Car Loan Calculator
₹ 24,910
Frequently Asked Questions
How is car loan EMI calculated?
Car loan EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P is loan amount (car price minus down payment), r is monthly interest rate, and n is number of months.
Is the Car Loan Calculator free?
Yes, completely free. No signup or account required.
What is the typical car loan interest rate in India?
Car loan interest rates in India range from 8.5% to 15% per annum. Public sector banks typically offer lower rates (8.5–10%) compared to private banks and NBFCs.
How much down payment should I make on a car loan?
A 20–30% down payment is recommended. Higher down payment means lower loan amount, lower EMI, and lower total interest paid over the tenure.
What is the maximum tenure for a car loan in India?
Most banks offer car loans for up to 7 years. Longer tenures mean lower EMI but higher total interest. 5 years is the most common tenure.
How to Use Car Loan Calculator
Enter the car's on-road price and subtract your down payment amount to get the loan amount.
Set the interest rate — check with your bank; SBI car loans currently start around 9% p.a.
Choose your preferred loan tenure. A 5-year tenure is the most common balance between EMI size and total interest.
Your monthly EMI, total interest paid, and total cost of the car appear immediately — compare different tenures to find what fits your budget.