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Car Loan EMI Calculator

Adjust Car Loan Parameters

18,249 EMI for 5 Years
On-Road Price
Down Payment
Loan Tenure
Loan Interest Rate
Total Loan Taken

EMI Calculation for your Car Loan

Max Loan Amount ₹10,00,000
Down Payment as per your Selection 1,00,000
Loan Amount 9,00,000
EMI Amount 18,249
Interest Component 1,94,940 (17.8%)
Principal Component 9,00,000 (82.2%)
Total Payable over 5 Years 10,94,940
Note: This doesn't include bank processing fee.

Car Loan Repayment Schedule

This table helps you understand, how much loan payment will be pending at the end of the each year of the loan. This way, you can arrive at the amount you will need if you decide to pre-pay your loan.

Months Principal Paid Interest Paid Balance Loan
12 ₹1,52,496 ₹66,489 ₹7,47,504
24 ₹1,65,153 ₹53,832 ₹5,82,351
36 ₹1,78,861 ₹40,124 ₹4,03,490
48 ₹1,93,706 ₹25,279 ₹2,09,784
60 ₹2,09,784 ₹9,201 ₹0


Here are the most important things you should consider while getting a car loan.

1. Interest rate - Go for the loan with the lowest interest rate.

2. Additional Charges - processing fee, prepayment charges, late payment penalty are some of the important points you need to check before taking a loan.

3. Tenue and Max Loan Amount - Select a lender who gives you a loan that you can afford.

-If Max loan amount is lower, you will have to shell out more money upfront to buy the car.

-If Tenue is lower, your per month instalment amount will increase.

4. Eligibility - Banks may have stricter eligibility requirements compared to NBFCs or other financial institutions.

As a general rule, banks or other lenders offer you a car loan 3 to 4 times your annual income. So if you are earning ₹25000 per month, you can generally get a loan of ₹10 -12 lakh to buy a new car.

There are 2 important factors that decide how much max loan amount you can get to buy a new car.

1. Car Value - Most banks/lenders offer a maximum loan of up to 90% of the on-road price or 100% of the ex-showroom price.

2. Income - As a thumb rule, you can get a loan up to 3 to 4 times your gross annual income. so if you are earning ₹5 lakh per annum, you can generally get a maximum loan of ₹15 - 20 lakh to buy a new car.

₹20,278. We have assumed you want to take a car loan of Rs 10 lakh for 5 years. We have taken the interest rate for your car loan as 8%.

Disclaimer : The EMI calculator performs the calculation as per the information entered by you and this does not include any other fees charged by the financial institution / banks like processing fee, file charges, etc. The amount is in Indian Rupee rounded off to the nearest whole figure. The actual down payment and EMI payment may vary depending upon type and use of vehicle, lender requirements and your credit strength. Check with a financial institution for the exact payment.
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