Car Loan EMI Calculator
Calculate EMI, total interest, and on-road price for your dream car
Loan Details
20.0% of car price • Recommended: 20-30%
Typical range: 8% - 12% p.a.
Pro Tips:
• Higher down payment = Lower EMI + Less interest
• Consider insurance and RTO costs (~15-20% extra)
• Pre-approved loans often have better rates
Monthly EMI
Cost Breakdown
Payment Breakdown
Down Payment Impact:
Understanding Car Loans
A car loan is a secured loan where the vehicle itself acts as collateral. This makes interest rates lower compared to personal loans. Banks typically finance 80-90% of the car's ex-showroom price.
On-Road Price includes: Ex-showroom price + Registration charges + Road Tax + Insurance + Accessories. This is typically 15-20% higher than ex-showroom price.
Most lenders require a down payment of 10-20% of the vehicle price. Higher down payment reduces your EMI burden and total interest outgo.
Smart Car Buying Tips
- •Negotiate car price before discussing loan - dealers earn commission on loans
- •Compare interest rates from banks, NBFCs, and manufacturer finance
- •Check for prepayment penalties - some loans allow free foreclosure
- •Budget for annual maintenance (~₹15,000-50,000 depending on car)
- •Don't stretch tenure beyond 5 years - car depreciation exceeds loan value
- •EMI shouldn't exceed 15-20% of your monthly income