Using a car loan EMI calculator is quite easy. In order to do it, you would need the following things:

• The loan amount that you wish to borrow to purchase your car


• The internet rate charged on the loan amount


• Loan period which could be in months or years

If you are planning to take a car loan and you are doubtful about how much you would be paying every month, then you can use the internet and seek help from an online car loan EMI calculator. This calculator would provide you an estimated amount that you need to pay every month on the loan. You can also use the calculator to compare different loan options. Consequently, you would be able to make the decision of buying a car.

Of course, a car loan EMI calculator uses a specific mathematical formula and hence, it can give you an accurate estimate of your monthly payment. You just need to input the loan amount, loan tenure, and loan interest rate to get the estimated amount. However, there might be a little difference in monthly amount due to several factors like the loan processing fee and prepayment charges.

Of course, there are dozens of websites on the internet where you can use a car loan EMI calculator without paying any amount. Most banks and financial websites offer this tool to their customers for free so that they are aware of how much they need to pay every month for their car loan.

Yes, you can change the loan amount and tenure in a car loan EMI calculator to see how it affects your monthly payments. Most calculators have sections where you can input the loan amount and tenure in months or years. You can adjust these values to find a loan option that fits your budget and helps you make informed decisions about your car loan.

If the interest remains fixed throughout the loan tenure, then your car loan EMI would also remain fixed. However, it may be different for the first month as you would also need to pay loan disbursal charges and other such amounts. In case, you are doing prepayment or part payment, then also your car loan EMI may change.

While buying a car, you are often required to pay some upfront money by the car dealer and this amount is called down payment. It is usually 10-15% of the on-road price of the car and is paid directly to the dealer before taking delivery of the car. The higher the down payment, the lower would be your monthly payment on the car.

No, the results from a Car Loan EMI calculator are not binding. The calculator provides an estimate of your monthly EMI payment based on the inputs you provide, such as the loan amount, interest rate, and the loan tenure. However, the actual EMI payment may vary a bit, due to factors such as processing fees, pre-payment charges, etc.

Yes, you can use a Car Loan calculator to compare different loan options. Just fill in the loan tenure, loan amount, and interest rate and you would get to know how much EMI amount you need to pay on different loans per month. This certainly helps customers make an informed decision about taking the car loan.

Well, not necessary! To calculate monthly EMI on your car loan, you just need to input loan amount, loan tenure, and interest rate in the calculator. However, if you are aware of the interest rate that a specific bank is giving its customers, then you would be able to get a more accurate monthly amount on your Car Loan.

EMI calculation helps in planning the car purchase as when you get the idea of how much you need to pay every month towards your Car Loan, you can manage your monthly expenses better. You would be then able to manage finances of your house and check whether you are comfortable in paying the estimated EMI calculated.

If you think the EMI amount that you need to pay every month towards your Car Loan doesn’t suit your budget, then you must resort to the following ways to reduce it:

• Increase down payment on your car so that the EMI amount gets decreased


• Prepay some loan amount whenever you have enough money


• Go for a longer loan tenure, though it would increase the total interest paid on the loan


• Check for banks or financial institutions that offer lower interest rates.

The EMI amount that you need to pay towards your Car Loan entirely depends on the interest rate, loan tenure and loan amount. Lower the interest rate and loan amount and higher the loan tenure, the lesser is your monthly EMI. So, there is nothing such as the lowest EMI that you need, to pay a Car Loan. Regardless, you can use a car loan EMI calculator to get the estimated monthly amount you would need to pay on your loan.

The car loan EMI for ₹1 Lakh depends upon the interest rate and loan tenure. However, let’s assume the interest rate is 10% and the loan tenure is 5 years, then using the car loan EMI calculator, your monthly EMI would be ₹2125. If the rate of interest is lower, then the EMI amount will be less than ₹2125.

The car loan EMI for ₹3 Lakh depends upon the interest rate and loan tenure. However, let’s assume the interest rate is 10% and the loan tenure is 5 years, then using the car loan EMI calculator, your monthly EMI would be ₹6374. If the rate of interest is lower, then the EMI amount will be less than ₹6374.

The car loan EMI for ₹5 Lakh depends upon the interest rate and loan tenure. But, let’s assume the interest rate is 10% and the loan tenure is 5 years, then using the car loan EMI calculator, your monthly EMI would be ₹10624. If the rate of interest is lower, then the EMI amount will be less than ₹10624.

To repay your car loan EMI in advance, you first need to check if the lender allows prepayment on the loan. If it is allowed, you can then decide how much you wish to pay in advance. Next, write an application requesting the lender for prepayment. Once it is approved, make the payment. After the prepayment is received, the lender will adjust the outstanding loan amount, which will reduce the EMI or loan tenure. Verify the new EMI or loan tenure with the lender.

Usually, lenders send reminders regularly for car loan EMI payments. The reminders can be in the form of emails, SMS, or phone calls. However, it is always recommended to check their policy regarding payment reminders. You can also set up automatic payments through your bank account to ensure that your car loan EMI is paid on time without having to rely on reminders from your lender.

A car loan EMI gets active from the first EMI due date, which is usually a month after the loan disbursement. The lender may provide you with a grace period of a few days after the due date before the EMI is considered overdue. However, it’s important to check with your lender regarding the exact timeline for your car loan EMI activation and due dates. Make sure to pay your EMI on time every month to avoid any penalties and maintain a good credit score.