Car Loan EMI Calculator
Calculate EMI, repayment schedule, and impact of part-payments on your car loan.
Loan Details
Processing fee: ₹8,000 (one-time charge)
Monthly EMI
₹16,607
₹8,00,000
₹1,96,399
Total Payable
₹9,96,420
Total Cost (incl. fee) ₹10,04,420
Year-wise Repayment Breakdown
Amortization Schedule
Enter part-payments to see their impact on remaining balance
| Year | Opening | Principal | Interest | Part-Payment | Closing |
|---|---|---|---|---|---|
| Yr 1 | ₹8,00,000 | ₹1,32,662 | ₹66,615 | ₹6,67,336 | |
| Yr 2 | ₹6,67,336 | ₹1,45,111 | ₹54,170 | ₹5,22,227 | |
| Yr 3 | ₹5,22,227 | ₹1,58,722 | ₹40,561 | ₹3,63,506 | |
| Yr 4 | ₹3,63,506 | ₹1,73,609 | ₹25,669 | ₹1,89,896 | |
| Yr 5 | ₹1,89,896 | ₹1,89,896 | ₹9,384 | ₹0 |
Car Loan Rates — Top Banks (2025)
Click any row to apply that bank's starting rate to the calculator
| Bank | Interest Rate (p.a.) | Max LTV | Max Tenure | |
|---|---|---|---|---|
| SBI | 9.15–9.90% | 90% | 7 yrs | |
| HDFC Bank | 9.40–10.40% | 100% | 7 yrs | |
| ICICI Bank | 9.10–10.10% | 100% | 7 yrs | |
| Axis Bank | 9.25–9.85% | 100% | 7 yrs | |
| Kotak Mahindra | 9.49–12.00% | 95% | 7 yrs |
* Rates are indicative and subject to change. Final rate depends on credit score and bank policy.
Results are indicative. Part-payment assumes reduce-tenure approach (EMI stays constant).
Car Loan EMI Calculator — India 2025
Buying a car on loan? Calculate your monthly EMI before visiting the showroom so you know exactly how much it will cost you every month. The JanSevaPlus Car Loan EMI Calculator gives you instant results for your monthly EMI, total interest payable, and year-wise repayment schedule. You can also include processing fees to see the true total cost of the loan.
Use the bank comparison table to compare rates from SBI, HDFC, ICICI, Axis, and Kotak — and click any bank row to instantly apply that rate to your calculation. This helps you choose the most affordable lender in seconds.
Key Car Loan Facts for 2025
Loan Tenure
1–7 years for new cars; 1–5 years for used cars.
Down Payment
Typically 10–20% of on-road price for new cars.
Eligibility
Minimum age 21 years; minimum income ₹2.5 lakh/year; good credit score (700+).
Documents
KYC, salary slips/ITR, bank statements (3–6 months), vehicle quotation.
Frequently Asked Questions — Car Loan
How is car loan EMI calculated?
Car loan EMI uses the standard formula: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ - 1]. For a ₹8 lakh loan at 9% for 5 years: EMI = ₹16,607/month, total interest = ₹96,420, total payable = ₹8,96,420.
What is the typical car loan interest rate in India?
Car loan interest rates in 2025 range from 9.10% to 12% p.a. for new cars. SBI charges 9.15–9.90%, HDFC Bank 9.40–10.40%, and ICICI Bank 9.10–10.10%. Used car loans are typically 1–2% higher.
What is LTV ratio in a car loan?
LTV (Loan-to-Value) ratio is the percentage of the car's on-road price that the bank finances. Most banks offer 80–100% LTV for new cars. For a ₹10 lakh car with 90% LTV, you get ₹9 lakh as loan and pay ₹1 lakh as down payment.
Can I prepay my car loan without penalty?
For floating-rate car loans, RBI prohibits prepayment charges for individual borrowers. Fixed-rate car loans may attract a foreclosure charge of 2–5%. Many banks allow part-payment after 6–12 months of the loan.
New car or used car — which is better for a loan?
New car loans have lower interest rates (9–10%) and higher LTV (up to 100%). Used car loans cost more (10–15% p.a.) with lower LTV (70–80%). However, a new car depreciates 15–20% in the first year, while a 2–3-year-old car may offer better value overall.
How does processing fee affect my car loan cost?
Processing fee is a one-time charge of 0.5–2% of the loan amount. On a ₹8 lakh loan with 1% processing fee, you pay ₹8,000 upfront. Our calculator adds this to the total cost so you can compare the true cost across lenders.
Disclaimer: All calculations are indicative. Actual EMI and interest depend on your lender's terms, credit profile, and vehicle type.
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