A car loan is a secured loan — the car itself is the collateral — so rates sit between home loan and personal loan rates. Enter the amount you need to finance (on-road price minus your down payment), the interest rate and tenure to see your monthly EMI and the true total cost of the loan.
On-road price minus your down payment.
Monthly EMI
₹16,801
Fixed payment due every month.
Estimates only. Actual EMIs depend on your lender's exact terms, fees, foreclosure charges and rounding. This is not financial advice.
Car loan EMI uses the reducing-balance formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Car loans in India are usually fixed-rate, so the EMI stays constant. Because cars depreciate, a shorter tenure usually makes more sense than stretching payments over 7 years.
Finance ₹8,00,000 at 9.5% per annum for 5 years (60 months):
A ₹2,00,000 down payment (financing only ₹6,00,000) would drop the EMI to about ₹12,601 and save roughly ₹52,000 in interest.
Monthly EMI is your fixed outflow — car loan EMIs rarely change mid-tenure. Total interest shows what the financing itself costs you on top of the car's price. Total payment is the all-in amount repaid to the lender.
Don't forget the costs outside the EMI: insurance, fuel, servicing and depreciation. A bigger down payment is the simplest way to cut both the EMI and the interest.
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Content last reviewed on 2026-10-06.