Car EMI Calculator India — Calculate Monthly Car Payment
Calculate car loan EMI for any car in India. Compare bank rates for new and used vehicles with instant EMI computation.
Car loans in India range from 7.5% for new cars from banks to 14-18% for used cars from NBFCs. The average new car buyer in India takes a loan of Rs 5-8 lakh for 3-5 years. Understanding your exact EMI before visiting the showroom helps you negotiate better and stay within budget.
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Key Information
| Parameter | Details |
|---|---|
| New Car Loan Rate (Bank) | 7.5% - 9.5% |
| Used Car Loan Rate | 10% - 14% |
| Typical Tenure | 3-7 years (new) 3-5 years (used) |
| Down Payment Required | 10-20% of on-road price |
Frequently Asked Questions
What is EMI for Rs 6 lakh car loan?
At 8.5% for 5 years: EMI Rs 12284 total interest Rs 1.37L. At 8.5% for 3 years: EMI Rs 18903 total interest Rs 80050. The 3-year option saves Rs 57000 in interest. Since cars depreciate quickly shorter tenure is always recommended.
Zero down payment car loan — good idea?
Zero down payment means you borrow the full on-road price including insurance and registration. This results in being underwater immediately (you owe more than the car is worth). If you need to sell the car in 1-2 years you will lose money. Always put at least 10-20% down to maintain positive equity.
Should I take car loan from bank or dealer?
Bank car loans at 7.5-9.5% are almost always cheaper than dealer financing at 9-14%. Dealer zero-percent offers hide the cost in a higher car price. Get bank pre-approval first then negotiate the car price separately. This gives you maximum bargaining power.
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Last updated: March 2026