Car Loan EMI Calculator
Calculate your auto loan EMI, view complete monthly breakdowns, and plan your vehicle purchase budget.
Car Loan Parameters
Repayment Amortization Schedule
| Year | Principal Paid | Interest Paid | Total Paid | Ending Balance |
|---|---|---|---|---|
| Year 1 | ₹1,31,235 | ₹70,382 | ₹2,01,612 | ₹6,68,766 |
| Year 2 | ₹1,44,259 | ₹57,358 | ₹2,01,612 | ₹5,24,506 |
| Year 3 | ₹1,58,575 | ₹43,041 | ₹2,01,612 | ₹3,65,930 |
| Year 4 | ₹1,74,315 | ₹27,303 | ₹2,01,612 | ₹1,91,615 |
| Year 5 | ₹1,91,616 | ₹10,003 | ₹2,01,612 | ₹0 |
Compare & Get the Best Car Loan Rates
Get car loans with interest rates starting from 8.75% p.a. Check quick approvals and zero foreclosure fees options.
Calculation Methodology & Rules
Car loans are short (3–7 years) on a depreciating asset, so tenure choice matters more than on a home loan.
Worked example: ₹8 lakh car loan at 9.5% for 5 years
If you borrow ₹8 Lakhs to buy a vehicle at an interest rate of 9.5% for 5 years (60 months):
- Principal Amount: ₹8,00,000
- Annual Rate: 9.5% (Monthly rate r ≈ 0.792% per month)
- Loan Tenure: 5 Years (60 months)
- Monthly Car Loan EMI: ₹16,801 / month
- Total Interest Payable: ₹2,08,089
- Total Loan Repayment Amount: ₹10,08,089
Learn more and estimate loan costs:
- For general loan payment comparisons, use the primary EMI Calculator.
- Find out how much loan amount you qualify for with the Loan Eligibility Calculator.
Financing Costs
Car loans often charge processing charges and doc fees. Ensure you negotiate the "on-road price" loan rather than just ex-showroom rates.
Frequently Asked Questions
Usually 3–7 years. A shorter tenure raises the EMI but saves interest and reduces the risk of owing more than the car's depreciated value.
For salaried individuals, no — a personal car loan carries no deduction. Self-employed borrowers using the car for business may claim the interest and depreciation as a business expense.
Most lenders allow it. Floating-rate loans to individuals typically have no prepayment penalty, though fixed-rate car loans may charge one.