EMI Calculator - Car & Personal Loan
Vehicle (Car/Bike) & Personal loans - with prepayment, step-up & amortization.
An EMI calculator shows the monthly instalment and total interest on a car or personal loan, and Richlify compares that against prepayment plus an annual step-up to show the interest saved and the years removed from the tenure.
1 · Loan Basics
The nominal annual rate is compounded monthly. Vehicle loans cap at 8 years.
2 · Vehicle Purchase
Amount Financed = Price - Down Payment. Trade-in, sales tax and registration fees are not part of the India portal.
3 · Prepayment & Step-up
MONTHLY EMI
₹0
Base payment (year 1)
LOAN AMOUNT
₹0
Amount financed
NOMINAL RATE
9.5%
Per annum
EFFECTIVE APR
9.5%
Same as nominal
How this is calculated
The calculator runs two complete simulations side by side rather than producing a single EMI figure, because the useful question is rarely what your instalment is — it is what happens if you pay more than the minimum.
The standard scenario applies the conventional amortisation formula: EMI equals principal times the monthly rate times (1 plus the monthly rate) raised to the number of months, divided by that same quantity minus one. The monthly rate is the annual rate divided by twelve, which is how Indian lenders calculate it. A ₹10 lakh car loan at 9.5% over five years gives an EMI of about ₹21,002 and total interest near ₹2,60,112.
A car loan derives its amount from the vehicle price, your down payment and any trade-in. A personal loan is simpler on the amount but has a twist on cost: the processing or origination fee attracts GST, and both are deducted from what you receive while you still repay the full sanctioned amount. The tool shows the fee including GST, the cash you actually receive, and the effective APR — the true annual cost once the fee is counted — which is always higher than the headline rate.
The accelerated scenario adds three ways to clear principal faster: extra EMIs once a year, a one-time lump-sum applied in any month you choose, and an annual step-up. Each goes entirely to principal, and every rupee cleared early removes the future interest it would have generated.
The final month is capped at whatever is actually outstanding plus that month's interest, so the schedule closes cleanly rather than overpaying. Prepayment matters most on the longest and most expensive loans — so on a short car loan the savings are modest, while on a high-rate personal loan each rupee prepaid works harder than the same rupee against a cheaper loan.