Car Loan Calculator
Calculate car loan EMI and total cost including down payment
Car Loan Details
Car Loan Results
Enter car loan details and click Calculate to see EMI breakdown
Understanding Car Loans
Vehicle Financing
Secured loan for car purchase
Lower Interest
Better rates than personal loans
Down Payment
Reduces loan amount
Fixed EMI
Predictable monthly payments
Car Loan Benefits
- ✓Lower interest rates: Secured loan offers better rates
- ✓Longer repayment tenure: Up to 7 years for comfortable EMIs
- ✓No end-use restrictions: Freedom to use the vehicle as needed
- ✓Quick approval process: Faster processing compared to other loans
- ✓Tax benefits for business use: Deductions available for commercial use
Smart Car Buying Tips
- 💡Higher Down Payment: Reduces EMI burden significantly
- 💡Compare Rates: Shop around for best deals from different lenders
- 💡Shorter Tenure: Less total interest but higher EMI
- 💡Pre-approval: Better negotiation power with dealers
- 💡Total Cost: Consider insurance & maintenance in budget
Impact of Down Payment
Car Price: ₹10,00,000 | Interest Rate: 9% | Tenure: 5 years
10% Down Payment
₹1,00,000
EMI: ₹18,715
20% Down Payment
₹2,00,000
EMI: ₹16,635
30% Down Payment
₹3,00,000
EMI: ₹14,556
Car Loan vs Personal Loan
| Feature | Car Loan | Personal Loan |
|---|---|---|
| Interest Rate | 7-12% | 11-24% |
| Loan Tenure | Up to 7 years | Up to 5 years |
| Processing Fee | 0.5-2% | 1-3% |
| Collateral | Car as security | No collateral |
| Prepayment | Usually allowed | May have charges |
Additional Costs to Consider
One-time Costs
• Registration & RTO charges
• Insurance premium
• Processing fee
• Extended warranty
Ongoing Costs
• Monthly EMI
• Fuel expenses
• Maintenance & servicing
• Annual insurance renewal
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