Estimate your car loan EMI in seconds. Tune the loan amount, tenure, and rate to find a payment that fits your monthly budget.
payable every month
You may be eligible for up to ₹8,92,356
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5 years
| Year | Principal Paid | Interest Paid | Total Paid | Balance |
|---|---|---|---|---|
| 1 | ₹1,12,354 | ₹68,195 | ₹1,80,549 | ₹5,87,646 |
| 2 | ₹1,24,736 | ₹55,813 | ₹1,80,549 | ₹4,62,911 |
| 3 | ₹1,38,482 | ₹42,067 | ₹1,80,549 | ₹3,24,429 |
| 4 | ₹1,53,743 | ₹26,806 | ₹1,80,549 | ₹1,70,686 |
| 5 | ₹1,70,686 | ₹9,863 | ₹1,80,549 | ₹0 |
A car loan finances your new or used vehicle, with the car itself serving as collateral — which keeps rates low. Use this calculator to estimate your EMI and find the right balance between down payment, tenure, and monthly outgo before you visit the showroom.
Car loans use the reducing-balance EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1). A larger down payment lowers the principal P, reducing both your EMI and total interest.
New car loans in India range from 8.5% to 11% p.a. for tenures up to 7 years. Used car loans carry higher rates of 11% to 16% p.a. with shorter tenures, as the vehicle depreciates faster.
Lenders fund 80–90% of the on-road price. A higher down payment of 20%+ reduces your interest burden and lowers the risk of owing more than the car is worth (negative equity).
New car loans run up to 7 years; used car loans usually cap at 5 years or until the car is 8–10 years old at loan maturity, whichever is earlier.
A few lenders offer up to 100% of the ex-showroom price for select customers, but you'll still pay registration, insurance, and accessories upfront. A down payment lowers your EMI.
Yes. A CIBIL score above 750 gets you the lowest advertised rates. Scores below 700 may attract a 1–3% higher rate or a higher down payment requirement.
Most lenders allow foreclosure after 6–12 EMIs with a 3–6% charge. Floating-rate car loans to individuals are exempt from foreclosure charges under RBI guidelines.