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Entered Car Price : ₹ 5,00,000
Your loan Amount : ₹ 0
Years
5 years
Interest
10 %
Buying a car in India has become more accessible with various financing options available. Car loans help you purchase your dream vehicle without paying the full amount upfront.
Before applying for a car loan, it's essential to calculate your EMI to plan your finances effectively. Use our Car Loan EMI Calculator to get instant and accurate results.
A Car Loan EMI is the fixed monthly amount you pay to the lender, which includes:
The EMI remains constant throughout the loan tenure, but the proportion of principal and interest changes with each payment.
E = [P × R × (1+R)^N] ÷ [(1+R)^N – 1]
Where:
E = EMI amount
P = Principal loan amount
R = Monthly interest rate
N = Loan tenure in months
Example: For a ₹5 Lakh car loan at 10% interest for 5 years: ₹10,624 per month.
Get your exact EMI instantly!
Q1. What is the typical car loan interest rate?
Car loan interest rates typically range from 8% to 15% per annum.
Q2. What is the maximum car loan tenure?
Most banks offer car loans for up to 7 years.
Q3. Can I prepay my car loan?
Yes, most lenders allow prepayment with minimal charges.