Calculate car-loan EMI, total interest and payoff schedule. Adjust down-payment, tenure and rate to find the best fit.
You will pay ₹16,801 every month for 60 months. Total interest cost: ₹2,08,089 (26.01% of principal).
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 1 | ₹1,31,234 | ₹70,383 | ₹6,68,766 |
| 2 | ₹1,44,259 | ₹57,359 | ₹5,24,506 |
| 3 | ₹1,58,576 | ₹43,041 | ₹3,65,930 |
| 4 | ₹1,74,315 | ₹27,303 | ₹1,91,615 |
| 5 | ₹1,91,615 | ₹10,003 | ₹0 |
Car loans in India are secured against the vehicle (hypothecation) and priced between 8.5% and 12% for new cars and 12–16% for used cars. Tenures typically run 3–7 years. This calculator returns EMI, total interest and amortization schedule for any car-loan configuration — helpful when comparing dealer finance vs bank offers.
Unlike home loans, car loans have no direct tax benefit for salaried buyers. Self-employed / business owners registering the car in the firm's name can claim depreciation (15% WDV) and interest as business expense. For EVs bought before 31 March 2023, interest up to ₹1.5 lakh was deductible under Section 80EEB — verify current status.
Buying a mid-segment sedan with 20% down.
| Segment | Bank rate | NBFC rate |
|---|---|---|
| New — salaried, 800+ CIBIL | 8.5–9.5% | 9.5–11% |
| New — self-employed | 9.5–11% | 10–12% |
| Used (up to 3 yrs) | 12–14% | 13–16% |
| Electric vehicle | 8.5–10% | 9–11% |
Believing dealer's 0% EMI — hidden in ex-showroom vs on-road pricing.
Ignoring insurance (~4% of ex-showroom) loading into loan.
Extending tenure to 7 years — vehicle depreciates far faster than loan amortises.
Need a CA to review your numbers? Book a free consult — we'll double-check within 24 hours.
Register commercial-use cars in the business name for depreciation benefit.
Get an insurance quote separately — bundled dealer insurance is 20–30% costlier.
EMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
No. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
Yes. Any principal prepayment reduces the outstanding balance and therefore future interest. Prepaying earlier in the tenure saves the most interest.
EMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via Car Loan CalculatorEMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via EMI CalculatorNo. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
via EMI CalculatorEMI is computed using the standard reducing-balance formula: EMI = P × r × (1+r)^N / ((1+r)^N − 1), where P is the principal, r the monthly interest rate and N the tenure in months.
via Personal Loan CalculatorNo. Processing fees, insurance, GST on fees and stamp duty are excluded and vary per lender. Add them separately to arrive at the true cost of the loan.
via Personal Loan CalculatorThis dataset is free to reference in articles, research and reports. Attribution to Taxpex Consultancy is all we ask. Data last verified 31 July 2026.
Taxpex Consultancy. (2026). Car Loan Calculator — Taxpex. Retrieved from https://taxpex.com/tools/loans-emi/car-loan-calculator<a href="https://taxpex.com/tools/loans-emi/car-loan-calculator">Car Loan Calculator — Taxpex</a> — Taxpex Consultancy