Car Loan EMI Calculator

Calculate your monthly EMI and total cost for a car loan

Car price (₹)

Down payment (₹)

Typically 10–20% of car price

Interest rate (% per annum)

9.0%

SBI: 8.85% · HDFC: 9.15% · Maruti Finance: ~9.5%

Loan tenure (years)

5 yrs

Monthly EMI

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Loan amount

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Total interest

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Total payment

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Interest %

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Principal

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Interest

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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.