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Calculate monthly EMIs for your dream car. Compare interest rates and find the most affordable loan tenure for your new or used vehicle purchase.
Amount: ₹0
Loan Interest Rate
8.50 %
Loan APR
Annual Percentage Rate (APR) is the real cost of your loan.
It includes the Interest Rate PLUS Processing Fees & other charges.
8.50 %
Total Interest Payable
₹1,15,496
Total Payment
(Principal + Interest + Fees)
₹6,15,496
Loan Ends In
Dec 2030
Visualizing the components of your annual payments.
India is now one of the world's largest car markets, with steady growth year after year. As the demand for vehicles rises, the need for a reliable Car Loan EMI Calculator has become essential for informed financial planning.
Our tool provides a comprehensive breakdown of your loan, including the Total Interest Payable and the Total Cost of Ownership. This ensures no surprises when you visit the dealership.
E = P × R × (1+R)ⁿ / ((1+R)ⁿ - 1)
An amortization schedule is your roadmap to being debt-free. It shows how each payment is split between the Interest (cost of borrowing) and the Principal (loan repayment). In the early years, interest dominates; as the balance drops, more of your money goes toward the principal.
A car is a depreciating asset, so generally, the faster you pay it off, the better. A longer tenure (e.g., 7 years) results in a lower, more comfortable EMI, but you end up paying significantly more in interest over time. A shorter tenure (e.g., 3-4 years) has a higher monthly burden but saves you money and gets you out of debt faster. The best strategy is to choose the shortest tenure where the EMI doesn't exceed 10-15% of your monthly take-home pay.
Zero down payment loans mean the bank finances 100% of the car's on-road price. While this requires no immediate cash, it is often much more expensive. You will have a higher EMI, and because the loan amount is larger, you pay much more interest over the tenure. Additionally, since cars lose 20% of their value as soon as they leave the showroom, you might find yourself 'underwater' (owing more than the car is worth) for the first few years of the loan.
Most major lenders now use 'Risk-Based Pricing.' If your CIBIL score is high (above 750 or 800), you can qualify for the bank's lowest advertised interest rate. If your score is lower (600-700), the bank might still approve your loan but charge 1-3% higher interest to compensate for the perceived risk. Improving your score before applying can save you thousands of rupees over the life of the loan.
The 'Ex-Showroom' price is just the cost of the car from the manufacturer. The 'On-Road' price includes Road Tax, Registration, and Insurance. Some banks only finance up to 80-90% of the Ex-Showroom price, meaning you must pay the rest (including taxes and insurance) out of pocket. Others offer On-Road financing. Always clarify which price the bank is using for the 'Loan-to-Value' (LTV) calculation so you can plan your down payment accordingly.
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