Vehicle Loan EMI Calculator
Calculate your monthly EMI, total interest payable, and view repayment schedule for your vehicle loan. Make informed decisions about your car or two-wheeler loan terms.
Frequently Asked Questions
How is vehicle loan EMI calculated?
Vehicle loan EMI is calculated using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is Principal amount, r is monthly interest rate (annual rate ÷ 12 ÷ 100), and n is total number of months.
What factors affect my vehicle loan EMI?
Your EMI depends on three main factors: loan amount (principal), interest rate, and loan tenure. A higher loan amount or interest rate increases EMI, while a longer tenure reduces it but increases total interest paid.
What is the typical tenure for vehicle loans?
Vehicle loan tenures typically range from 1 to 7 years. Cars usually have longer tenure options (up to 7 years) compared to two-wheelers (up to 3-4 years). Choose a tenure that balances affordable EMIs with total interest cost.
How much down payment is required for a vehicle loan?
Most lenders require a down payment of 10-20% of the vehicle cost. A higher down payment reduces your loan amount and EMI, potentially leading to better interest rates and easier loan approval.
Can I prepay my vehicle loan?
Yes, most lenders allow prepayment of vehicle loans. However, there might be prepayment charges, especially in the initial years. Check with your lender about their prepayment terms and charges.
What documents are typically required for a vehicle loan?
Common requirements include: ID proof, address proof, income proof (salary slips/IT returns), bank statements, and vehicle quotation. Additional documents may be required based on employment type and loan amount.