Calculate your vehicle loan EMI with detailed repayment schedule. Free EMI calculator for cars, bikes, and all vehicle types.
EMI refers to the fixed amount you pay monthly towards your loan i.e. Principal amount as well as interest. By entering the desired loan amount, loan term, and applicable interest rate (available on our website or by contacting us directly), the calculator generates an accurate estimate of your EMI. This empowers you to:
Planning a significant financial undertaking — like a loan requires careful budgeting and understanding your monthly obligations. This is where AutoEMI's online EMI calculator becomes a valuable tool for you. While the calculator provides accurate estimates based on the information you input, it's important to remember that actual interest rates and terms may vary depending on your specific circumstances.
While the EMI calculator simplifies monthly loan estimates, knowing the underlying formula offers valuable insight. Here's the simplified formula:
Where:
Remember: This formula serves as a foundational understanding. Always use a reliable EMI calculator like AutoEMI for accurate calculations.
Financial clarity empowers optimal decision-making. This is where the EMI calculator becomes a valuable tool for you. Tools such as EMI Calculator offered by AutoEMI simplify the process of estimating your monthly loan repayments. These calculators provide a user-friendly interface to analyse various repayment scenarios, allowing you to make informed decisions about your financial commitments.
Select the appropriate calculator based on your desired loan (personal, car, bike, home or business).
Specify the total sum you intend to borrow.
Indicate the desired duration of your repayment period (typically in months or years).
This crucial factor determines the cost of your loan. You can find this information on the chosen institution's website or by contacting them directly.
Instantly, the calculator reveals your estimated EMI.
This loan calculator provides a clear picture of your monthly Home Loan payments by considering loan specifics, including the loan amount, term, interest rate, and processing fees.
This easy-to-use loan and EMI Calculator helps you figure out how much you will have to pay each month towards a Personal Loan taken for various purposes, such as travel, medical-related expenses or debt repayments.
This Loan EMI calculator helps you estimate your monthly EMI based on the loan amount, tenure, and interest rate. It provides a simple breakdown of your repayment schedule.
Designed to help you estimate your Education Loan repayments, this loan and EMI Calculator helps you plan your education finances with confidence and focus on achieving your academic goals without worrying about the financial burden.
This monthly EMI calculator takes the guesswork out of EMI and interest calculations, giving you a clear picture of what your monthly payments will look like based on loan-related details, such as the amount, property value, interest rate and term.
Three crucial factors directly influence the decision to take out a loan:
This is the cost of borrowing the money, expressed as a percentage of the loan amount. It's like a rent paid to the lender for using their funds. Naturally, a higher ROI leads to a higher EMI and overall due amount.
This refers to the total sum you borrow. It's logical that a larger loan amount directly translates to a higher EMI and due amount. Consider it like purchasing a more expensive car; the monthly installments will be higher compared to a less expensive model.
This is the duration in which you have to repay the loan. Using AutoEMI's EMI calculator allows you to conveniently assess different loan terms, enabling you to make informed decisions. Spreading the repayment over a longer period results in lower EMIs but ultimately extends the interest accrual period, potentially increasing the total due amount.
Pro Tip: Use AutoEMI's calculator to adjust these three factors and find the perfect balance for your budget and financial goals.
Gain clear insight into how comfortably the estimated EMI aligns with your existing financial commitments.
Explore various loan scenarios by adjusting loan amounts, terms, and interest rates to identify the option that best suits your needs.
Acquire a valuable preliminary understanding of potential loan obligations, enabling you to proceed with informed financial choices.
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is the principal loan amount, R is the monthly interest rate, and N is the loan tenure in months. This formula ensures that each EMI payment consists of both principal and interest components, with the interest portion decreasing over time while the principal portion increases (reducing balance method).
EMI is typically due on a fixed date each month as specified in your loan agreement. Payments can be made through various methods including:
It's important to ensure timely payments to avoid late fees and maintain a good credit score.
For fixed-rate loans, your EMI remains unchanged throughout the loan tenure regardless of market interest rate fluctuations.
For floating-rate loans, your EMI will change when the lending institution adjusts interest rates based on market conditions. When rates increase, your EMI increases or tenure extends. When rates decrease, your EMI reduces or you can opt to maintain the same EMI and reduce the tenure.
Partial prepayment reduces your outstanding principal amount, which can lead to:
Some banks may charge a prepayment penalty, especially for fixed-rate loans. Always check your loan agreement terms.
A loan calculator is crucial because it:
There are several specialized EMI calculators for different loan types:
Each calculator is tailored to consider specific factors relevant to that loan type, such as different interest rate structures, processing fees, and tax benefits.
AutoEMI does not guarantee accuracy, completeness or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. AutoEMI does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against AutoEMI. Neither AutoEMI nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where P = Loan Amount, R = Monthly Interest Rate, N = Loan Tenure in Months
Our calculator uses the reducing balance method which is standard for Indian banks.