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Car Loan EMI Calculator
Calculate your monthly EMI, total interest, and see a full amortization schedule in ₹. Results update instantly as you type.
Loan Details
Monthly EMI
per month
Loan Amount
₹0
Total Interest
₹0
Total Cost
₹0
Payoff Date
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Payment Breakdown
How the EMI formula works.
P = Loan Amount (on-road price − down payment − exchange value)
r = Monthly rate (annual rate ÷ 12 ÷ 100)
n = Number of months (loan tenure)
What is EMI?
Equated Monthly Installment - the fixed amount you pay each month, comprising both principal repayment and interest. Early payments are interest-heavy; later payments shift toward principal.
Indian rate context
New car loan rates from Indian banks and NBFCs typically range 8.5–11% p.a., depending on your CIBIL score, income, and the lender. Used car loans usually run 2–4% higher.
Frequently asked questions.
How is the monthly EMI calculated?
We use the standard EMI formula: P × r × (1+r)ⁿ / ((1+r)ⁿ − 1). Your loan amount (P) is the on-road price minus down payment and exchange/trade-in value.
What is a good car loan interest rate in India?
For new cars, a CIBIL score of 750+ typically qualifies for 8.5–10% p.a. from most banks and NBFCs. Scores of 700–749 usually see 10–12%. Used car loans generally run 2–4% higher than new car rates.
How much down payment do Indian banks require?
Most banks and NBFCs finance up to 85–90% of the on-road price, so a minimum down payment of 10–15% is common. Putting down 20%+ lowers your EMI and total interest, and avoids being upside-down on the loan if the car depreciates faster than you repay.
What is the maximum car loan tenure in India?
Most lenders cap new-car loan tenure at 7 years (84 months), and used-car loans at 5 years. Longer tenures lower the EMI but significantly increase total interest paid - a 7-year loan at 9.5% can cost over 35% more in interest than a 4-year loan.