Car Loan EMI Calculator India – Calculate Your Car Loan EMI Online

Calculate exact monthly EMI for your new or used car loan in India. Check interest breakdown, compare tenures from 1 to 7 years, and see total repayment amount. Updated for 2026 car loan interest rates.

verified RBI Guidelines update Updated 2026 security 100% Free

🚗 Car Loan EMI Calculator India

Loan Amount (₹)

currency_rupee

Interest Rate (%)

percent

Loan Tenure (Years)

calendar_today

Monthly EMI ₹16,802

Total Interest ₹2,08,120

Total Payment ₹10,08,120

info For ₹8 lakh loan, typical down payment is 20% (₹1.6 lakh)

💰 Car Loan with Down Payment EMI – How Down Payment Affects Your EMI

For a ₹10 lakh car, see how different down payments change your monthly payment

10% Down Payment

Down Payment: ₹1,00,000

Loan Amount: ₹9,00,000

EMI: ₹18,902

Total Interest: ₹2,34,120

20% Down Payment

Down Payment: ₹2,00,000

Loan Amount: ₹8,00,000

EMI: ₹16,802

Total Interest: ₹2,08,120

30% Down Payment

Down Payment: ₹3,00,000

Loan Amount: ₹7,00,000

EMI: ₹14,702

Total Interest: ₹1,82,120

40% Down Payment

Down Payment: ₹4,00,000

Loan Amount: ₹6,00,000

EMI: ₹12,601

Total Interest: ₹1,56,060

*Calculated at 9.5% interest for 5 years. Use our EMI with Down Payment Calculator for exact figures.

📊 EMI for 8 Lakh Car Loan – Tenure Comparison (1-7 Years)

See how tenure affects your monthly payment and total interest at 9.5% rate

Tenure (Years)	Tenure (Months)	Monthly EMI	Total Interest	Total Payment
1 Year	12 months	₹70,045	₹40,540	₹8,40,540
2 Years	24 months	₹36,758	₹82,192	₹8,82,192
3 Years	36 months	₹25,617	₹1,22,212	₹9,22,212
4 Years	48 months	₹20,086	₹1,64,128	₹9,64,128
5 Years	60 months	₹16,802	₹2,08,120	₹10,08,120
6 Years	72 months	₹14,632	₹2,53,504	₹10,53,504
7 Years	84 months	₹13,092	₹3,00,328	₹11,00,328

*Calculated at 9.5% interest rate for ₹8 lakh loan. Actual rates may vary by bank and credit score.

📊 Visual Breakdown of Your Car Loan

Principal vs Interest – 8 Lakh Car Loan at 9.5% for 5 Years

Principal: ₹8,00,000 (79%)

Total Interest: ₹2,08,120 (21%)

Over 5 years, you pay 21% of total repayment as interest

Car Loan Amortization Schedule – Balance Over Time

Your loan balance decreases faster in later years as more of your EMI goes toward principal

📋 Car Loan Amortization Schedule (First Year)

Monthly breakdown – EMI, Interest, Principal, Remaining Balance for ₹8 lakh loan at 9.5% for 5 years

Month	EMI (₹)	Interest (₹)	Principal (₹)	Remaining Balance (₹)

info Full amortization table for 60 months available in calculator results

🚘 Popular Cars in India – Estimated EMI for 5 Years

On-road price vs loan amount (assuming 20% down) vs monthly EMI at 9.5%

Car Model	On-Road Price	Loan Amount (80%)	Down Payment (20%)	Monthly EMI (5 Years)
Maruti Suzuki Alto	₹5.0 Lakh	₹4.0 Lakh	20%	₹8,400
Hyundai i10	₹7.5 Lakh	₹6.0 Lakh	20%	₹12,600
Maruti Baleno	₹9.0 Lakh	₹7.2 Lakh	20%	₹15,120
Hyundai Venue	₹12 Lakh	₹9.6 Lakh	20%	₹20,160
Maruti Brezza	₹14 Lakh	₹11.2 Lakh	20%	₹23,520
Toyota Innova	₹22 Lakh	₹17.6 Lakh	20%	₹36,960

*EMI calculated at 9.5% interest for 5 years. Actual rates may vary.

🏛️ Car Loan Interest Rates India 2026 – Top Banks Comparison

Compare new and used car loan rates from leading Indian banks

Bank	Interest Rate	Processing Fee	Loan Type
SBI	8.95%	0.35%	New Car
HDFC	9.25%	0.50%	New Car
ICICI	9.15%	0.40%	New Car
Axis	9.50%	0.50%	Both
Kotak Mahindra	9.35%	0.45%	Both
Punjab National	9.10%	0.25%	New Car
Bank of Baroda	9.20%	0.30%	New Car
Tata Capital	9.65%	0.75%	Used Car

*Rates are indicative as of 2026. Final rate depends on credit score, income, and car model.

🔄 New Car vs Used Car Loan EMI Comparison

Used car loans have higher rates and shorter tenures

🚗 New Car Loan
                    Interest Rate:
                    8.95% – 10.5%
                
                    Max Tenure:
                    7 Years
                
                    EMI (₹8 Lakh):
                    ₹16,802
                
                    Total Interest:
                    ₹2,08,120

🔄 Used Car Loan

Interest Rate: 10.5% – 14%

Max Tenure: 5 Years

EMI (₹8 Lakh): ₹17,983

Total Interest: ₹2,79,000

*Used car loan calculated at 12% for 5 years. New car at 9.5% for 5 years.

🧮 Car Loan Reducing Interest Formula – How EMI Is Calculated

EMI = P × R × (1+R)^N / ((1+R)^N - 1)

P = Loan Amount (Ex-showroom + On-road – Down Payment)

R = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)

N = Loan Tenure in Months

Example: ₹8 Lakh Car Loan at 9.5% for 5 Years

P = ₹8,00,000
R = 9.5% ÷ 12 ÷ 100 = 0.0079167
N = 5 × 12 = 60 months
EMI = 8,00,000 × 0.0079167 × (1.0079167)⁶⁰ / ((1.0079167)⁶⁰ - 1) = ₹16,802

📌 Key Factors That Affect Your Car Loan EMI

trending_up

Interest Rate

0.5% increase adds ₹400/month on ₹8 lakh loan over 5 years. Total interest increases by ₹24,000.

calendar_today

Loan Tenure

3 years vs 5 years: EMI ↑ by ₹8,815 but interest ↓ by ₹85,908. Shorter tenure saves interest.

payments

Down Payment

20% down (₹1.6L) vs 10% down (₹0.8L): EMI ↓ by ₹1,800/month. Use our down payment calculator.

currency_rupee

Processing Fee

1% fee (₹8,000) increases effective loan cost. Compare using flat vs reducing calculator.

account_balance

Credit Score

Score > 750 gets best rates (8.95-9.5%). Lower score may get 10-12% rates.

verified

New vs Used Car

Used cars have 1.5-3% higher rates. For ₹8 lakh, used car EMI is ₹1,181/month higher.

💡 Smart Tips for Your Car Loan

Save for Larger Down Payment

Aim for at least 20% down payment. On a ₹10 lakh car, 20% down saves you ₹2,100/month compared to 10% down.

Compare Flat vs Reducing Rates

Some dealers quote flat rates. Use our flat vs reducing calculator to compare true cost.

Check Prepayment Options

Use our prepayment calculator. Even ₹25,000 prepayment annually saves ₹15,000 interest on a 5-year loan.

Consider Bike Loan for Two-Wheelers

For two-wheelers, check our bike loan EMI calculator for lower loan amounts.

Negotiate Processing Fee

Many banks charge 0.25-1% processing fee. Try to negotiate or look for banks offering zero processing fee.

Check On-Road Price Components

On-road price includes RTO, insurance, and accessories. Loan is typically 80-90% of on-road price.

❓ Frequently Asked Questions: Car Loan EMI India

How is car loan EMI calculated in India? ▼

Car loan EMI is calculated using the reducing balance formula: EMI = P × R × (1+R)^N / ((1+R)^N - 1). Here P is the loan amount (ex-showroom price minus down payment), R is monthly interest rate (annual rate/12/100), and N is tenure in months. Most Indian banks use this reducing balance method where interest is charged only on the outstanding principal.

What is the EMI for 8 lakh car loan? ▼

For a ₹8 lakh car loan at 9.5% interest: 3 years: ₹25,617/month, 4 years: ₹20,086/month, 5 years: ₹16,802/month, 6 years: ₹14,632/month, 7 years: ₹13,092/month. Total interest ranges from ₹1.22 lakhs (3 years) to ₹3.00 lakhs (7 years).

What is car loan interest rate in India 2026? ▼

Car loan interest rates in India for 2026 range from 8.95% to 10.50% for new cars and 10.50% to 14% for used cars. SBI offers from 8.95%, HDFC from 9.25%, ICICI from 9.15%. Rates vary based on credit score, loan amount, and car model.

What is EMI for 10 lakh car loan? ▼

For a ₹10 lakh car loan at 9.5% interest: 3 years: ₹32,021/month, 4 years: ₹25,107/month, 5 years: ₹21,002/month, 6 years: ₹18,290/month, 7 years: ₹16,365/month. Use our calculator above for exact figures based on your preferred tenure.

How does down payment affect car loan EMI? ▼

Higher down payment reduces loan amount and EMI. For a ₹10 lakh car with 20% down (₹2 lakh), loan is ₹8 lakh giving EMI ₹16,802 for 5 years. With 30% down (₹3 lakh), loan is ₹7 lakh giving EMI ₹14,702. Use our EMI with down payment calculator to compare scenarios.

What is the difference between new and used car loan EMI? ▼

Used car loans have higher interest rates (10.5-14%) vs new cars (8.95-10.5%) and shorter tenures (max 5 years vs 7 years for new). For a ₹5 lakh loan, new car EMI at 9.5% for 5 years is ₹10,501, while used car EMI at 12% for 4 years is ₹13,222.