Car Loan EMI Calculator India — New & Used Car Loans
Home · Car · Personal · Education Loan — Amortization, Prepayment & Bank Comparison
Car loan EMI in India depends on the vehicle price, down payment, interest rate (8–11% for new cars, 14–18% for used) and loan tenure (1–7 years). Most banks finance 80–85% of on-road price. Calculate your exact car loan EMI here — compare monthly costs for different down payments and see the total cost of ownership including interest.
💡 Best Tenure Suggestion
Compare how tenure affects your EMI and total interest
🔄 Prepayment Calculator
See how a lump-sum prepayment reduces your loan burden
🏦 Compare Loan from 3 Banks
See EMI difference across banks for your loan amount of ₹10,00,000
📅 Amortization Schedule
Month-by-month loan repayment breakdown
| Month | EMI | Principal | Interest | Balance | Paid % |
|---|---|---|---|---|---|
| Month 1 | ₹8,678 | ₹1,595 | ₹7,083 | ₹9,98,405 | |
| Month 2 | ₹8,678 | ₹1,606 | ₹7,072 | ₹9,96,799 | |
| Month 3 | ₹8,678 | ₹1,618 | ₹7,061 | ₹9,95,181 | |
| Month 4 | ₹8,678 | ₹1,629 | ₹7,049 | ₹9,93,552 | |
| Month 5 | ₹8,678 | ₹1,641 | ₹7,038 | ₹9,91,912 | |
| Month 6 | ₹8,678 | ₹1,652 | ₹7,026 | ₹9,90,260 | |
| Month 7 | ₹8,678 | ₹1,664 | ₹7,014 | ₹9,88,596 | |
| Month 8 | ₹8,678 | ₹1,676 | ₹7,003 | ₹9,86,920 | |
| Month 9 | ₹8,678 | ₹1,688 | ₹6,991 | ₹9,85,232 | |
| Month 10 | ₹8,678 | ₹1,700 | ₹6,979 | ₹9,83,533 | |
| Month 11 | ₹8,678 | ₹1,712 | ₹6,967 | ₹9,81,821 | |
| Month 12 | ₹8,678 | ₹1,724 | ₹6,955 | ₹9,80,098 |
How to Use EMI Calculator India
Select your loan type (Home, Car, Personal, Education), enter loan amount, set interest rate and tenure. Get instant monthly EMI, total interest, amortization schedule, and bank comparison — all free, no login required.
EMI Formula — How It Works
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1) where P = Principal, r = monthly rate (Annual/12/100), n = months.
Example: ₹10 lakh at 8.5% for 20 years → EMI = ₹8,678/month · Total Interest = ₹10.83 lakh · Total Payment = ₹20.83 lakh.
When Should You Prepay Your Loan?
Prepaying in the first half of the tenure saves maximum interest — because early EMIs are mostly interest. A ₹2 lakh prepayment in year 2 of a 20-year home loan can save ₹4–6 lakh in total interest. Use our Prepayment Calculator above to see your exact savings.
Home Loan vs Car Loan vs Personal Loan — Key Differences
Home Loan: Lowest rates (8.5–9.5%), longest tenure (30 years), secured against property. Car Loan: Medium rates (8–10%), tenure 1–7 years, car as collateral. Personal Loan: Highest rates (10.5–24%), no collateral, fastest disbursement.
Frequently Asked Questions
What is the car loan interest rate in India 2025?
New car loan rates: SBI 8.85%, HDFC 9.00%, ICICI 9.10%, Axis 9.15%. Used car rates are higher: 12–18% depending on vehicle age and lender. Electric vehicles get 0.25% discount from some banks.
How much down payment is needed for a car loan?
Banks finance 80–90% of ex-showroom price (not on-road). For a ₹10L car, expect ₹2–3L down payment after including registration, insurance and accessories. Higher down = lower EMI and total interest.
Should I choose 3-year or 5-year car loan?
3-year: Higher EMI but 35% less total interest. 5-year: Lower EMI, more flexible for cash flow. Rule of thumb — choose the shortest tenure where EMI is under 15% of monthly income. Never exceed 7 years for a depreciating asset.
What documents are needed for car loan?
Salaried: 3 months salary slips, Form 16, 6 months bank statement, Aadhaar, PAN, address proof. Self-employed: 2 years ITR, CA-certified financials, GST registration. Processing fee: 0.5–1% of loan amount.