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Car Loan EMI Calculator

Calculating your Car Loan EMI has never been easier. Use our Car Loan EMI Calculator to input your desired amount, interest rate and tenure, and view an instant summary of your EMI amounts. You can also simply adjust the amount and tenure to see how it affects your EMI repayments. Get in the driver’s seat faster with our Car Loan EMI Calculator.

Select Your Loan Type

1L 1Cr
6% 26%
12 60
Total Amount Payable

  • Principal Amount

  • Total Amount

Monthly EMI

Car Loan EMI: What Is It ?

A Car Loan EMI (Equated Monthly Instalment) is the monthly payment you make until your car loan is fully repaid. This amount comprises both the principal loan amount and the interest accrued.

Car Loan EMI: How Is It Calculated?

To calculate your Car Loan EMI manually, you can use this formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

  • P represents the loan amount.
  • R is the monthly interest rate (annual interest rate divided by 12).
  • N denotes the loan tenure in months.

For instance, if you borrow ₹10 lakhs for a car with a 5-year tenure and a 10% annual interest rate, your monthly EMI will be ₹16,602. While manual calculations are possible, they can be time-consuming. Instead, consider using an online Car Loan EMI calculator for quick and accurate results.

Benefits of Using a Car Loan EMI Calculator

  • Speed and convenience: It’s a quick and easy tool.
  • Accuracy: Ensures precise EMI calculations.
  • Financial planning: Helps you budget for your car loan.

How to Use Mahindra Finance Car Loan EMI Calculator?

Using a car finance EMI calculator is simple. Just provide three key inputs:

  • Loan amount
  • Interest rate
  • Loan tenure

The calculator will then display your monthly EMI. Feel free to experiment with different loan amounts, interest rates, and tenures to find the most suitable option for your budget.

What is the EMI for a 10 lakh car?

If you borrow ₹10 lakhs car loan with a 5-year tenure and a 10% annual interest rate, your monthly EMI for 10 lakhs will be ₹16,602. While manual calculations are possible, they can be time-consuming. Instead, consider using Mahindra Finance Car Loan EMI calculator for quick and accurate results. However, the EMI is subject to loan sanction and approval by the financer

What is the EMI for 6 lakh car loan?

If you borrow ₹6 lakhs car loan with a 5-year tenure and a 6% annual interest rate, your monthly EMI for 6 lakhs will be ₹11,600. While manual calculations are possible, they can be time-consuming. Instead, consider using Mahindra Finance Car Loan EMI calculator for quick and accurate results. However, the EMI is subject to loan sanction and approval by the financer

What is the advantage of car loan EMI calculator?

  • The Mahindra Finance Car Loan EMI calculator is straightforward and precise.
  • Our calculator is available for free and unlimited usage
  • Financial planning: Helps you budget for your car loan.

Does the EMI amount depend on the loan tenure?

Although the EMIs are greater with a shorter term, you will pay less interest and pay off the loan sooner. On the other hand, if you choose a longer term, your EMIs amount would be lower, but your interest payment will rise. For calculating the EMI for your desired tenure, use the Mahindra Finance Car Loan EMI calculator.

What is the lowest EMI for car loan?

The lowest or minimum EMI for a car loan is ₹1,934 per month for 5 years on a loan amount of ₹1 lakh for 6% interest rate. However, the EMI amount can change based on the loan amount, loan tenure and interest rate. For calculating the EMI for your desired tenure, use the Mahindra Finance Car Loan EMI calculator. However, the EMI is subject to loan sanction and approval by the financer

Your dream car awaits! Get started with an affordable Mahindra Finance Car Loans now!