Rs. 63,659 | Rs. 1,94,922 |
10 | Rs. 1,94,922 | Rs. 65,728 | Rs. 1,559 | Rs. 64,169 | Rs. 1,30,753 |
11 | Rs. 1,30,753 | Rs. 65,728 | Rs. 1,046 | Rs. 64,682 | Rs. 66,071 |
12 | Rs. 66,071 | Rs. 66,600 | Rs. 529 | Rs. 66,071 | Rs. 0 |
Note: This schedule is for illustration only. Actual values may vary slightly due to rounding, interest calculation methods, and lender-specific terms.
What are the advantages of using new car loan EMI calculator?
An online new car loan EMI calculator helps you check repayment estimates without manual calculation. It also saves time and gives a clear view of the loan cost.
Benefit | What it means for you |
Instant results | You get the EMI estimate as soon as you enter the details. |
Better accuracy | It reduces the chances of manual calculation errors. |
Clear repayment view | You can see the EMI, total interest, and total repayment amount. |
Budget planning | You can check if the EMI fits your monthly income and expenses. |
The calculator can help you compare different loan amounts and tenures. This makes it easier to choose a repayment plan before applying for a car loan.
Frequently asked questions
Overview
EMI changes and repayment choices
Credit score and missed EMI
EMI related
What does a car loan EMI calculator do?
A car loan EMI calculator helps you estimate your monthly instalment before you apply for a loan. You need to enter the loan amount, interest rate, and tenure. The calculator then shows the EMI, total interest payable, and total repayment amount. This helps you plan your car loan better.
How much time does it take to use a car loan EMI calculator?
You can use a car loan EMI calculator in a few minutes. Enter the loan amount, tenure, and interest rate to get the estimated EMI. The calculator gives the result instantly. It also helps you understand the repayment amount before you make a financial commitment.
How do I calculate new car loan EMIs?
You can calculate new car loan EMIs by using a car loan EMI calculator. Select the loan amount, rate of interest, and tenure. The calculator applies the EMI formula and gives an estimate. This is easier and faster than doing the calculation manually.
How is new car loan interest calculated?
New car loan interest depends on the loan amount, tenure, borrower profile, credit score, and prevailing market rates. Once you know the applicable rate, you can enter it into the new car loan EMI calculator. The tool will show the monthly EMI and total interest payable.
Can my car loan EMI change later?
Yes, your car loan EMI can change if the repayment terms change. This may happen due to loan restructuring, tenure change, refinancing, or interest rate changes. Any change will depend on lender rules and the terms accepted at the time of revision.
Can I change my repayment method?
When you take a loan, your EMI is usually auto-debited from your registered bank account. The option to change the repayment method depends on lender policy. If you have an ongoing new car loan from Bajaj Finance, you can request a bank account change through My Account.
Does my EMI change if the interest rate changes?
Yes, your EMI may change if your loan has a floating interest rate. A higher rate can increase the EMI or tenure. A lower rate can reduce the repayment burden. The final impact depends on lender terms and the repayment structure of your loan.
Is a longer or shorter car loan tenure better?
A longer tenure can reduce your monthly EMI, but it may increase the total interest paid. A shorter tenure can increase the EMI, but it may reduce the overall borrowing cost. Use a car loan EMI calculator to compare both options before applying.
Can I prepay or foreclose my car loan early?
Yes, many lenders allow part-prepayment or foreclosure of a car loan. Charges and conditions may vary by lender. Before making an early repayment, check the foreclosure rules, applicable charges, and impact on your total repayment cost.
Can a higher credit score reduce my car loan EMI?
A higher credit score may help you get a better interest rate, subject to lender policy. A lower interest rate can reduce your monthly EMI and total interest cost. Your final loan terms may also depend on income, tenure, loan amount, and profile checks.
What happens if I miss a car loan EMI?
If you miss a car loan EMI, the lender may charge a late payment fee. Missed payments can also affect your credit score. If EMIs remain overdue, they may impact your future loan eligibility. It is better to plan repayments before taking the loan.
What is the EMI for a Rs. 8 lakh car loan for 5 years?
At an interest rate of 9.60% p.a. for 5 years, the EMI for a Rs. 8 lakh car loan is around Rs. 16,841. This is only an illustration. Your actual EMI may change based on lender terms, charges, approved rate, and selected repayment tenure.
What is the EMI for a Rs. 10 lakh car loan for 5 years?
At an interest rate of 9.60% p.a. for 5 years, the EMI for a Rs. 10 lakh car loan is around Rs. 21,051. The final EMI may vary based on your loan amount, interest rate, tenure, charges, and lender-specific terms.
What is the EMI for a Rs. 15 lakh SUV loan?
At an interest rate of 9.60% p.a. for 5 years, the EMI for a Rs. 15 lakh SUV loan is around Rs. 31,576. This is an estimated value. Actual EMI may change based on the approved rate, tenure, charges, and borrower profile.
Related articles
Disclaimer
1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.
2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.