Auto Loan EMI Calculator
Calculate car loan EMI and total interest payable in India.
Last updated: Aug 3, 2026
Disclaimer: Results here are estimates for general understanding only and are not financial, tax, investment or legal advice. Figures assume constant rates and inputs, and may differ from your bank, lender or tax department calculations. Always verify with official sources or a qualified professional before making any financial decision.
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Car / Auto Loan EMI
$$ EMI = P \times \frac{r(1+r)^n}{(1+r)^n - 1} $$
Step 1
$$ P = \text{loan amount} $$
On-road price minus down payment.
Step 2
$$ r = \text{monthly rate} $$
Annual interest rate ÷ 12 ÷ 100.
Step 3
$$ n = \text{tenure in months} $$
Usually 12 to 84 months for cars.
Step 4
$$ EMI = P \times r(1+r)^n / ((1+r)^n-1) $$
Monthly installment you will pay.
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| Year | Principal | Interest | Balance |
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About Auto Loan EMI Calculator
Car loans in India are secured against the vehicle and usually carry lower interest rates than personal loans. Typical rates range from 8.5% to 12% for new cars and slightly higher for used cars. This calculator helps you work out the exact EMI for any loan amount and tenure so you can decide down payment size and tenure before visiting the dealership or bank.
Remember that the final loan amount is based on on-road price (ex-showroom + RTO + insurance). Processing fees and any dealer subvention offers are not included in the EMI figure.
Practical Tips (India)
Tip 1: Compare on-road vs ex-showroom price — GST, RTO, and insurance inflate the financed amount and hence the EMI.
Tip 2: A bigger down payment (20–30%) shrinks the loan, keeps EMI manageable, and reduces total interest.
Tip 3: Car loan rates in India (2026) generally run between 9% and 16%; shorter tenures often earn lower rates.
Frequently Asked Questions
What is the current car loan interest rate in India?
New car loan rates from major banks and NBFCs currently start around 8.5–9.5% for well-qualified applicants. Used car rates are usually 1–2% higher.
What is the maximum tenure for a car loan?
Most lenders offer up to 7 years (84 months) for new cars. Used cars are often limited to 5 years.
How much down payment is required?
Typically 10–20% of on-road price. Higher down payment lowers EMI and total interest.
Does the calculator include insurance?
No. Comprehensive insurance is usually mandatory and paid separately or added to the loan. Check the final sanction letter for exact figures.
Can I prepay a car loan?
Yes, most banks allow part-prepayment or foreclosure after a lock-in period, sometimes with a small charge. Confirm with your lender.