Car Loan Calculator - Auto Loan EMI Calculator
Calculate car loan EMI, total interest, and monthly payments for new and used cars. Find affordable auto loan amount with down payment options. Plan your dream car purchase with our free vehicle loan calculator.
Loan Breakdown
Complete Cost Breakdown
How Car Loan Calculator Works
Calculate car loan EMI in 4 simple steps:
Enter Car Price
Enter on-road price of the car including RTO, insurance, and other charges. This is the total amount you'll pay to drive the car home.
Set Down Payment
Choose down payment percentage (10-50%). Higher down payment = lower EMI and interest. Banks typically require minimum 10-15% down payment.
Interest Rate & Tenure
Enter interest rate (7-15%) and loan tenure (1-7 years). New cars get lower rates than used cars. Shorter tenure saves interest.
View Complete Cost
See monthly EMI, total interest, and complete ownership cost. Plan your car budget including maintenance and fuel.
Smart Car Loan Tips
Higher Down Payment
Pay 20-30% down payment to reduce loan burden. Lower EMI, less interest, faster ownership. Also improves loan approval chances.
Compare Interest Rates
Even 0.5% rate difference saves ₹15K-30K on ₹10L loan. Compare rates from banks, NBFCs, and manufacturer financing.
Shorter Tenure Better
Choose 3-5 years over 7 years. Higher EMI but saves lakhs in interest. Car value depreciates, don't pay loan longer than needed.
Check Hidden Costs
Processing fee (₹3K-10K), documentation charges, prepayment penalties. Ask for zero processing fee during festive offers.
EMI vs Income Rule
Keep car EMI under 15-20% of monthly income. Factor in fuel (₹5K-10K), maintenance (₹2K-5K), insurance (₹15K-50K/year).
Credit Score Matters
Score 750+: Get lowest rates (7-9%). Score 650-750: Moderate rates (9-12%). Below 650: High rates or rejection. Improve score first.
New Car Loan vs Used Car Loan
New Car Loan
Lower Interest Rates- ✅ Interest Rate: 7-10% per annum
- ✅ Loan Amount: Up to 90% of car price
- ✅ Tenure: 1-7 years (usually 5-7 years)
- ✅ Manufacturer offers & discounts available
- ✅ Easy approval, minimal documentation
- ✅ Full warranty coverage included
- ❌ Higher monthly EMI due to higher price
- ❌ Faster depreciation in first 3 years
Used Car Loan
Lower Car Price- ✅ Interest Rate: 10-15% per annum
- ✅ Loan Amount: Up to 80% of car value
- ✅ Tenure: 1-5 years (usually 3-5 years)
- ✅ Lower EMI due to lower car price
- ✅ Less depreciation impact
- ✅ Get higher variant in budget
- ❌ Higher interest rates than new car
- ❌ Car inspection required, more documentation
Why Use Our Car Loan Calculator?
Instant EMI Calculation
Calculate monthly car loan EMI instantly with down payment consideration. Know exact affordability before visiting dealer.
Down Payment Planning
Adjust down payment percentage (10-50%) to see impact on EMI. Plan optimal down payment for your budget.
Complete Cost Breakdown
See total car ownership cost including principal, interest, and down payment. Avoid hidden surprises.
Multi-Currency Support
Calculate in INR, USD, EUR, GBP, AED. Works for car loans worldwide with proper formatting.
Compare Scenarios
Try different combinations of price, down payment, rate, and tenure. Find the best car loan option.
Mobile Friendly
Calculate car loan EMI on any device. Compare offers at dealership or home.
Frequently Asked Questions
What is car loan EMI?
Car loan EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your auto loan. It includes both principal (loan amount) and interest. EMI remains same throughout loan tenure unless you prepay or change tenure.
What is current car loan interest rate in India?
Current car loan rates (2025): New car: 7.5-10% for good credit, Used car: 10-15%. PSU banks: 8-9.5%, Private banks: 8.5-10.5%, NBFCs: 9-12%. Rates depend on credit score, car value, loan amount, and tenure.
How much car loan can I get on ₹50,000 salary?
With ₹50K salary, assuming 40% EMI-to-income ratio: Max EMI = ₹20K. At 9% for 5 years, you can get ₹9.5L loan. Add 20% down payment (₹2.4L) = total car price ₹11.9L. Actual eligibility varies by bank and existing loans.
What is minimum down payment for car loan?
Minimum down payment: 10-15% for new cars, 15-25% for used cars. Example: ₹10L car needs ₹1L-1.5L down payment. Higher down payment (20-30%) recommended for lower EMI and better loan approval. Some premium car loans require 20-30% down payment.
Can I prepay car loan?
Yes, prepayment allowed for most car loans. Charges: 2-5% prepayment penalty depending on bank and loan type. Some banks offer zero prepayment after 6-12 months. Prepay early to save maximum interest as most interest is paid in initial years.
What documents required for car loan?
Identity: Aadhaar, PAN, Driving License. Income: 3 months salary slips, 6 months bank statement, ITR (self-employed). Address: Utility bill, rent agreement. Car: Proforma invoice, RC book (used car), insurance. Additional: Employer ID, Form 16.
New car vs used car loan: which is better?
New Car: Lower interest (7-10%), higher loan amount (90%), longer tenure (7 years), warranty included, faster depreciation. Used Car: Higher interest (10-15%), lower loan amount (80%), shorter tenure (5 years), no warranty, slower depreciation. Choose based on budget and car preference.
Should I take car loan or buy cash?
Take Loan if: Interest rate low (9% or less), you can invest cash at higher returns (12%+), need tax benefits (business use), preserve emergency fund. Buy Cash if: Have surplus funds, don't want EMI burden, interest rate high (>12%), old car or short usage. Consider opportunity cost of money.