Car Loan EMI Calculator
Calculate your car loan EMI with on-road price estimation. Get instant results with detailed payment breakdown and total cost of ownership.
Car Loan Details
Payment Schedule
Typical On-Road Price Breakdown
Example: If ex-showroom price is ₹10 lakhs, on-road price will be approximately ₹11.5-12 lakhs
How to Use This Calculator
Enter Loan Amount
Input the car loan amount (on-road price minus down payment). Typically 80-90% of on-road price.
Set Interest Rate
Adjust to match your bank's offer (typically 7-12% for new cars, 10-14% for used cars).
Choose Loan Tenure
Select repayment period (1-7 years). Recommended: 3-5 years to minimize interest.
Review Results
See your monthly EMI, total interest, and complete payment schedule instantly.
💡 Pro Tips for Car Loans
- ✓Make a down payment of at least 20-25% for better interest rates
- ✓Choose 3-5 year tenure to avoid paying excessive interest
- ✓Compare rates from banks, NBFCs, and dealer financing
- ✓Maintain credit score above 750 for best rates
- ✓Factor in insurance, maintenance, and fuel costs in your budget
- ✓Consider prepaying during first 2-3 years for maximum savings
Frequently Asked Questions
What is the interest rate for car loans in India?
Car loan rates range from 7-12% p.a. in 2026. New car loans from banks: 8-10%, used cars: 10-14%. Rates depend on credit score, down payment, and lender.
How much down payment is required for a car loan?
Minimum 10-20% down payment required. For a ₹10 lakh car, pay ₹1-2 lakhs upfront. Higher down payment (25-30%) gets better rates and lower EMI.
What is included in the on-road price?
On-road price = Ex-showroom + RTO (8-12%) + Insurance (3-5%) + Road tax + Handling charges. Typically 15-20% higher than ex-showroom price.
Can I prepay my car loan?
Yes, but most lenders charge 2-5% prepayment penalty. Some offer zero penalty after 6-12 months. Check your loan agreement.
What is the maximum tenure for car loans?
Maximum tenure is 7 years (84 months). However, 3-5 years is recommended to avoid excessive interest and ensure loan is paid before significant depreciation.