Estimate car loan monthly installments, interest charges, and loan repayment schedule.
Result
Estimated on standard monthly reducing balance terms. Bank charges such as processing fees and documentation charges are excluded.
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EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1]
₹8,00,000 auto loan at 9.0% interest for 5 years.
Monthly EMI: ₹16,610 | Total interest: ₹1,96,629 | Total repayment: ₹9,96,629.
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Open calculatorAuto loans in India generally span between 1 and 7 years, with 3 to 5 years being the most common choice for balancing monthly EMI and total interest charges.
Most Indian banks and NBFCs offer fixed-rate car loans where your monthly installment remains unchanged throughout the tenure, though select lenders offer floating options.
Yes. If your lender finances road tax, insurance, and accessories in addition to the ex-showroom vehicle price, the higher loan principal will increase both your EMI and total interest.
Auto loans are secured loans where the purchased vehicle acts as hypothecated collateral until the loan is fully repaid. Lenders typically finance 80% to 90% of the vehicle's ex-showroom value, requiring a 10% to 20% down payment.
Using this calculator helps prospective car buyers compare quotes between competitive lenders and select an optimal balance between down payment and monthly EMI.