Car Loan Calculator India
Calculate car loan EMI, affordability, and total ownership cost
Car Loan Calculator India
Calculate car loan EMI, affordability, and total cost of ownership. Compare rates, analyze depreciation, and plan your car purchase.
Car Loan Details
Ex-showroom price of the car
25% of car price
Current car loan rates: 8.5% - 15%
5 years (max 7 years)
Additional Costs
Comprehensive insurance premium
RTO charges, road tax, etc.
Bank processing fee
Car Loan Results
Monthly EMI
For 5 years
Loan Amount
LTV: 75%
Total Interest
Interest over loan tenure
On-road Price
Car + Insurance + Road Tax
Affordability Analysis
Total Cost Breakdown
Related Calculators
How to Use
- 1Enter your values in the input fields
- 2Review the calculated results
- 3Use the results for your planning
Frequently Asked Questions
How is car loan EMI calculated in India?
Car loan EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1], where P is loan amount (car price - down payment), R is monthly interest rate, and N is tenure in months. The car serves as collateral for the loan.
What is the difference between new car and used car loan rates?
New car loans offer lower interest rates (8.5-12%), higher LTV (up to 90%), and longer tenure (7 years). Used car loans have higher rates (12-16%), lower LTV (80-85%), shorter tenure (5 years), and age restrictions (typically 5-7 years old).
What is LTV ratio in car loans and why does it matter?
LTV (Loan-to-Value) ratio is the percentage of car price financed by the loan. New cars can have up to 90% LTV while used cars typically get 80-85%. Higher LTV means lower down payment but may attract slightly higher interest rates.
What additional costs should I consider when buying a car?
Beyond the car price and EMI, consider: comprehensive insurance (3-6% of car value), road tax and registration charges, processing fees (0.5-2%), extended warranty, accessories, and annual maintenance costs. These can add 15-20% to the ex-showroom price.
How does car depreciation affect my investment?
Cars depreciate rapidly - about 20% in the first year and 15% annually thereafter. This affects resale value and equity. Understanding depreciation helps in deciding loan tenure, down payment amount, and when to sell or upgrade your car.