EMI Calculator

Car loan EMI calculator

By Anchal Katyal · Written on Jun 9, 2026 · Verified on Sep 27, 2026

Find the car EMI for typical 3 to 7 year terms. Match bank and dealer quotes on the same amount and years, then compare total interest before you sign at the showroom.

What you'll learn:

  • How big a down payment should be
  • Why dealer flat-rate EMIs mislead
  • New vs used car loan rates
Car Loan
Car Loan
Currency
Principal you borrow: the starting balance before interest accrues.Learn more
₹
Annual rate charged on the outstanding balance. EMI uses rate ÷ 12 each month.Learn more
%
Repayment period in months. Longer tenure lowers EMI but usually raises total interest.Learn more
mo
One-time charge as a % of the amount, usually paid upfront or cut from the payout. It does not change the EMI but adds to what you pay in total.Learn more
%
Extra payments toward principal (lump-sum or monthly). Reduce tenure usually saves more interest. Reduce EMI if you need cash-flow relief.Learn more
₹
₹
Shows what share of your monthly take-home pay goes to EMIs (FOIR). Banks usually cap all EMIs at 40% to 50% of net income.Learn more
₹
₹
Monthly EMI-
Principal-
Total interest-
Total payment-
Interest share-
EMIs use - of take-home
Payment breakup
  • Principal
  • Interest

Amortization schedule
Starting from

Yearly principal vs interest

  • Principal
  • Interest
#DateEMIPrincipalInterestBalance

Lowest car loan rates from Indian lenders

Your EMI at each lender for ₹ 8 Lakhs over 5 yrs, at the low and high ends of its public rate band. The low end goes to the strongest profiles; your sanction letter sets your rate.

LenderRate bandEMI fromEMI up toLender's page
Canara Bank7.5% to 10.7%₹ 16,030₹ 17,274Get offer: Canara Bank (opens in a new tab)
PNB7.85% to 8.95%₹ 16,164₹ 16,587Get offer: PNB (opens in a new tab)
Bank of Baroda7.85% to 11.55%₹ 16,164₹ 17,614Get offer: Bank of Baroda (opens in a new tab)
HDFC8.25% onwards₹ 16,317–Get offer: HDFC (opens in a new tab)
SBI8.4% to 9.35%₹ 16,375₹ 16,743Get offer: SBI (opens in a new tab)
ICICI8.4% onwards₹ 16,375–Get offer: ICICI (opens in a new tab)
Axis8.8% to 11.7%₹ 16,529₹ 17,675Get offer: Axis (opens in a new tab)
Kotak9% onwards₹ 16,607–Get offer: Kotak (opens in a new tab)

Ordered by lowest advertised rate. Bands checked against each lender's public rate card between 10 Oct 2026 and 11 Oct 2026; they are not live quotes. We are not a lender and do not collect your details: "Get offer" opens the lender's own site. Fees, repo-hike status and public vs private averages are on the car loan interest rates page.

What this calculator shows

This car loan EMI calculator shows car EMI and interest cost on the financed amount after your down payment. Most bank and NBFC vehicle loans use reducing-balance interest, which is not the same as a dealer flat-rate pitch. You can also model bike loan EMI or auto loan EMI the same way.

Use Manual sliders for exact figures, or AI mode to describe the loan (for example, car loan 12 lakh at 10% for 5 years). Keep tenure aligned with how long you will keep the vehicle.

How to use this calculator

  1. Enter the financed amount after down payment, not the on-road price. Or switch to AI and describe the car loan in one sentence.
  2. Use the lender’s reducing-balance rate. If a dealer quotes a flat rate, ask for the reducing-balance equivalent or APR before you compare car EMI quotes.
  3. Keep tenure short (often 36 to 60 months). A car loses value every year, so a long loan means paying interest on something worth less and less.
  4. Add documented processing fees when you compare two offers on the compare tool.
  5. For a used car loan or bike loan EMI, raise the rate and shorten max tenure to match the actual product, not a new-car advert.

How car EMI decisions differ from home loans

Down payment size moves car EMI more cleanly than a long tenure. Extra years of interest on a depreciating asset rarely help.

Dealer subvention, advance EMI, or insurance bundled into the loan can change the first payment and the principal. Confirm what is financed versus paid upfront.

Used car loans and bike loans often carry higher rates and shorter max tenure. Match the rate field to the actual product.

A lower car EMI with more months is not a cheaper auto loan. Compare total interest and fees on equal financed amounts.

Key takeaways

  • Shorter car loan tenures cut interest sharply, and they help you finish paying before the car loses most of its value.
  • A large down payment lowers EMI more cleanly than stretching tenure past the period you will keep the car.
  • Dealer flat-rate quotes are not the same as bank reducing-balance rates: convert before you compare.
  • Insurance or accessories financed into the loan raise principal and total interest, not only the sticker price.

Decision tips before you borrow

Match the auto loan term to how long you will keep the car, not the lowest car EMI on the quote.

  • A larger down payment usually beats stretching tenure past the warranty period.
  • Ask for the reducing-balance equivalent APR before you sign a flat-rate quote.
  • Insurance add-ons financed into the loan raise principal and total interest.
  • Check FOIR on the loan eligibility calculator before adding a car EMI to your other loans.

₹8 lakh car loan at 10% for 5 years

EMI ≈ ₹16,998. Over 60 months you pay roughly ₹10.2 lakh in total, so interest is about ₹2.2 lakh on top of the ₹8 lakh financed amount. Shorten tenure to 36 months in the calculator to see the higher EMI versus the interest you avoid, and remember this example excludes processing fee and any insurance bundled into principal.

Formula: Reducing-balance EMI on the financed amount after down payment. Dealer subvention, advance EMI, or insurance add-ons may change the first payment or principal. Confirm with the lender.

Figures are estimates for education and planning and may differ from your lender’s schedule due to fees, floating rates, or product rules.

Last updated on Jul 18, 2026.