Car Loan Calculator
Calculate car loan EMI with vehicle presets, down payment, processing fees, and total cost breakdown. Free auto loan calculator for India.
How to Use
Step-by-step guide to get the most from this tool
- 1
Pick a car preset
Choose hatchback, sedan, SUV, or electric vehicle preset or enter custom on-road price.
- 2
Set down payment
Adjust down payment percentage to see loan amount.
- 3
Enter rate and tenure
Configure interest rate, tenure, and processing fee.
- 4
Review EMI and total cost
See monthly EMI, interest paid, and total cost including down payment and fees.
Features
What makes this tool stand out
Car presets
Hatchback, sedan, SUV, and EV quick-start templates.
Down payment
Slider to adjust financing amount.
Cost breakdown
Principal, interest, and fees pie chart.
Total cost
See full cost including down payment and fees.
EV support
Electric vehicle preset with typical EV loan rates.
India rates
Typical Indian auto loan rates and tenures.
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Frequently Asked Questions
Quick answers to common questions
How is car loan EMI calculated?+
Car loan EMI uses the standard reducing balance formula on the loan amount (on-road price minus down payment). Shorter tenures (3–7 years) are typical for vehicle loans.
What down payment is needed for a car loan?+
Most banks finance 80–90% of on-road price. A 15–20% down payment is standard. EV loans may offer up to 90% financing with lower rates under some schemes.
What is the typical car loan interest rate?+
Car loan rates in India range from 8.5% to 12% depending on credit score, lender, and whether the car is new or used. EV loans may have subsidized rates around 8–9%.
What tenure should I choose for a car loan?+
Car loans are usually 3–7 years. Longer tenure means lower EMI but more total interest. Cars depreciate quickly, so shorter tenure is often recommended.
Is car loan interest tax deductible?+
For salaried individuals, car loan interest is generally not tax deductible unless the car is used for business purposes. Business owners may claim interest as a business expense.
What is included in on-road price?+
On-road price includes ex-showroom price, road tax, registration, insurance, and handling charges. Always use on-road price, not ex-showroom, for accurate EMI calculation.
Can I prepay my car loan?+
Most banks allow prepayment on car loans. Floating rate loans typically have no penalty. Check your loan agreement for prepayment terms.
New car vs used car loan rates?+
Used car loans carry higher interest rates (10–15%) and shorter maximum tenure (5 years). New car loans offer better rates and longer tenures.