Car Loan at a glance
- Typical rates: about 8.5–12% p.a. for new cars and higher for used cars.
- Tenure: 1 to 7 years.
- Tax: Car loans for personal use have no tax benefit. Self-employed people using the car for business may claim interest and depreciation as expenses.
Tips before you borrow
- Keep the tenure to 5 years or less: cars lose value fast and long loans can exceed the car's value.
- Compare the flat rate quoted by some dealers with the reducing-balance rate; a 5% flat rate is roughly 9% reducing.
- Check foreclosure charges; fixed-rate car loans often charge 2–5%.
Other loans: Home Loan · Personal Loan · Education Loan · Bike Loan · Gold Loan · compare offers · eligibility
How to use the 🚗 Car Loan EMI Calculator tool
- Enter the car loan amount, interest rate and tenure, or tap a quick option.
- See the EMI, total interest and year-wise schedule.
- Try a prepayment to see the interest you save.
Why SaralKit?
- Free forever: no "credits", no trial, no premium tier, no watermark and no daily limit.
- No account, ever: nothing to sign up for. Just open the page and use it.
- No data stored: your files and the numbers you type are processed by your own browser. We never upload, store or see them.
- Works offline: once the page has loaded, most tools keep working without internet.
- Open source: anyone can read the code on GitHub.
Frequently asked questions
What is the EMI for a ₹8,00,000 car loan?
At 9.5% for 5 years, the EMI is about ₹16,801 a month, and total interest is about ₹2,08,089.
What are typical car loan interest rates?
In India, about 8.5–12% p.a. for new cars and higher for used cars. Your rate depends on your credit score, income and lender.
Are there tax benefits on a car loan?
Car loans for personal use have no tax benefit. Self-employed people using the car for business may claim interest and depreciation as expenses.
How much tenure can I get?
Car Loans are usually offered for 1 to 7 years.