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Car Loan EMI Calculator

Calculate EMI for new or used car loans with down payment options

🚗Car Loan Details

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Higher down payment = lower EMI & interest

New car: 8.5-10% • Used car: 11-14%

Car loans: 1-7 years (max 8 yrs in some banks)

📊EMI Breakdown

Monthly EMI
₹16,799
Car Price₹10,00,000
Down Payment₹2,00,000
Loan Amount₹8,00,000
Total Interest₹2,07,968
Total Cost₹12,07,968

Frequently Asked Questions

How much down payment for car loan? +
Banks finance 80-85% of on-road price for new cars (you pay 15-20% down payment). For used cars: 70-75% financed (you pay 25-30% down). Higher down payment reduces total interest paid significantly.
Car loan rates 2026 in India? +
New car: SBI 9.05-9.65%, HDFC 9.20-10.50%, ICICI 9.10-9.80%. Used car: 1-3% higher than new. Women borrowers often get -0.05% concession. EV loans get special discounts at most banks.
Car loan vs paying full cash? +
If your investments earn >12%, take loan and invest the cash. If returns are <9%, pay full cash. Note: Cars are depreciating assets — the longer the loan, the more you pay for a falling-value asset. 3-5 year loan is the sweet spot.
Tax benefit on car loan? +
No tax benefit for personal use car loans. ONLY for business use: depreciation benefit + interest as business expense. Self-employed can claim if vehicle registered in business name. Salaried: no tax saving on car loan.
Documents for car loan? +
PAN, Aadhaar, 3 months salary slips, 6 months bank statements, ITR/Form 16, address proof. For self-employed: ITR for 2-3 years, business proof. Pre-approved customers may need only PAN + Aadhaar.
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Important Financial Disclaimer

This calculator is for informational purposes only. Results are estimates and should NOT be considered as financial advice.

  • 💼 Consult your bank or financial advisor before any loan decision.
  • 📊 Bank rates shown are indicative. Your actual rate depends on credit score, income, employment.
  • 📋 Calculations may not include processing fees, GST, prepayment charges, late fees, insurance.
  • ⚖️ Loan eligibility criteria vary across banks. Check official website for current terms.
  • 🔄 Interest rates change frequently based on RBI repo rate. Verify before applying.

By using this calculator, you agree that KaamKaTool.in is not liable for any financial decisions or losses based on this information.