🚗 Auto EMI Calculator

An auto EMI calculator (also called vehicle EMI calculator or automobile EMI calculator) is a free online tool that helps you calculate your monthly vehicle loan payment (EMI). Simply enter your vehicle's on-road price, down payment amount, interest rate, and loan tenure. The calculator instantly shows your monthly EMI, total interest payable, and complete payment schedule. Our tool also includes prepayment analysis and salary recommendations.

Our automobile EMI calculator offers advanced features: (1) Uses on-road price instead of just loan amount for realistic calculations, (2) Shows prepayment impact - see how extra payments reduce tenure and save interest, (3) Includes salary calculator - know if you can afford the vehicle based on 10-15% EMI rule, (4) Provides complete amortization schedule showing month-by-month breakdown, (5) Visual pie chart of principal vs interest, and (6) All calculations happen instantly without page reload.

Yes! This vehicle EMI calculator works for all types of automobiles - cars, bikes, motorcycles, scooters, SUVs, trucks, and commercial vehicles. Whether you're buying a Honda City, Royal Enfield, Tata Ace, or any other vehicle, you can use this tool. Simply enter your vehicle's on-road price and loan terms. The calculator works for both new and used vehicle purchases.

Most buyers think in terms of vehicle price, not loan amount. Our auto EMI calculator asks for on-road price (which includes vehicle cost + registration + insurance + taxes) and your down payment. The loan amount is then automatically calculated (On-road price - Down payment). This approach is more user-friendly and helps you understand your upfront costs better. The on-road price is what you actually pay to drive the vehicle home.

The prepayment feature lets you see how making extra payments reduces your loan tenure and saves interest. Enter an additional amount (like ₹5,000) and frequency (quarterly/half-yearly/yearly). Our vehicle EMI calculator instantly shows: (1) How many months earlier you'll finish the loan, (2) How much interest you'll save, and (3) Your revised payment schedule. This helps you plan bonuses or extra income to clear your vehicle loan faster.

Our vehicle EMI calculator uses the standard reducing balance formula used by all Indian banks and NBFCs: EMI = [P × R × (1+R)^N] / [(1+R)^N-1]. The results are 99.9% accurate for reference purposes. However, your actual EMI may vary slightly due to: (1) Processing fees, (2) Insurance bundled with loan, (3) Bank's exact day-count method, and (4) Any special charges. Always verify final terms with your lender before signing loan documents.

Our automobile EMI calculator shows recommended salary based on the financial principle that vehicle EMI should not exceed 10-15% of monthly income. The calculator displays two values: (1) Recommended Salary (EMI = 15% of income) - the minimum you should earn, and (2) Safe Salary (EMI = 10% of income) - ideal for comfortable repayment. This helps you assess if you can afford the vehicle without financial stress.

Yes, this vehicle EMI calculator is 100% free with no registration required. Use it unlimited times to compare different scenarios - try various down payments, tenures, and interest rates. No email signup, no hidden charges, no data collection. Calculate as many times as you want for cars, bikes, or any automobile. The tool works instantly in your browser without installing anything.

Ex-showroom price is the vehicle cost at the dealership. On-road price includes registration fees, road tax, insurance, and other charges. Always use on-road price in our auto EMI calculator for accurate loan calculations. For example, if a car's ex-showroom price is ₹10 lakhs, its on-road price might be ₹11.5 lakhs after adding registration (₹50,000), insurance (₹30,000), road tax (₹60,000), and accessories (₹10,000).

Prepayments directly reduce your principal amount. Since interest is calculated on outstanding principal, lower principal means less interest. This allows you to pay off your automobile loan faster. For example, on a ₹5 lakh loan at 10% for 5 years, making ₹5,000 quarterly prepayments can reduce tenure by 12 months and save ₹35,000 in interest. Use our vehicle EMI calculator's prepayment feature to see exact savings for your scenario.

Financial experts recommend your EMI should be 10-15% of monthly income. Our auto EMI calculator automatically shows both recommended (15% rule) and safe (10% rule) salary levels. For example, if EMI is ₹15,000: Recommended salary = ₹1,00,000/month, Safe salary = ₹1,50,000/month. Banks typically approve loans if EMI is under 50% of income, but staying below 15% ensures comfortable repayment without financial strain.

A good down payment is 15-25% of vehicle's on-road price. Higher down payments: (1) Reduce loan amount and EMI, (2) Often get better interest rates, (3) Reduce total interest paid, (4) Improve loan approval chances. For example, on a ₹10 lakh vehicle with 20% down payment (₹2 lakhs), you borrow only ₹8 lakhs. Use our automobile EMI calculator to compare different down payment scenarios and see the impact on your monthly EMI.

Vehicle EMI is calculated using the reducing balance method: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P = Principal loan amount, R = Monthly interest rate (annual rate ÷ 12 ÷ 100), N = Loan tenure in months. Our auto EMI calculator uses this exact formula. For example, ₹5 lakh loan at 10% for 5 years: Monthly rate = 0.00833, EMI = ₹10,624. This is the standard formula used by all Indian banks and NBFCs.

Yes! This vehicle EMI calculator works for both new and used automobile purchases. For used vehicles: (1) Enter the agreed purchase price as on-road price, (2) Note that used vehicle loans typically have higher interest rates (12-16% vs 8-12% for new), (3) Maximum loan tenure is usually shorter (3-5 years vs 5-7 years for new), (4) Banks may finance 70-80% of used vehicle value vs 90-100% for new. Use our calculator to compare scenarios and find affordable EMI.