What is a car loan EMI?
A car loan EMI is the monthly repayment on a loan taken to buy a car or two-wheeler. The car usually stays hypothecated to the lender until the loan is closed.
Ready answers
How to use this calculator
- Enter the loan amount (on-road price minus down payment).
- Enter the interest rate.
- Enter the tenure in months.
Read more: What is EMI?. New to these words? See the money glossary.
Common questions
How long should a car loan be?
Many buyers choose 3 to 5 years. A longer loan means a smaller EMI but more total interest on an asset that loses value.
What tenure is best for a car loan?
Most car loans run 3 to 7 years. A shorter tenure costs less interest overall; check that the EMI fits your monthly budget first.