An electric car or scooter is a big purchase, and the monthly instalment decides whether it fits your budget. Enter the price, down payment, interest rate and tenure to see your EMI and the full cost of the loan.
How the calculation works
Loan amount is the price minus the down payment. With r as the monthly rate (annual rate divided by 12 and by 100) and n as the number of months, EMI = P x r x (1+r)^n / ((1+r)^n – 1). Total interest is EMI times n minus the loan amount.
Worked example
On a ₹15,00,000 vehicle with 10% down, the loan is ₹13,50,000. At 9.5% for 5 years the EMI is about ₹28,350 and total interest is roughly ₹3.5 lakh.
Frequently asked questions
Do EV loans have lower rates?
Some banks and NBFCs offer green-loan rates, but offers change often. Compare the rate, processing fee and prepayment charges before you choose.
Is any subsidy included?
No. Enter the price after any state subsidy or incentive you actually receive.
Should I choose a longer tenure?
A longer tenure lowers the EMI but raises the total interest. Try different tenures here to find the balance that suits you.
These calculators give estimates based on the numbers you enter. Real results vary with vehicle, tariff, weather and driving habits.