🏦 Loan
Car Loan EMI Calculator
Calculate your car loan EMI with on-road price and down payment inputs. Get monthly payment, total interest and true cost of owning your car.
Car Loan Details
₹1L₹1 Cr
0%90%
Loan Amount: ₹8,00,000
5%20%
1 yr7 yrs
Monthly EMI
₹--
per month
Down Payment--
Loan Amount--
Total Interest--
Total Cost of Car--
Cost Breakdown
Down Payment
Interest
Formula
Loan = On-Road Price − Down Payment
EMI = Loan × R × (1+R)N / [(1+R)N − 1]
Total Cost = Down Payment + (EMI × N)
EMI = Loan × R × (1+R)N / [(1+R)N − 1]
Total Cost = Down Payment + (EMI × N)
Car loans are secured loans, hence lower rates than personal loans. Most banks finance 80-90% of on-road price. Tenure is typically 1-7 years.
Frequently Asked Questions
Car loan rates in India range from 8.5% to 12% for new cars, and 12-18% for used cars. Banks like SBI, HDFC, and ICICI offer 8.75-10% for new cars with good credit scores.
New car: lower interest (8.5-10%), loan up to 90% of value, longer tenure (up to 7 years). Used car: higher interest (12-18%), loan up to 70-80% of value, shorter tenure (up to 5 years). Always calculate total cost before deciding.
RBI allows banks to finance up to 90% of on-road price. However, 20-30% down payment is financially advisable to keep EMI manageable and avoid being 'underwater' on the loan (owing more than car's value due to rapid depreciation).