Calculate car loan EMI, down payment, and total cost of vehicle financing
An auto loan calculator is a financial tool that helps you estimate monthly payments, total interest, and overall cost when financing a vehicle purchase. Our car loan EMI calculator considers vehicle price, down payment, trade-in value, interest rate, loan term, taxes, and fees to provide accurate financing estimates for your car purchase decision.
The auto loan calculation follows this process:
Where: P = Principal (loan amount), r = Monthly interest rate, n = Number of months
| Lender Type | New Car Rate | Used Car Rate | Max Tenure |
|---|---|---|---|
| Public Sector Banks | 7.5% - 9.5% | 9% - 12% | 7 years |
| Private Banks | 8% - 10.5% | 9.5% - 13% | 7 years |
| NBFCs | 9% - 12% | 11% - 15% | 5-7 years |
| Manufacturer Finance | 7.5% - 11% | N/A | 5-7 years |
Benefits of Higher Down Payment: Lower EMI, reduced interest burden, better loan approval chances, lower debt-to-income ratio.
| Loan Type | Features | Interest Rate | Best For |
|---|---|---|---|
| New Car Loan | 100% financing, longer tenure | 7.5% - 10% | Brand new vehicles |
| Used Car Loan | Up to 85% financing | 9% - 13% | Pre-owned vehicles |
| Refinance Loan | Balance transfer option | 8% - 11% | Existing loan holders |
| Lease Financing | Lower monthly payments | Varies | Business use, upgrades |
While personal auto loans don't offer tax benefits, commercial vehicle loans do:
Most lenders offer up to 100% financing for new cars and 85% for used cars, with maximum amounts typically ranging from ₹25 lakh to ₹1 crore depending on the lender.
Yes, most lenders allow prepayment after 6-12 months. Some may charge a prepayment penalty of 2-5% of the outstanding amount.
Typically required: ID proof, address proof, income proof, bank statements, vehicle invoice, insurance documents, and passport-size photographs.
With proper documentation, auto loans can be approved within 24-48 hours, with disbursement typically taking 3-7 business days.
Disclaimer: The calculations provided are estimates based on the information entered. Actual loan terms, interest rates, and payments may vary based on creditworthiness, lender policies, and market conditions. Consult with authorized dealers and lenders for accurate quotes.