Calculate car loan EMI and repayment schedule
A Car Loan Equated Monthly Installment (EMI) is the fixed monthly payment you make to your lender to repay your car loan. It covers the repayment of the principal amount and the interest charges on the loan.
Car loan tenures usually range from 3 to 7 years. A shorter tenure (3-5 years) is recommended because cars are depreciating assets. A shorter tenure minimizes the total interest you pay and helps prevent you from owing more than the car is worth.
Yes, most financial institutions allow early prepayment or foreclosure. However, some lenders may charge a prepayment penalty (typically 2% to 5% of the outstanding principal balance). Always check your loan agreement details.
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