Car Loan Calculator
Calculate the monthly EMI, total interest, and total repayment for a new or used car loan based on the loan amount, interest rate, and tenure you enter.
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Your result
₹16,606.68
Monthly EMI
AI explanation
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)Worked example
₹8,00,000 new-car loan at 9% for 5 years
| Field | Value |
|---|---|
| Car loan amount | 800000 |
| Interest rate (per annum) | 9 |
| Loan tenure (months) | 60 |
| Monthly EMI | 16606.68 |
| Total interest payable | 196400.8 |
| Total payment (principal + interest) | 996400.8 |
Assumptions
- Uses the standard reducing-balance (amortizing) EMI formula.
- Assumes a fixed interest rate for the full tenure.
- Does not include down payment, registration/insurance costs, or lender processing charges.
Frequently asked questions
Do used cars get the same interest rate as new cars?
No — used-car loans typically carry a higher interest rate (commonly 11-16% p.a.) than new- car loans (commonly 8-11% p.a.), reflecting the higher risk and faster depreciation of a used vehicle.
What down payment do I need for a car loan?
Most Indian lenders finance 80-90% of the on-road price, so you'd typically need to arrange 10-20% as a down payment — enter only the financed amount as your loan amount here.
Can I prepay or foreclose my car loan early?
Most lenders allow foreclosure after a lock-in period (often 6-12 months), sometimes with a prepayment charge on fixed-rate car loans. Check your loan agreement for the exact terms.
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Sources
- Reserve Bank of India — Fair Practices Code for Lenders — Reserve Bank of India. Effective 01-05-2015, reviewed 12-09-2026.
This calculator provides an estimate based on the standard reducing-balance formula and does not include down payment, insurance, or other lender-specific charges. Actual EMI offered by a bank or NBFC may differ.
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