Car Loan EMI Calculator
Calculate your monthly EMI and total cost for a car loan
Typically 10–20% of car price
9.0%
SBI: 8.85% · HDFC: 9.15% · Maruti Finance: ~9.5%
5 yrs
Monthly EMI
—
—
Loan amount
—
Total interest
—
Total payment
—
Interest %
—
Car Loan Tips
How much down payment should I make?
A higher down payment reduces the loan amount and total interest paid. Aim for at least 20% as a down payment. This also improves your loan approval chances and may get you a lower interest rate.
New car vs used car loan rates
New car loans typically have lower interest rates (8.5–10%) compared to used car loans (12–16%). Banks also offer higher loan-to-value ratios for new cars (up to 90% of on-road price).
Can I prepay my car loan?
Yes. Most banks allow prepayment, though some charge a foreclosure fee (1–5% of outstanding principal). Prepaying early saves significant interest, especially in the first half of the tenure.