Auto Loan Calculator
Calculate your car loan EMI, total interest and total cost of the loan.
Last updated: August 2026
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.
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?
As of August 2026 the floor rates are: SBI 8.70% p.a., ICICI 8.40% p.a. (new car, over 36 months) and HDFC 9.00% p.a. Rates depend on your credit score and the car model.
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.