Auto Loan Calculator
Calculate your car loan EMI, total interest and total cost of the loan. Compare tenures and down payments before you buy.
Bank starting rates as of August 2026. Actual rates depend on your credit score and the car. This is an estimate — confirm the actual rate with your bank before applying.
Monthly EMI
₹13,398.49
Loan amount
₹6,50,000
19% down payment
Total loan payments
₹8,03,909
Total cost with down payment
₹9,53,909
Including ₹1,50,000 down
Total interest: ₹1,53,909 over 60 months.
How it works
Loan amount = car price − down payment. EMI uses the same formula as the home loan calculator.
Example: ₹8L car, ₹1.5L down, 8.7% for 5 years → loan ₹6.5L, EMI ≈ ₹13,398/month.
Last updated: July 2026
How this calculator is verified
Checked by True Calculator automated test suite on
- Formula verified against a published worked example in the automated test suite
- Edge cases (zero, negative, boundary and unit-mismatch inputs) covered by unit tests
The full verification method is on our how we verify page. Found an error? Tell us and we will re-check it.
When to Use This Calculator
Use the auto loan calculator before you walk into a showroom, because the EMI a salesperson quotes can differ from what the bank will actually charge once fees and the down payment are factored in. Indian car buyers use it to compare tenures: a 7-year loan cuts the monthly payment but can add lakhs of interest, and this tool shows both numbers side by side. Enter the on-road price, down payment, rate and tenure to get the EMI, total interest and total cost, then adjust the tenure or the down payment to see how the interest changes. It is equally useful when a bank pre-approves you for a range, letting you pick the amount and tenure that fit the household budget instead of the maximum the bank will lend.
How to Use This Calculator
- Step 1: Enter the on-road price of the car you plan to buy, or the amount you will finance after the down payment.
- Step 2: Enter the annual interest rate your bank quoted for the car loan, or use a preset.
- Step 3: Choose the tenure in months, then adjust the down payment field to see its effect on the EMI.
- Step 4: Read the monthly EMI, the total interest and the total cost of the loan, and compare two tenures before deciding.
Worked Example
A buyer in Gurugram plans a car loan of ₹8,00,000 at 9% per year for 5 years. Enter 800000 as the loan amount, 9 as the rate and 60 months as the tenure. The monthly EMI comes to about ₹16,607, so the total repayment over 5 years is about ₹9,96,401 and the total interest about ₹1,96,401. The tool also lets you add a down payment: with ₹1,00,000 down, the financed amount drops to ₹7,00,000 and the EMI falls to about ₹14,531, with less interest over the same term.
Tips and Common Mistakes
- •Tip 1: A larger down payment cuts both the EMI and the total interest, so model two or three down payment levels before visiting the showroom.
- •Tip 2: Car loan rates in India differ across banks and by model tie-ups, so run the same numbers at two rates to see how much a lower rate saves.
- •Tip 3: The on-road price includes insurance and registration, which are not financed at the same rate as the car; finance only the ex-showroom price if you can.
- ✗Mistake 1: Entering the down payment twice, such as subtracting it from the price and also typing it in the down payment field.
- ✗Mistake 2: Choosing a 7-year tenure to lower the EMI without noticing that the interest over that term can approach the principal itself.
Frequently Asked Questions
How is a car loan EMI calculated?
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the financed amount (car price minus down payment), r is the monthly rate and n is the number of months.
How much down payment should I make on a car?
A higher down payment lowers your EMI and total interest. Most lenders expect at least 10–20% of the on-road price, and some use your old car's exchange value as part of it.
What is the current car loan rate in India?
The preset rates are illustrative starting points for comparison, not a loan offer. Car-loan rates depend on your credit score, financed amount, tenure, lender and vehicle, so confirm the current quote before applying.
Does the calculator include on-road costs?
No. It covers car price, down payment, rate and tenure. Insurance, RTO charges, road tax and dealer handling are separate and usually paid by the buyer, not financed.
Should I include the exchange value of my old car?
Yes. Treat any exchange value as part of your down payment — it reduces the financed amount, your EMI and your total interest.
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