CAR LOAN EMI CALCULATOR

Calculate your car loan EMI from the on-road price. This calculator works in two modes: Simple (enter the loan amount directly) and On-Road Price (enter ex-showroom price and it adds RTO/road tax, insurance, and other charges to compute the on-road price, then deducts your down payment to arrive at ...

CAR LOAN EMI

MONTHLY EMI

₹16,413

Loan Amount

₹8.00 L

Total Interest

₹1.85 L

Total Payable

₹9.85 L

Interest %

23.1%

LIVE DIAGRAM

MONTHLY EMI

₹16,413

TOTAL INTEREST

₹1.85 L

TOTAL PAYMENT

₹9.85 L

INTEREST BURDEN

23.1%

PRINCIPAL 81.2%INTEREST 18.8%
Principal ₹8.00 L
Interest ₹1.85 L

OUTSTANDING BALANCE

yr0
yr1
yr2
yr3
yr4
yr5

Reducing balance · EMI = P×r×(1+r)^n/((1+r)^n−1)

Created with❤️byeaglecalculator.com

AMORTIZATION SCHEDULE

HOW TO USE

  1. 1

    Simple mode: enter your loan amount (on-road price minus down payment), interest rate, and tenure directly. Use the bank presets for new or used car rates.

  2. 2

    On-Road Price mode: enter the ex-showroom price, your state's RTO/road tax percentage (typically 6–18%), estimated insurance, and other charges. The calculator computes the on-road price, then deducts your down payment to arrive at the loan amount.

  3. 3

    Set your down payment as a percentage or fixed amount. Most banks fund 80–100% of the on-road price for new cars, 80–85% for used cars.

  4. 4

    View the full amortization schedule to see how each EMI is split between principal and interest month by month. Early EMIs are mostly interest — prepaying in the first 2 years saves the most.

WORKED EXAMPLE

Amit buys a car with ex-showroom price ₹10,00,000. On-road price: ₹10L + 10% RTO (₹1L) + insurance (₹45,000) + others (₹20,000) = ₹11,65,000. Down payment 20% = ₹2,33,000. Loan amount: ₹9,32,000. At HDFC 8.20% for 5 years (60 months): EMI = ₹19,059/month. Total payment: ₹11,43,540. Total interest: ₹2,11,540. At 7yr (84 months) instead: EMI drops to ₹14,561 but total interest rises to ₹2,89,124 — ₹77,584 more in interest for a lower monthly payment.

CAR LOAN RATE COMPARISON (APRIL 2026)

EMI ON ₹8 LAKH LOAN FOR 5 YEARS — NEW CAR RATES
BANKRATE FROMMONTHLY EMITOTAL INTERESTTYPE
Union Bank of India7.4%₹15,992₹1.60 LPSU
Bank of India8.25%₹16,317₹1.79 LPSU
SBI8.5%₹16,413₹1.85 LPSU
HDFC Bank8.2%₹16,298₹1.78 LPrivate
ICICI Bank8.5%₹16,413₹1.85 LPrivate
Axis Bank9.1%₹16,646₹1.99 LPrivate

Rates as of April 2026 · Subject to credit profile · ₹8L loan, 5yr tenure · New car · Used car rates typically +2–4%

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Formula: EMI = P×r×(1+r)^n/((1+r)^n−1) · Reducing balance · Rates as of April 2026 · Last updated: 29 April 2026 · For informational purposes only · Eagle-eyed accuracy for every calculation.