EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your car loan over a specific term. It includes both principal and interest, calculated so that the loan is fully paid off by the end of the term.

A larger down payment reduces the loan principal, which in turn lowers your monthly EMI and total interest paid. Even a small increase in down payment can save hundreds in interest over the life of the loan.

Interest rates vary based on your credit score, loan term, and market conditions. Typically, new car loans have rates between 3% and 10% APR, while used car loans may be slightly higher. Use this calculator to compare different rate scenarios.

Bi-weekly payments (every two weeks) result in 26 half-payments per year, equivalent to 13 full monthly payments. This accelerates loan payoff, reduces total interest, and can shorten your term by several months. Check the comparison above after enabling the bi-weekly option.

Many lenders allow early repayment, but some may charge a prepayment penalty. Always review your loan agreement. This calculator helps you see how extra payments or bi-weekly schedules can reduce interest burden.

An amortization schedule details every monthly payment, showing how much goes toward principal and how much toward interest, plus the remaining loan balance. Use the “View Amortization Schedule” button above to see your personalized breakdown.