Car Loan Calculator
Calculate car loan EMI with down payment. See total cost, interest breakdown & monthly amortization schedule.
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | ₹1,32,664 | ₹66,616 | ₹6,67,336 |
| Year 2 | ₹1,45,109 | ₹54,171 | ₹5,22,227 |
| Year 3 | ₹1,58,721 | ₹40,559 | ₹3,63,506 |
| Year 4 | ₹1,73,610 | ₹25,670 | ₹1,89,896 |
| Year 5 | ₹1,89,896 | ₹9,384 | ₹0 |
Frequently Asked Questions
What is the typical car loan interest rate?
Car loan interest rates in India range from 7.5% to 12% p.a. for new cars and 10% to 16% for used cars. Rates depend on your credit score, income, loan tenure, and the lender.
What is the maximum car loan tenure?
Most banks offer car loans for up to 7 years (84 months). Some lenders offer up to 8 years for premium vehicles. Shorter tenures mean higher EMIs but lower total interest.
What is the down payment required?
Banks typically finance 80-90% of the on-road price. You need to pay 10-20% as down payment. A higher down payment reduces EMI and total interest cost.
Can I prepay a car loan?
Yes. For floating rate loans, there is no prepayment penalty (RBI rule). For fixed rate loans, banks may charge 2-5% of the outstanding amount as foreclosure fee.
Is car loan interest tax deductible?
Car loan interest is not tax deductible for personal use. However, if the car is used for business, the interest and depreciation can be claimed as business expenses.