Car Loan EMI Calculator 2026
Calculate your monthly EMI, total interest, and view complete amortization schedule for your new or used car loan
New Car Rates
8.5% - 10%
p.a.
Used Car Rates
10% - 12.5%
p.a.
Max Tenure
7 Years
for new cars
Min Down Payment
10%
of car value
Car Loan Tips
- • Higher down payment = Lower EMI & less interest
- • New cars get lower interest rates than used cars
- • Shorter tenure saves interest but increases EMI
- • Compare interest rates from multiple banks
Your Car Loan Summary
Monthly EMI
₹ 16,800
Loan Amount
₹ 8,00,000
Total Interest
₹ 2,08,000
Total Payment (Principal + Interest)
₹ 10,08,000
Interest vs Principal
Tenure Comparison
3 Years
₹ 25,600/month
₹ 1,21,600
Total Interest
5 Years (Current)
₹ 16,800/month
₹ 2,08,000
Total Interest
7 Years
₹ 13,100/month
₹ 3,00,400
Total Interest
Amortization Schedule
| Year | Month | Principal (₹) | Interest (₹) | Balance (₹) |
|---|
*Showing first 60 months of repayment schedule
Car Loan Interest Rates - Top Banks (2026)
| Bank | New Car Rate | Used Car Rate | Processing Fee |
|---|---|---|---|
| SBI | 8.90% - 9.40% | 10.50% - 11.50% | 0.50% |
| HDFC Bank | 9.00% - 9.75% | 11.00% - 12.00% | 0.75% |
| ICICI Bank | 9.15% - 9.65% | 11.25% - 12.25% | 0.60% |
| Axis Bank | 9.25% - 9.75% | 11.50% - 12.50% | 0.65% |
| Bank of Baroda | 8.85% - 9.35% | 10.75% - 11.75% | ₹ 1,500 |
*Rates are indicative and subject to change. Actual rates depend on credit score and other factors.
❓ Frequently Asked Questions About Car Loans
What is the maximum tenure for car loan?
Most banks offer car loan tenure up to 7 years (84 months) for new cars and up to 5 years (60 months) for used cars. Some NBFCs may offer up to 8 years for certain models.
What is the difference between new and used car loan rates?
Used car loans typically have 1-2% higher interest rates than new car loans due to higher depreciation risk. New car rates range from 8.5-10%, while used car rates range from 10-12.5%.
How much down payment is required for car loan?
Most banks require 10-20% down payment for new cars and 20-30% for used cars. Higher down payment reduces your loan amount and EMI.
Can I prepay my car loan?
Yes, most banks allow prepayment after 6-12 months. Some banks charge a prepayment penalty of 2-4% on the outstanding amount for fixed rate loans. Floating rate loans usually have no penalty.
What credit score is needed for car loan?
A CIBIL score of 750+ is considered excellent and helps you get the best interest rates. Scores between 700-750 are acceptable, but may result in slightly higher rates.