Reviewed by: David Chen, CFA
David Chen is a Certified Financial Analyst with over 10 years of experience in finance.
David Chen is a Certified Financial Analyst with over 10 years of experience in finance.
Use this Auto Loan EMI Calculator to calculate the monthly EMI for your loan. Enter the necessary values below.
Auto Loan EMI Calculator
Formula
EMI = [P * F * (1 + P)^V] / [(1 + P)^V - 1]
Formula Source: Investopedia
Variables
- F: Loan Amount
- P: Interest Rate (Annual)
- V: Loan Tenure (in months)
- Q: EMI Amount
Related Calculators
What is Auto Loan EMI?
An EMI (Equated Monthly Installment) is the fixed monthly payment you make towards repaying your auto loan. It consists of both principal and interest components.
How to Calculate Auto Loan EMI
- Step 1: Enter the loan amount, interest rate, and loan tenure.
- Step 2: Click “Calculate” to find your EMI.
- Step 3: Review the results and adjust if necessary.
Frequently Asked Questions (FAQ)
What is EMI? EMI is the fixed amount paid by the borrower monthly for a loan.
How is EMI calculated? EMI is calculated using the loan amount, interest rate, and loan tenure.
Can EMI change? No, EMI is fixed throughout the loan tenure.
What happens if I miss an EMI? Missing an EMI may lead to penalties and affect your credit score.