What is the EMI for a Rs 10 lakh car loan at 9%?

Rs 10 lakh car loan at 9% p.a.: 3 years EMI Rs 31,799/month total interest Rs 1,44,764. 5 years EMI Rs 20,758/month total interest Rs 2,45,480. 7 years EMI Rs 16,088/month total interest Rs 3,51,392. Shorter tenure saves significant interest.

What is on-road price of a car?

On-road price = Ex-showroom price + Road tax (Delhi 4%, Maharashtra 11-13%, Karnataka 13-18%) + Insurance (Rs 15,000-40,000 first year) + RTO registration (Rs 3,000-8,000). Typically 15-25% higher than ex-showroom price.

How much down payment is needed for car loan?

Banks finance 80-90% of on-road price. Recommended down payment is 20-30%. Zero down payment options exist but increase total interest significantly.

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Car Loan EMI Calculator India — New & Used Car Loan

Calculate monthly EMI, on-road price with road tax & insurance, total interest, and compare loan vs cash purchase.

Car Loan EMI Formula: EMI = [P × R × (1+R)^N] / [(1+R)^N − 1] | P = Loan amount, R = Monthly rate (annual ÷ 12 ÷ 100), N = Months
Example: ₹8 lakh loan at 9% for 5 years → EMI = ₹16,607/month, Total Interest = ₹1,96,400

Quick Select by Car Price:

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Car Loan EMI Calculator

Vehicle & Price

Car Type

Banks finance up to 90% of on-road price

Ex-Showroom Price

₹

Road Tax: 10% of ex-showroom

4% Delhi~10% avg20%

Insurance (1st year)

₹

RTO / Registration

₹

Accessories / Extended Warranty

₹

Loan Details

Down Payment

₹

Interest Rate: 9.00% p.a.

7%12% NBFC20%

Tenure: 60 months (5.0 yrs)

1 yr3 yr5 yr7 yr

Processing Fee

₹

📊 Car Loan EMI Quick Reference — ₹10 Lakh Loan

Monthly EMI for a ₹10 lakh car loan at common interest rates and tenures. Use the calculator above for your exact figures.

Interest Rate	2 Years	3 Years	5 Years	7 Years
8.0%	₹45,227	₹31,336	₹20,276	₹15,585
9.0% ★	₹45,685	₹31,799	₹20,758	₹16,088
10.0%	₹46,145	₹32,267	₹21,247	₹16,601
12.0%	₹47,073	₹33,214	₹22,244	₹17,652
14.0%	₹48,013	₹34,178	₹23,268	₹18,735

★ 9% = most common new car bank rate. Values are approximate.

📖 How to Use This Car Loan EMI Calculator

1

Select Car Type & Enter Ex-Showroom PriceChoose New or Used car, then pick a quick preset or enter the ex-showroom price from your dealer quotation.
2

Build the On-Road PriceSet road tax (Delhi 4%, Maharashtra ~12%, Karnataka ~15%), add first-year insurance premium and RTO registration charges. The calculator builds your true on-road price.
3

Enter Down Payment & Interest RateEnter how much you'll pay upfront. Adjust the rate slider — major banks offer 8.5–9.5% for salaried buyers with CIBIL 750+.
4

Choose Loan TenureSlide between 12 and 84 months. The EMI comparison grid shows all tenures side by side so you can choose the best balance of EMI vs total interest.
5

Compare Loan vs Cash & View ScheduleThe Loan vs Cash section shows exactly how much extra financing costs. The year-wise schedule shows how principal and interest split changes each year.

✅ Why Use This Calculator

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True On-Road Price

Adds road tax, insurance and RTO to give the actual loan-eligible amount — not just ex-showroom.

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New & Used Cars

Switch between new and used car mode. Used cars attract higher rates and lower bank financing percentage.

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Tenure Comparison

See EMI and total interest for all tenures from 1 to 7 years at a glance — pick what suits your budget.

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Loan vs Cash

See exactly how much extra you pay by financing versus buying outright — helps make a smarter decision.

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Year-Wise Schedule

Full repayment schedule showing principal and interest split for each year of the loan.

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100% Private

No data sent to any server. All calculations happen instantly in your browser.

❓ Frequently Asked Questions — Car Loan EMI

What is the EMI for a ₹10 lakh car loan at 9% for 5 years?+

For a ₹10 lakh car loan at 9% p.a. for 5 years (60 months): Monthly EMI = ₹20,758. Total amount paid = ₹12,45,480. Total interest = ₹2,45,480 (24.5% of loan amount). To reduce total interest, consider a shorter tenure or higher down payment.

What is the car loan interest rate in India?+

Car loan interest rates in India: SBI 8.65–9.65% p.a., HDFC Bank 9.00–10.50%, ICICI Bank 9.10–10.30%, Axis Bank 9.05–10.75%. NBFCs like Bajaj Finance charge 12–18%. Used cars attract 1–2% higher rates. CIBIL score 750+ gets the best rates.

What is on-road price and how is it different from ex-showroom?+

Ex-showroom is the manufacturer price before taxes. On-road price is what you actually pay: Ex-showroom + Road tax (4–20% by state) + Insurance (₹15,000–40,000 first year) + RTO (₹3,000–8,000) + accessories. Banks base the loan on on-road price. It is typically 15–25% higher than ex-showroom.

How much down payment should I make for a car loan?+

Banks finance 80–90% of on-road price. A down payment of 20–30% is recommended to keep EMI affordable and reduce total interest. Zero down payment loans exist but increase your total outgo significantly. Higher down payment also improves loan approval chances.

Should I choose a shorter or longer car loan tenure?+

Shorter tenure means higher EMI but much less total interest. A ₹10L loan at 9% for 3 years costs ₹1.44L in interest. The same loan for 7 years costs ₹3.51L — more than double. Keep EMI below 40% of monthly income and choose the shortest tenure that fits comfortably.

Can I prepay a car loan early?+

Yes. RBI prohibits banks from charging prepayment penalties on floating rate loans. Fixed rate car loans may have 2–4% foreclosure charges. Making prepayments in the early years of the loan saves the most interest, since the interest component is highest at the start.

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