Vehicle Loan Calculator
Calculate the monthly EMI, total interest, and total repayment for a vehicle loan (car, bike, or commercial vehicle) based on the loan amount, interest rate, and tenure you enter.
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Your result
₹14,701.30
Monthly EMI
AI explanation
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)Worked example
₹7,00,000 vehicle loan at 9.5% for 5 years
| Field | Value |
|---|---|
| Vehicle loan amount | 700000 |
| Interest rate (per annum) | 9.5 |
| Loan tenure (months) | 60 |
| Monthly EMI | 14701.3 |
| Total interest payable | 182078 |
| Total payment (principal + interest) | 882078 |
Assumptions
- Uses the standard reducing-balance (amortizing) EMI formula.
- Assumes a fixed interest rate for the full tenure.
- Does not include down payment, on-road price add-ons, or lender processing/insurance charges.
Frequently asked questions
Should I enter the on-road price or just the loan amount?
Enter only the amount you're borrowing (loan amount), not the full on-road price. Lenders typically finance 80-90% of the on-road price, with the rest paid as a down payment.
Does a longer tenure reduce my EMI on a vehicle loan?
Yes, but vehicles depreciate over time, so a longer tenure can mean you owe more than the vehicle's resale value for longer — factor this into your tenure decision, not just the lowest EMI.
Is the vehicle used as collateral?
Yes — vehicle loans are secured loans where the lender holds a hypothecation on the vehicle until the loan is fully repaid.
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Sources
- Reserve Bank of India — Fair Practices Code for Lenders — Reserve Bank of India. Effective 01-05-2015, reviewed 12-09-2026.
This calculator provides an estimate based on the standard reducing-balance formula and does not include down payment, insurance, or other lender-specific charges. Actual EMI offered by a bank or NBFC may differ.
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