Calculate your car loan EMI, total interest, and total payment amount. Compare different car loan options and choose the best financing terms.
| Month | EMI | Principal | Interest | Balance |
|---|
A car loan EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your car loan. It includes both principal and interest components. Understanding your EMI helps in budgeting and choosing the right loan terms for your financial situation.
For a ₹8,00,000 car with ₹1,60,000 down payment at 9.5% interest for 5 years:
Loan Amount: ₹6,40,000
Monthly EMI: ₹13,467
Total Interest: ₹1,68,020
Total Cost: ₹9,39,420 (including insurance and fees)
Factors affecting car loan EMI:
New Car Loan: Lower interest rates, higher loan amount (up to 90% of car value).
Used Car Loan: Higher interest rates, lower loan amount (up to 80% of car value).
Pre-approved Loan: Faster processing, negotiation power at dealership.
Consider total cost of ownership including EMI, insurance, maintenance, and fuel costs when buying a car.
The EMI is calculated using:
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of months
• SBI: 8.70% - 9.70%
• HDFC Bank: 8.75% - 9.50%
• ICICI Bank: 8.75% - 9.75%
• Axis Bank: 8.75% - 9.75%
• Mahindra Finance: 9.90% - 15.00%