Vehicle Loan Calculator
Calculate EMI for car or bike loans in India. Get monthly payment, total interest, and repayment schedule.
About this calculator
The Vehicle Loan Calculator estimates the EMI, total interest and total repayment for a car, two-wheeler or commercial vehicle loan in India. You enter the vehicle's price and your down payment, and the tool subtracts one from the other to find the loan amount, so you can see the effect of paying a bigger down payment straight away.
Pick the vehicle type and the tool fills sensible starting values for price, down payment, rate and tenure. A car defaults to ₹8 lakh with 20% down at 8.5% for 5 years, a two-wheeler to ₹1.2 lakh at 9% for 3 years and a commercial vehicle to ₹20 lakh at 10% for 7 years. Adjust any of them to match the quote you have.
How to use it
- Select the Vehicle Type. Defaults fill in.
- Enter the Vehicle Price (on-road price) and your Down Payment.
- Enter the Annual Interest Rate and Loan Tenure in years.
- Press Calculate EMI.
- Read the loan amount, EMI, total interest and total payment. Try a larger down payment to see the saving.
Tips and common mistakes
- Use the on-road price: ex-showroom plus insurance, registration and accessories, since that is what you actually pay.
- Vehicles lose value quickly. Prefer a shorter tenure so the loan is not larger than the vehicle's worth.
- Ask whether the dealer is offering a flat rate. Convert it to a reducing-balance rate before comparing.
- Check for foreclosure charges before planning to close early.
Frequently asked questions
How is a car loan EMI calculated?
With the reducing-balance formula from the loan amount (price minus down payment), the annual rate and the tenure in months.
How much down payment should I make?
Lenders usually fund 80% to 90% of the price. A bigger down payment lowers the EMI and the interest.
What is a reasonable tenure for a car loan?
Three to five years is common. Longer tenures lower the EMI but cost more and may leave you owing more than the car is worth.
Do bike and commercial loans differ?
Rates and tenures differ. Two-wheeler loans are shorter and often carry higher rates, and commercial vehicle loans depend on usage and the borrower's profile.
Is the interest tax deductible?
Generally not for personal vehicles. It may be deductible as a business expense for vehicles used in business. Check with a tax adviser.
Does the EMI include insurance and fees?
No. Add them to the price if you are financing them.