RING’s car loan EMI calculator is a simple, user-friendly tool that calculates your monthly car loan EMIs based on the loan amount, interest rate, and repayment tenure you input. It takes the guesswork out of your financial planning by giving you an instant, accurate estimate of your monthly payments.
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About Car Loan EMI Calculator
Buying a car is a big milestone, but the process doesn’t have to be overwhelming. With RING’s car loan EMI calculator, you’ll know exactly what to expect. Simply input your loan amount, interest rate, and repayment tenure, and voilà! You’ll see your monthly car EMI at a glance. Our tool is designed to make it easy for you to explore different loan scenarios, so you can pick the one that suits your budget best.
Benefits of Car Loan EMI Calculator
Instant Clarity
Customisable
Hassle-Free
Peace of Mind
Features of Car Loans
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Car Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Car Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Ravi M
Delhi
I had been saving for years to buy my first car, but when it came to taking a loan, I felt lost. A friend recommended RING, and their car loan EMI calculator changed everything! It was so easy—I just entered the loan amount and interest rate, and boom! I knew exactly what my EMI would be. No surprises, no confusion. Now, I’m driving around in my new car, and the best part is that I’m not worried about my finances anymore!"
Loan Amount: ₹6 Lakhs | EMI Tenure: 5 years | EMI: ₹13,200
Pooja S
Mumbai
I’ve always been a bit sceptical about taking loans, especially for something big like a car. But RING’s car loan EMI calculator was a total game-changer for me. It showed me exactly how much I would need to pay each month, and it was super easy to tweak the numbers until I found a plan that fit my budget perfectly. No need to worry about complicated math—the calculator did it all for me! Now, I’m cruising through Mumbai in my new car, all thanks to RING!"
Loan Amount: ₹4 Lakhs | EMI Tenure: 4 years | EMI: ₹11,500
Karan R
Bangalore
I always wanted an SUV, but I wasn’t sure if I could manage the monthly payments. With RING’s car loan EMI calculator, everything became crystal clear. I could easily compare different loan amounts and interest rates, and the calculator showed me exactly how my EMI would change. In just a few minutes, I found the perfect loan plan, and now, I’m driving the car I’ve always dreamed of. Best decision ever!"
Loan Amount: ₹8 Lakhs | EMI Tenure: 7 years | EMI: ₹14,500
Sneha J
Pune
As someone buying a car for the first time, the process felt overwhelming. I didn’t want to make any financial mistakes, so I used RING’s car loan EMI calculator to understand how much I’d be paying every month. It was easy to use, and I could adjust the loan terms until I found something that worked for me. Now I have my new car, and the monthly payments are totally manageable. I’m so happy I used RING—it made the whole process stress-free!"
Loan Amount: ₹5 Lakhs | EMI Tenure: 6 years | EMI: ₹9,800
Amit K
Hyderabad
When I started looking into car loans, I was dreading the paperwork and the complicated numbers. But with RING’s car loan EMI calculator, everything became so simple! I just plugged in the numbers, and the calculator gave me my monthly EMI in seconds. No stress, no confusion. Now, I’m a proud owner of a new car, and I’m paying an EMI that fits my budget perfectly."
Loan Amount: ₹7 Lakhs | EMI Tenure: 5 years | EMI: ₹13,000
Divya P
Chennai
I’m all about making smart financial decisions, and RING’s car loan EMI calculator helped me do just that. I wanted to know exactly how much I’d be paying every month before I applied for a loan. With the calculator, I could compare different loan amounts and interest rates until I found a plan that made sense for me. It was super easy to use and saved me so much time. Now, I’m driving my first car, and I’m feeling on top of the world!"
Loan Amount: ₹3 Lakhs | EMI Tenure: 4 years | EMI: ₹8,000
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Got Questions? Let's get to them.
How does the car loan EMI calculator work?
What’s the formula for calculating EMI?
The EMI formula might look complicated, but don’t worry—the car loan EMI calculator does all the heavy lifting for you! The formula is: EMI = [P x R x (1+R)^N] / [(1+R)^N-1] Where:
- P is the principal loan amount
- R is the monthly interest rate
- N is the loan tenure in months
- The calculator uses this formula to give you quick and reliable results.
Can I use the car loan EMI calculator to experiment with different loan amounts?
Absolutely! The car loan EMI calculator is designed to let you try out different loan amounts, interest rates, and tenures. It’s perfect for comparing different loan scenarios and finding the best option for your budget.
How can I lower my car loan EMI?
There are a few ways to reduce your car loan EMI:
- Opt for a longer repayment tenure.
- Negotiate for a lower interest rate with your lender.
- Make a larger down payment to reduce the loan amount. Use the car loan EMI calculator to test these variables and see how they affect your monthly payments.
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