Car Loan EMI Calculator (2026) – New & Used Car, All Banks
🚗 Car Loan Rates Starting from 8.70% p.a. (2026)
Car Loan EMI Calculator
Loan Amount ₹5,00,000
Interest Rate (% p.a.) 9%
Loan Tenure (Years) 5 Years
Your Monthly EMI
₹10,379
Principal Amount₹5,00,000
Total Interest Payable₹1,22,740
Total Amount Payable₹6,22,740
You pay ₹25 interest per ₹100 borrowed. Car loan has a manageable interest cost for 5 years.
Principal vs Interest Breakdown
Principal
Interest
Year-wise EMI Breakdown – Amortization Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance | P vs I Split |
|---|
How to Use Car Loan EMI Calculator
The Car Loan EMI Calculator on CalculatorHubSite calculates your exact monthly EMI for any new or used car loan — from SBI, HDFC, ICICI, Axis Bank, Kotak or any other lender. Enter 3 values for instant results:
- Loan Amount — typically 80-90% of car on-road price
- Interest Rate — new car loans start from 8.70% p.a. in 2026
- Tenure — 1 to 7 years for new cars, 1 to 5 years for used cars
Car Loan EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
P = Loan Amount | R = Monthly Rate (Annual ÷ 12 ÷ 100) | N = Tenure in Months
Example: ₹5,00,000 at 9% for 5 years → EMI = ₹10,379/month
P = Loan Amount | R = Monthly Rate (Annual ÷ 12 ÷ 100) | N = Tenure in Months
Example: ₹5,00,000 at 9% for 5 years → EMI = ₹10,379/month
Car Loan Interest Rates – All Banks Comparison 2026
Compare current car loan rates from all major banks. Click EMI Calculator link to use bank-specific calculator:
| Bank | New Car Rate | Used Car Rate | Max Tenure | EMI Calculator |
|---|---|---|---|---|
| SBI Bank | 8.75% – 9.85% | 9.25% – 14.75% | 7 Years | SBI EMI |
| HDFC Bank | 9.40% – 10.00% | 13.75% – 16.00% | 7 Years | HDFC EMI |
| ICICI Bank | 9.10% – 10.10% | 12.50% – 17.00% | 7 Years | ICICI EMI |
| Axis Bank | 9.25% – 10.50% | 14.00% – 17.50% | 7 Years | Axis EMI |
| Kotak Bank | 8.99% – 11.00% | 14.00% – 17.00% | 5 Years | Kotak EMI |
| PNB Bank | 8.70% – 9.60% | 9.50% – 12.00% | 7 Years | PNB EMI |
| Bank of Baroda | 8.70% – 9.45% | 9.15% – 13.50% | 7 Years | BOB EMI |
| Canara Bank | 8.70% – 9.90% | 9.75% – 13.00% | 7 Years | Canara EMI |
| Union Bank | 8.70% – 9.75% | 10.00% – 13.00% | 7 Years | Union EMI |
| IndusInd Bank | 9.50% – 11.00% | 15.00% – 18.00% | 5 Years | IndusInd EMI |
| Yes Bank | 9.75% – 11.50% | 15.00% – 19.00% | 5 Years | Yes EMI |
*Rates are indicative for April 2026. Actual rates depend on credit score, car model, and lender policy.
Car Loan EMI Examples – Quick Reference 2026
Ready reference EMI table at 9% interest rate for common car loan amounts:
| Loan Amount | 3 Years EMI | 5 Years EMI | 7 Years EMI | Total Interest (5yr) |
|---|---|---|---|---|
| ₹3,00,000 | ₹9,535 | ₹6,228 | ₹4,815 | ₹73,680 |
| ₹5,00,000 | ₹15,892 | ₹10,379 | ₹8,025 | ₹1,22,740 |
| ₹8,00,000 | ₹25,427 | ₹16,607 | ₹12,840 | ₹1,96,420 |
| ₹10,00,000 | ₹31,783 | ₹20,758 | ₹16,049 | ₹2,45,480 |
| ₹15,00,000 | ₹47,675 | ₹31,137 | ₹24,074 | ₹3,68,220 |
| ₹20,00,000 | ₹63,566 | ₹41,516 | ₹32,099 | ₹4,90,960 |
Car Loan Eligibility & Documents Required
Eligibility Criteria
- Age: 21 to 65 years
- Min income: ₹20,000/month (salaried)
- Credit score: 700+ preferred
- Employment: Min 1 year
- LTV: Up to 90% of on-road price
Documents Required
- PAN Card & Aadhaar Card
- Last 3 months salary slips
- Last 6 months bank statements
- Car quotation from dealer
- 2 passport size photographs
Tips to Get Best Car Loan Interest Rate
- Maintain 750+ CIBIL score — highest score = lowest rate, saving thousands over loan tenure
- Choose public sector banks — SBI, PNB, Bank of Baroda offer lowest new car loan rates
- Higher down payment — paying 20-30% down reduces loan amount and total interest
- Avoid used car loans if possible — used car interest rates are 3-5% higher than new car
- Shorter tenure — 3-year loan has higher EMI but saves significant interest vs 7 years
- Festival season offers — banks and dealers offer special low rates during Diwali, financial year end
- Pre-approved loan — existing bank customers often get pre-approved car loans at lower rates
Frequently Asked Questions – Car Loan EMI
What is current car loan interest rate in 2026?
New car loan rates in 2026 start from 8.70% p.a. PNB, Bank of Baroda, and Canara Bank offer lowest rates. Used car loan rates are higher, typically 12-17% p.a. Your exact rate depends on credit score and bank chosen.
What is EMI for ₹5 lakh car loan for 5 years?
For ₹5 lakh car loan at 9% for 5 years: monthly EMI = ₹10,379. Total interest = ₹1,22,740. Total payment = ₹6,22,740. Use calculator above to check with your exact rate.
Can I get 100% car loan with no down payment?
Most banks finance up to 80-90% of on-road price. SBI offers up to 90% for new cars. You typically need to pay 10-20% as down payment. 100% financing is rarely available and usually comes with higher interest rates.
What is maximum tenure for car loan?
Maximum car loan tenure is 7 years (84 months) for new cars at most banks. Used car loans have lower maximum tenure of 5 years. Longer tenure means lower EMI but higher total interest paid.
Is car loan interest rate fixed or floating?
Most car loans in India come with fixed interest rates — your EMI stays the same throughout the tenure. Some banks offer floating rate car loans linked to repo rate, which change when RBI changes rates.