Car Loan EMI Calculator
Planning to buy your dream car? Use our car loan EMI calculator to see your monthly payments and make a smart financial choice before you hit the showroom.
Enter Car Loan Details
Your Loan Summary
Monthly EMI
₹ 16,797
Total Interest Payable
₹ 2,07,810
Total Amount Payable
₹ 10,07,810
Car Loan Amortization Schedule
| Month | Principal (A) | Interest (B) | Total Payment (A + B) | Balance | Loan Paid to Date |
|---|
Decoding Your Car Loan EMI
Your Car Loan EMI depends on the car's on-road price, the down payment you make, the interest rate, and the loan tenure. A higher down payment will reduce your loan amount and thus your EMI.
Key Factors for Car Loan Approval
- Credit Score: A score above 750 is generally preferred by lenders and can get you a lower interest rate.
- Income Stability: Lenders look for a steady source of income to ensure you can repay the loan.
- Down Payment: While some lenders offer 100% financing, making a down payment of 15-20% improves your chances of approval and lowers your EMI burden.
For more tips, check our guide on getting the best deal on your car loan.
Car Loan FAQs
What is the maximum tenure for a car loan?
Most banks and financial institutions in India offer car loans for a maximum tenure of 7 years. Some may extend it to 8 years for specific car models or customer profiles. A shorter tenure is recommended to save on interest costs.
Can I get a loan for a used car?
Yes, most lenders offer loans for pre-owned or used cars. However, the interest rates are typically 1-3% higher than new car loans, and the maximum loan tenure is usually shorter, often capped at 5 years. The loan amount will also depend on the age and condition of the car.
What does 'on-road price' include?
The on-road price is the final price you pay to drive the car out of the showroom. It includes the ex-showroom price, RTO registration charges, road tax, insurance, and any optional accessories or extended warranties. Lenders usually finance 80-90% of the on-road price.