Car Loan EMI Calculator
Plan Your Car Purchase
Use our car loan EMI calculator to estimate your monthly payments for a vehicle loan. Adjust the loan amount, interest rate, and tenure to budget your car purchase smartly.
Monthly EMI
₹16,607
Loan Breakdown
About Car Loans
A car loan is a secured loan where the vehicle you purchase serves as collateral. Banks and NBFCs offer car loans to help you finance the purchase of a new or pre-owned vehicle, covering up to 80-90% of the on-road price.
New Car vs Used Car Loan Rates
Interest rates for new car loans typically range from 7% to 12% per annum, while used car loans generally attract higher rates of 10% to 16%. New car loans also offer longer tenures of up to 7 years, whereas used car loan tenures are usually capped at 3-5 years depending on the age of the vehicle.
Down Payment Tips
Most lenders require a down payment of 10-20% of the car's on-road price. Making a larger down payment can help you secure a lower interest rate, reduce your monthly EMI, and save significantly on total interest over the loan tenure. Aim for at least 20% down payment to get the best terms.
EMI Formula
EMI = P × r × (1+r)n / ((1+r)n - 1)Where P = Principal, r = Monthly interest rate, n = Total number of months
Disclaimer: This calculator provides approximate results for informational purposes only. Actual EMI may vary depending on the lender's specific terms, processing fees, and other charges.