Car EMI Calculator

A car EMI is your fixed monthly repayment to the lender. It includes both the principal loan amount and the interest charged. Each month's EMI remains constant, but the proportion of principal and interest changes — early EMIs have more interest, later ones more principal.

CarHaven uses the standard reducing balance formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1). P = Principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total months of tenure.

Most experts recommend 20–30% as the ideal down payment. For example, on a ₹10 lakh car, a ₹2–3 lakh down payment keeps your EMI affordable and reduces total interest significantly.

Yes, a longer tenure lowers your monthly EMI but increases the total interest you pay. A 7-year loan has lower EMI than a 3-year loan but costs much more in total interest.

Maintain a CIBIL score above 750, make a higher down payment, choose a shorter tenure, and compare rates from at least 3–4 banks before signing.

Yes, simply enter the used car's agreed price, your down payment, and the interest rate the lender quotes (typically 1–3% higher than new car rates).

For new cars in 2024–25, major banks offer 8.5% to 11% per annum. Use the rate your bank has pre-approved for you, or enter 9% as a general baseline.

CarHaven uses the same formula all major banks use. Results are highly accurate for planning. Actual EMI may differ slightly due to processing fees, GST on insurance, and rounding differences by the lender.