Calculate your exact monthly EMI, total interest payable, and see a full year-by-year amortization breakdown. Free, instant, no sign-up needed.
| Period | EMI | Principal | Interest | Balance |
|---|
Getting an accurate EMI estimate takes under 30 seconds. Here's how:
Type the on-road price of the car you want to buy, or the specific loan amount you plan to borrow.
Enter how much you'll pay upfront. The calculator automatically deducts this from the loan amount. Most banks require a minimum 10–15% down payment.
Check your bank's current car loan rate from the table below. Use the rate you've been quoted, or try different rates to compare lenders.
Select how many months you want to repay. Longer tenure = lower EMI but higher total interest paid.
The calculator instantly shows your monthly EMI, total interest, total payable, and a full year-by-year repayment schedule.
Interest rates vary across lenders. Here are the current approximate car loan rates from major Indian banks:
| Lender | Interest Rate (p.a.) | Max Tenure | Max Financing |
|---|---|---|---|
| SBI | 8.65% – 10.15% | 7 years | 90% of on-road price |
| HDFC Bank | 8.75% – 11.00% | 7 years | 100% ex-showroom |
| ICICI Bank | 8.80% – 12.75% | 7 years | 100% ex-showroom |
| Axis Bank | 9.00% – 13.50% | 7 years | 90% of on-road price |
| Kotak Mahindra Bank | 9.25% – 13.00% | 5 years | 90% of on-road price |
| Bank of Baroda | 8.60% – 10.60% | 7 years | 85% of on-road price |
| Bajaj Finance | 9.50% – 15.00% | 5 years | 100% ex-showroom |
*Rates are indicative. Always confirm directly with your bank before applying.
Car loan EMI uses the reducing balance method — the standard used by all Indian banks. The formula is:
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)
For example, a ₹7 lakh loan at 9% p.a. for 5 years gives an EMI of approximately ₹14,559 per month with total interest of ₹1.73 lakh.
All major Indian banks use reducing balance, where interest is calculated on the outstanding principal each month — not the original amount. This is significantly cheaper than the flat rate method. Always confirm which method your lender uses.
A score above 750 unlocks the lowest interest rates from most banks.
20–30% down payment significantly reduces your principal and EMI.
Even 0.5% rate difference on ₹8L saves ₹15,000+ over 5 years.
Longer tenure lowers EMI but increases total interest. Find the balance.
Even one extra EMI per year saves significant interest over the loan life.
Dealers often have bank tie-ups offering 0–1% lower rates.