A computer-implemented method for calibrating one or more extrinsic parameters of an image sensor comprising: selecting a first set of parallel feature edges appearing in an image frame captured by the image sensor, wherein the first set of parallel feature edges correspond to a first set of real-life parallel feature edges; determining reference vanishing points for the first set of parallel feature edges, the reference vanishing points being located on a projection reference frame of the image sensor; selecting a second set of parallel feature edges which are parallel to the first set of real-life parallel feature edges in the real-world coordinates; projecting a plurality of points from the second set of parallel feature edges onto the projection reference frame based on a pre-existing projection matrix of the image sensor; determining for the second set of parallel feature edges, second vanishing points located on the projection reference frame; and reducing any deviation in location of the second vanishing points from the reference vanishing points until the deviation is within one or more predefined limits by recursively performing at least the following steps: modifying the pre-existing projection matrix by adjusting one or more of the extrinsic parameters; projecting a plurality of points from the second set parallel feature edges onto the projection reference frame using the modified pre-existing projection matrix; and determining the second vanishing points after projecting. selecting a first set of parallel feature edges appearing in an image frame captured by the image sensor, wherein the first set of parallel feature edges correspond to a first set of real-life parallel feature edges; determining reference vanishing points for the first set of parallel feature edges, the reference vanishing points being located on a projection reference frame of the image sensor; selecting a second set of parallel feature edges which are parallel to the first set of real-life parallel feature edges in the real-world coordinates; projecting a plurality of points from the second set of parallel feature edges onto the projection reference frame based on a pre-existing projection matrix of the image sensor; determining for the second set of parallel feature edges, second vanishing points located on the projection reference frame; and reducing any deviation in location of the second vanishing points from the reference vanishing points until the deviation is within one or more predefined limits by recursively performing at least the following steps: modifying the pre-existing projection matrix by adjusting one or more of the extrinsic parameters; projecting a plurality of points from the second set parallel feature edges onto the projection reference frame using the modified pre-existing projection matrix; and determining the second vanishing points after projecting. modifying the pre-existing projection matrix by adjusting one or more of the extrinsic parameters; projecting a plurality of points from the second set parallel feature edges onto the projection reference frame using the modified pre-existing projection matrix; and determining the second vanishing points after projecting.