Car or Bike Loan EMI Calculator

Currently, the interest rates on car or bike loan from banks range from 8.75% to 13.5%, and if your credit score is high, you could even bargain for the best rate. If you are planning to opt for a Car or Bike Loan, this Car or Bike Loan EMI calculator will help you estimate how much will be the Equated Monthly Instalment (EMI). Simply provide the Car or Bike Loan amount, the loan tenure and the interest rate of your Car or Bike Loan.

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₹10K₹1Cr
Months
3M96M
%
6%22%

Monthly EMI

₹0.00

Loan Amount
₹0.00
Intrest Amount
₹0.00
Total Amount Payable
₹0.00
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Note: These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.

What is EMI?

Equated Monthly Instalment or EMI is the fixed amount a borrower pays every month towards the repayment of their loan. It has two components - the principal and the interest- and is usually paid on a fixed date every month.


How to use the EMI calculator?

You can use an EMI calculator to arrive at your EMI amount for your personal loan, home loan or even car loan. All you have to do is insert your loan amount, tenure and the rate of interest on the loan. It then gives you the EMI amount along with the total interest payable.


How are EMIs calculated on loans with a floating interest rate?

A floating interest rate, in contrast to a fixed rate, varies based on the prevailing market rates. It is usually synced with the base rate determined by the RBI. For some banks, changes in interest rates don’t reflect in your EMI, rather the tenure of the loan may increase or decrease accordingly.


What is the importance of an EMI Calculator?

With an EMI calculator, you can find out the following within seconds:

  • Your Equated Monthly Instalment amount
  • The total interest payable on your loan
  • The total amount you have to repay (principal + interest), i.e., the total cost of your loan
You can customize the loan tenure or change the loan amount to arrive at the EMI that you can afford. Additionally, as interest rates affect EMIs, you can compare rates to find the one that best suits your needs.


How do EMI Calculators work?

The formula for calculating EMIs is:
EMI = p × r × (1 + r)n/((1 + r)n - 1)

  • Here,
  • P = loan amount
  • r = rate of interest
  • n = loan tenure in months
To determine your EMI amount, enter the loan amount that you wish to borrow, the loan tenure within which you intend to repay the money, and the interest rate that your borrower charges.


What are the factors that can impact your EMI amount?

  • Higher interest rates and loan amounts increase your EMI amount.
  • Longer repayment tenures lower your EMI amount but increase the total interest payable.
  • A partial prepayment of loan lowers your principal amount on which the interest is to be paid, thus, reducing your EMI amount.
  • A flexible EMI scheme allows you to adjust the EMI amount as per your convenience.

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