CAR LOAN EMI CALCULATOR — INDIA

Calculate car loan EMI for new and used cars with on-road price and down payment percentage. New car rates from 8.75%; used car rates from 11.55%. Three tabs: Car Loan EMI (reducing balance formula, loan amount auto-calculated from LTV, 9 bank rate presets, amortization schedule yearly/monthly toggl...

CURRENT CAR LOAN RATES (APR 2026)

HOW TO USE

1. 1

   Select New Car or Used Car at the top — this automatically adjusts the default rate (new: ~9%, used: ~12%) and the bank rate quick-select buttons. Used car loans carry higher rates (typically 2-5% more) and shorter approved tenures depending on the car's age.

2. 2

   Enter the on-road price (not ex-showroom). On-road includes ex-showroom price + GST (28%+cess for most cars) + registration + insurance + accessories. Banks typically lend 80-90% of on-road for new cars and 70-80% for used cars. Select your down payment percentage — the loan amount is calculated automatically.

3. 3

   Set the interest rate using the 6 bank quick-select buttons or type your own. Choose tenure from 1-7 years. Car loans are typically 3-5 years; 7-year tenures are available but increase total interest significantly. The red callout shows extra cost vs buying for cash — a reality check on the true cost of financing.

4. 4

   Toggle the Amortization Schedule to see yearly or monthly payment breakdowns — interest in red, principal in green. The balance drops slowly in early years (high interest) and faster later.

5. 5

   Use Rate Comparison to compare the same car loan at three rates with instant bank presets. Use the Depreciation tab to see your car's IRDAI-based IDV (Insured Declared Value) each year, and the Loan vs Car Value table showing whether your outstanding loan exceeds the car's depreciated value (negative equity / underwater).

FREQUENTLY ASKED QUESTIONS

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