Car Loan EMI Calculator
Plan your dream car purchase. See your EMI based on the car's on-road price and your down payment.
Current Car Loan Interest Rates
Interest rates can vary based on your CIBIL score, income, and relationship with the bank. The rates below are indicative.
| Bank | Interest Rate (p.a.) |
|---|---|
| State Bank of India (SBI) | 8.85% - 9.80% |
| HDFC Bank | 9.40% onwards |
| ICICI Bank | 9.00% - 10.75% |
| Axis Bank | 9.30% - 10.10% |
| Bank of Baroda | 8.85% - 10.90% |
Understanding Your Car Loan
A car loan EMI depends on four main factors: the on-road price of the car, the down payment you make, the interest rate, and the loan tenure. Use our calculator to find the perfect balance for your budget.
Frequently Asked Questions (FAQs)
What is the 'On-Road Price'?
The On-Road Price is the final price you pay for the car. It includes the ex-showroom price, RTO registration, road tax, insurance, and any dealer handling charges or accessories. Always calculate your loan based on this price.
What is a good down payment for a car loan?
A good down payment is typically 20% or more of the car's on-road price (e.g., ₹2 Lakhs on a ₹10 Lakh car). A larger down payment reduces your loan amount, which in turn lowers your monthly EMI and the total interest you pay.
What is a good tenure for a car loan?
The most common tenure for a car loan in India is 5 years. Banks may offer tenures from 1 year up to 7 years (or sometimes 10). A shorter tenure (like 3 years) means a higher EMI but much lower total interest. A longer tenure (7 years) lowers your EMI but you pay significantly more interest.
Does my CIBIL score affect my interest rate?
Yes, absolutely. A higher CIBIL score (750+) indicates you are a low-risk borrower, which makes banks offer you a lower interest rate. A lower score can lead to a higher interest rate or even loan rejection.
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