Loans
Car Loan EMI Calculator
New car loans in India range 8.5–11% (May 2026). Used cars: 11–14%. Tenures usually 1–7 years. Calculate exact monthly EMI and see how much goes to interest.
Inputs
₹
₹1.00 L₹1.00 Cr
%
7.00%18.00%
yr
1 yr7 yr
Monthly EMI
₹16,221
Total interest
₹1,73,267
Total payment
₹9,73,267
Payment breakdown
Principal vs Interest · 5 time period
PrincipalInterest
Car loan tips
- • Down payment: 20–25% reduces EMI and total interest significantly
- • Tenure trap: 7-year loan looks affordable but interest piles up. Cars depreciate ~15%/yr — you may owe more than the car's worth
- • Pre-approved offers from your bank are often the cheapest (existing customer benefit)
- • Negotiate the on-road price first, then finance — dealers add commissions to financed cars
- • Used car loans have higher rates because the asset depreciates faster
Indicative new car loan rates (May 2026)
- • SBI / Canara: 8.50–9.30%
- • HDFC / ICICI / Axis: 9.00–10.50%
- • Manufacturer finance arms (Maruti, Hyundai, Tata): 9.50–11.50% (often with cashback offers)
- • NBFCs (Mahindra Finance, Cholamandalam): 11–13.50% (easier eligibility)