Calculate EMI for vehicle loans with detailed payment schedules and interest analysis
Enter your vehicle details to see EMI calculation and payment schedule.
Our vehicle EMI calculator helps you determine the exact monthly installment for your car, bike, or commercial vehicle loan. Simply enter the loan amount, interest rate, and tenure to get instant results.
Interest rates for vehicle loans vary depending on the type of vehicle, lender, loan amount, and your credit profile. Here's what you can typically expect:
Car loans generally offer the most competitive rates, ranging from 7.5% to 15% per annum. New cars typically get better rates than used vehicles. Premium cars and luxury vehicles may have different rate structures.
Two-wheeler loans have rates between 9% to 18% annually. Many lenders offer special schemes for first-time buyers and students. Electric vehicles often get preferential rates.
Commercial vehicle financing rates range from 8% to 16%, depending on the vehicle category and business profile. Heavy commercial vehicles may have different terms compared to light commercial vehicles.
Vehicle 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 (annual rate ÷ 12), and N is the loan tenure in months.
Car loans typically have a tenure of 1 to 7 years, bike loans range from 1 to 5 years, and commercial vehicle loans can extend up to 8 years. The exact tenure depends on the lender and vehicle type.
Yes, many lenders offer up to 90-100% financing for new vehicles. However, making a down payment of 10-20% often helps in getting better interest rates and loan terms.
Common documents include identity proof (Aadhaar/PAN), address proof, income proof (salary slips/ITR), bank statements, vehicle quotation, and photographs. Self-employed individuals may need additional business documents.
Most lenders allow prepayment after 6-12 months. Some may charge a nominal prepayment penalty (usually 2-5% of outstanding amount), while others offer zero prepayment charges. Check with your lender for specific terms.
