Car / Auto Loan EMI Calculator
Calculate EMI for car and vehicle loans in India.
₹
%
Car loan rates: 8.5–12% p.a.
months
Monthly EMI
₹26,571
Principal
₹8,00,000
Total Interest
₹1,56,572
Total Payable
₹9,56,572
About Auto Loans in India
How car loan EMI is calculated
Car loan EMI is calculated using the reducing balance method: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is tenure in months. The same formula applies for two-wheelers and commercial vehicles.
Typical car loan terms
Loan tenure: 1–7 years (most lenders offer up to 5 years)
Down payment: minimum 10–20% of vehicle on-road price
Loan amount: up to 80–90% of on-road price
Processing fee: 0.5–2% of loan amount
Current rates: 8.5–12% for new cars, 12–18% for used cars
New vs Used car loans
New car loans: lower interest rates, longer tenure available
Used car loans: higher rates due to depreciating collateral
Electric vehicles: banks offer lower rates for EVs (7.5–9%)
Always compare on-road price vs ex-showroom price when planning down payment
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