Car Loan EMI Calculator — Calculate Monthly Car Loan Payments | CalculHub
Car Loan EMI Calculator
Car Loan EMI Details
Monthly EMI
₹16,801.49Total Interest
₹208,089.34Total Payment
₹1,008,089.34Car Loan EMI Calculator — Calculate Monthly Car Loan Payments Instantly
A Car Loan EMI Calculator is an essential tool for anyone planning to finance a new or used car in India. With vehicle prices rising year after year, most buyers rely on auto loans to spread the cost into affordable monthly instalments. Before visiting a dealership or applying for a loan, knowing your exact EMI helps you plan your budget more confidently.
This free online car loan calculator lets you estimate your monthly EMI, total interest payable, and total repayment amount — all in real time. Simply enter your loan amount, interest rate, and tenure to get instant results.
Car Loan EMI Formula
Car loan EMIs are calculated using the standard reducing balance (flat rate) method used by all banks and NBFCs in India.
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n = Loan Tenure in Months
Car Loan Interest Rates in India 2026
| Lender | Interest Rate (p.a.) | Max Tenure |
|---|---|---|
| SBI Car Loan | 8.85% – 12.85% | 84 months |
| HDFC Bank | 9.25% – 13.50% | 84 months |
| ICICI Bank | 9.00% – 13.75% | 84 months |
| Axis Bank | 9.05% – 13.50% | 84 months |
| Kotak Mahindra | 8.99% – 14.00% | 60 months |
Note: Rates are indicative. Actual rates vary based on credit profile, vehicle type, and lender policy.
Car Loan EMI for Popular Loan Amounts
| Loan Amount | 5 Years @ 9% | 5 Years @ 10% | 7 Years @ 9% |
|---|---|---|---|
| ₹5,00,000 | ₹10,379 | ₹10,624 | ₹8,025 |
| ₹8,00,000 | ₹16,607 | ₹16,998 | ₹12,840 |
| ₹12,00,000 | ₹24,911 | ₹25,497 | ₹19,260 |
| ₹15,00,000 | ₹31,139 | ₹31,871 | ₹24,075 |
| ₹20,00,000 | ₹41,519 | ₹42,494 | ₹32,100 |
Factors That Affect Your Car Loan EMI
Loan Amount
A higher loan amount directly increases your monthly EMI and total interest paid.
Interest Rate
Even a 0.5% difference in rate can save thousands over a 5-year tenure.
Loan Tenure
Longer tenure reduces EMI but increases total interest outflow significantly.
Down Payment
Paying more upfront reduces the loan principal and lowers your EMI burden.
Credit Score
A CIBIL score above 750 can get you lower interest rates and faster approval.
Vehicle Type
New cars usually get lower rates than used cars. EVs may get special green loan rates.
Tips to Reduce Your Car Loan EMI
- Make a larger down payment: Aim for at least 20% of the car's on-road price.
- Improve your credit score: A score above 750 typically gets the best rates.
- Choose a shorter tenure carefully: Lower interest overall, but higher monthly EMI.
- Negotiate the interest rate: Banks often have flexibility, especially for salaried employees.
- Compare lenders: Always check at least 3–4 bank/NBFC offers before deciding.
Frequently Asked Questions — Car Loan EMI Calculator
What is the typical car loan tenure in India?
Most car loans in India are offered for 1 to 7 years (12 to 84 months). A 5-year tenure is the most popular choice as it balances EMI affordability with lower total interest cost.
Can I get 100% financing for a car?
While some lenders advertise 100% on-road price financing, most banks finance 80–90% of the ex-showroom price. Expect to pay at least 10–20% as a down payment plus registration and insurance charges.
What is the car loan EMI for ₹10 lakh?
For a ₹10,00,000 car loan at 9% annual interest for 5 years, the monthly EMI is approximately ₹20,758. At 10% interest for the same tenure, it rises to ₹21,247. Use this calculator for your exact figures.
Is it better to choose a shorter or longer loan tenure?
A shorter tenure means higher EMIs but saves significantly on total interest. Financial experts recommend keeping auto loan tenure within 5 years to avoid paying more in interest than the car depreciates.
Does foreclosing a car loan save money?
Yes. Foreclosing in the early years of the loan (when interest component is highest) saves the most interest. However, check for prepayment penalties — typically 2–5% of outstanding principal for fixed-rate loans.