Car Loan EMI Calculator 2026
Plan your auto loan EMI, down payment, and repayment tenure
EMI Calculator Summary
EMI Payment / Year
Your Repayment/Breakup Details (Monthly)
Your debt repayment schedule in regular instalments over a period of time.
| Year | Principal Amount | Total Interest | Total Amount | Balance |
|---|---|---|---|---|
| 2026▼ | ₹32,059 | ₹17,761 | ₹49,820 | ₹7,67,941 |
| Oct | ₹10,607 | ₹6,000 | ₹16,607 | ₹7,89,393 |
| Nov | ₹10,686 | ₹5,920 | ₹16,607 | ₹7,78,707 |
| Dec | ₹10,766 | ₹5,840 | ₹16,607 | ₹7,67,941 |
| 2027▶ | ₹1,35,671 | ₹63,609 | ₹1,99,280 | ₹6,32,269 |
| 2028▶ | ₹1,48,398 | ₹50,882 | ₹1,99,280 | ₹4,83,871 |
| 2029▶ | ₹1,62,319 | ₹36,961 | ₹1,99,280 | ₹3,21,552 |
| 2030▶ | ₹1,77,546 | ₹21,734 | ₹1,99,280 | ₹1,44,006 |
| 2031▶ | ₹1,44,006 | ₹5,454 | ₹1,49,460 | ₹0 |
Formula used by EMI Calculator
=PMT(rate ( 0.0075 ), nper ( 60 ), pv ( ₹8,00,000 )) = ₹16,607=IPMT(pv ( ₹8,00,000 ), pmt ( ₹16,607 ), rate ( 0.0075 ), per ( 0 )) = ₹6,000=PPMT(rate ( 0.0075 ), per ( 0 ), nper ( 60 ), pv ( ₹8,00,000 )) = ₹10,607Loans & EMI
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Unlike real estate, motor vehicles are depreciating assets that lose 15% to 20% of their market value in their first year alone. Financing a car with an excessively long tenure (e.g. 7 years) can lead to "negative equity," where the outstanding loan balance exceeds the trade-in value of the automobile.
The 20/4/10 Guideline
Aim for at least a 20% down payment, cap your loan tenure at 4 years (48 months), and ensure total car expenses (EMI + insurance + fuel) stay under 10% of gross household earnings.
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Car Loan & Auto Financing FAQs
Helpful answers on interest rates, tenure, and down payments for cars.
What is the standard interest rate range for car loans in India?
New car loan interest rates from public and private banks typically range between 8.5% and 9.75% per annum for borrowers with CIBIL scores above 750. Used car loans carry higher rates, typically between 11% and 15%.
Can I prepay or foreclose my car loan without penalty?
If your car loan is on a floating interest rate, RBI regulations mandate zero prepayment charges. However, most Indian auto loans are sanctioned on fixed interest terms and may levy a 2% to 5% foreclosure fee if settled within the first 12 to 24 months.
Can salaried individuals claim income tax deductions on car loan interest?
No. Salaried employees cannot claim personal tax write-offs for car loan interest. However, self-employed professionals or business owners who use the vehicle for commercial activities can deduct interest expenses and claim annual depreciation.
What is the maximum loan-to-value (LTV) ratio for auto financing?
Lenders typically finance between 85% and 95% of the vehicle’s ex-showroom price. Select promotional schemes offer 100% on-road financing for premium borrowers with high credit ratings.