Car Loan EMI Calculator (2026) – New & Used Car, All Banks

🕐 Updated: April 2026 🔒 Free & Instant 🚗 New & Used Car
🚗 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
YearOpening BalancePrincipal PaidInterest PaidClosing BalanceP 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

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:

BankNew Car RateUsed Car RateMax TenureEMI Calculator
SBI Bank8.75% – 9.85%9.25% – 14.75%7 YearsSBI EMI
HDFC Bank9.40% – 10.00%13.75% – 16.00%7 YearsHDFC EMI
ICICI Bank9.10% – 10.10%12.50% – 17.00%7 YearsICICI EMI
Axis Bank9.25% – 10.50%14.00% – 17.50%7 YearsAxis EMI
Kotak Bank8.99% – 11.00%14.00% – 17.00%5 YearsKotak EMI
PNB Bank8.70% – 9.60%9.50% – 12.00%7 YearsPNB EMI
Bank of Baroda8.70% – 9.45%9.15% – 13.50%7 YearsBOB EMI
Canara Bank8.70% – 9.90%9.75% – 13.00%7 YearsCanara EMI
Union Bank8.70% – 9.75%10.00% – 13.00%7 YearsUnion EMI
IndusInd Bank9.50% – 11.00%15.00% – 18.00%5 YearsIndusInd EMI
Yes Bank9.75% – 11.50%15.00% – 19.00%5 YearsYes 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 Amount3 Years EMI5 Years EMI7 Years EMITotal 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

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.
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.
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.
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.
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.