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Car Loan EMI Calculator

You want to drive your dream car but you can’t afford it. You think it is a long-term commitment of saving enough money to fulfil your dream. Don’t worry! You don’t have to be rich or save enough to buy a car of your choice. With a car loan, you can realize your dream of buying a car.Read More

Whether you are salaried or self-employed, a car loan helps you drive your own car at an affordable car loan EMI.Read Less


Get tempting new car loan interest rates at IDFC FIRST Bank


1L 50L


1 Year 30 Year

Interest Rate

8 % 15 %

You will pay an EMI of only monthly

  • Car Loan EMI Calculator
    Ravikanth KK

    "I finalised the car I needed to buy on a Sunday, and the dealer gave me few options of banks for the loan, but basis my corporate salary account relationship I called up the IDFC FIRST Bank SPOC. I was impressed with their response on a non-working day. I am very happy to see IDFC FIRST Bank & their employees displaying their customer-first approach from the time of enquiry to delivery of the new car."

  • Car Loan EMI Calculator
    Saud Alam

    "I would like to thank and express my gratitude towards the staff of IDFC FIRST Bank Jamshedpur main branch. To my delight and astonishment my new car loan got disbursed within 3 days with very minimal and hassle-free documentation. I would like to thank my relationship manager and branch manager who went out of the way to provide such nice service. "

IDFC First Bank Car Loans are offered at very competitive interest rates, flexible EMI options, low processing fee, on-road price funding of 100 percent, and a tenure up to 10 years. Existing customers can avail a pre-approved car loans based on their income and credit score.

Now you can get ready to drive your own car through IDFC First Bank’s simple and hassle-free application process. The Equated Monthly Instalments facility help you repay your loan easily. With our online car loan EMI calculator, you can know what would be your EMI and decide the car loan amount you want to apply for. 

Calculate Your Car Loan EMI

IDFC First Bank brings you a user-friendly online car loan EMI calculator tool to help you in making an informed decision on what is the amount of EMI affordable to you on the funding to buy your dream car. The results generated solely and completely depend on the information provided by you. IDFC First Bank does not guarantee accuracy, completeness or correctness of any details provided therein. 

How to Calculate Car Loan EMI Amount?

An EMI is an amount that is calculated using a mathematical formula:

E = P. R. (1+R)^n/[(1+R)^n -1]

Where ‘E’ is the EMI payable, ‘P’ is the principal amount, ‘r’ is the interest rate and ‘n’, the tenure of the loan in months. 

You do not have to use the above formula; IDFC First Bank makes it easy for you to calculate the EMI using its Car Loan EMI calculator. All you have to do is provide the details like:

  • Desired loan amount – You can use the slider to choose the loan amount, or type it in the box.
  • Tenure: Use the slider to choose the loan tenure. For instance, you can choose 84 months, which is 7 years.
  • Interest rate: Choose or type in the interest rate.


The car loan calculator helps you plan your budget and arrive at the EMI affordable to you.

To know the current Car Loan interest rate, click here.

Car Loan Calculator: Benefits and Features

The benefits of IDFC First Bank’s Car Loan Calculator India are:

  • It helps you plan your monthly budget by providing the amount of EMI you will have to pay in the future. If you want to buy a car of your choice, you can check whether it is affordable to you by choosing different tenures on a car loan EMI calculator.
  • The car loan EMI calculator gives you an accurate EMI amount payable. With manual calculation, you tend to make a mistake.
  • You can have a comprehensive view of your car loan repayment through the iconographic like a table or chart the car loan interest rate calculator offers.


The features of IDFC First Bank’s Car Loan Interest Calculator are:

  • You get accurate and quick results using the car loan EMI calculator. If you want find the EMIs for the car loan for different tenures, you can get it accurately within a few minutes. 
  • It is an easy-to-use tool with options to use a slider or type in the figures in the box provided. 
  • The tool is so designed that you can change the inputs for different loan amounts, interest and tenure and compare the EMIs to choose the most suitable loan based on your monthly income.


What is the minimum EMI for car loan?

When it comes to the current interest rate, IDFC First Bank offers 8.5 percent floating rate of interest for a new car. The lowest or minimum EMI for a car loan is Rs 1584 per month for 7 years on one lakh loan amount. However, the EMI amount can change based on the loan amount, loan tenure and interest rate. You can use our car loan interest rate calculator on the website.

What is the EMI for 10 lakhs car loan?

The borrower has to pay Rs 15,836 every month for 7 years on the loan of Rs 10 lakhs at 8.5 percent interest rate. You can reduce the funding by increasing your down payment.

How to Use Car Loan EMI Calculator?

You can visit the IDFC First Bank website here to access our car loan EMI calculator. On the website, you can either use the slider or type in the loan amount you want to borrow, loan tenure and interest rate to get the EMI amount instantly. It also serves as the used car loan EMI calculator and pre owned car loan calculator. 

How is the Car Loan EMI to be paid?

The car loan EMI is usually paid by signing an ECS mandate, which gives the clearinghouse the authority to debit the EMI amount from your savings account and credit it in your car loan account. The National Automated Clearing House (NACH)/ECS is faster and more preferable than any other payment mode. 

What are the modes of paying car loan EMI?

The most reliable and convenient way of paying your car loan EMI is by signing ECS mandate in favour of the bank that offered you the EMI payable loan. The other mode of paying is through post-dated cheques, which is accepted in non-ECS locations. In some cases, you can also give standard instructions to your bank to debit automatically the EMI amount from your savings or current account.

Does the loan tenure affect my EMI for a car loan?

The usual car loan tenure is 7 years, but IDFC First Bank offers a tenure up to 10 years. The more the number of years, the less the amount of EMI. For instance, your EMI for the loan amount of 8 lakhs for 7 years is Rs 12,669, and for 10 years is Rs 9,919. IDFC First Bank helps you with a flexible repayment tenure that suits your budget. Our representative will discuss with you to determine the right loan tenure for you.  

Is the car loan EMI fixed or can it change in future?

There may be some situations in which the car loan EMI can change, and they are:

  • On prepaying some loan amount, you can reduce the EMI. The other way around is to reduce the tenure by keeping the EMI same.
  • In the case of tranche EMI scheme, the EMI amount increases after each disbursed loan amount.
  • If the floating interest rate increases and the bank finds that the revised loan tenure is the maximum permissible, it may be forced to increase the EMI amount.


A car loan can help you realize your dream of owning a car of your choice. It keeps you indebted for a minimum of 7 years, and therefore, it is essential to check your EMI affordability using the car loan EMI calculator on the IDFC First Bank’s website. To learn more about it, click here.

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