# Car Loan EMI Calculator

Enter the amount you plan to borrow for the car, the interest rate and the tenure to see the monthly EMI and total interest.

Live calculator: https://calc.softool.in/car-loan-emi-calculator

## Worked example

An ₹8 lakh car loan at 9% a year for 5 years has an EMI of ₹16,607 a month. The total interest is ₹1,96,401, so you repay ₹9,96,401 in all.

## Quick answers

- **What is the EMI on a ₹3 lakh car loan for 5 years?** At 9% a year, the EMI on a ₹3 lakh car loan for 5 years is ₹6,228 a month.
- **What is the EMI on a ₹5 lakh car loan for 5 years?** At 9% a year, the EMI on a ₹5 lakh car loan for 5 years is ₹10,379 a month.
- **What is the EMI on a ₹8 lakh car loan for 5 years?** At 9% a year, the EMI on a ₹8 lakh car loan for 5 years is ₹16,607 a month.
- **What is the EMI on a ₹10 lakh car loan for 5 years?** At 9% a year, the EMI on a ₹10 lakh car loan for 5 years is ₹20,758 a month.
- **What is the EMI on a ₹15 lakh car loan for 5 years?** At 9% a year, the EMI on a ₹15 lakh car loan for 5 years is ₹31,138 a month.

## Car loan EMI table at 9% a year

Monthly EMI for common car loan amounts and tenures.

| Loan amount | 3 years | 4 years | 5 years | 7 years |
|---|---|---|---|---|
| ₹3 lakh | ₹9,540 | ₹7,466 | ₹6,228 | ₹4,827 |
| ₹5 lakh | ₹15,900 | ₹12,443 | ₹10,379 | ₹8,045 |
| ₹8 lakh | ₹25,440 | ₹19,908 | ₹16,607 | ₹12,871 |
| ₹10 lakh | ₹31,800 | ₹24,885 | ₹20,758 | ₹16,089 |
| ₹15 lakh | ₹47,700 | ₹37,328 | ₹31,138 | ₹24,134 |

## How it is calculated

`EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)`

P is the loan amount (the on-road price minus your down payment), r is the monthly interest rate and n is the number of months.

A car loses value every year, so a long tenure can leave you owing more than the car is worth. A bigger down payment and a shorter tenure reduce both the EMI burden and the total interest.

## Good to know

- Add insurance, fuel and servicing to the EMI to see the real monthly cost of owning the car.
- A larger down payment lowers the EMI and protects you from owing more than the car is worth.
- Dealer finance is convenient but not always the cheapest. Compare it with a bank offer before signing.

## Common questions

### What is a good tenure for a car loan?

Many buyers choose 3 to 5 years. Longer tenures of 7 years or more lower the EMI but cost much more in interest on an asset that is losing value.

### Is the loan given on the ex-showroom or on-road price?

It depends on the lender. Many finance a percentage of the on-road price, others only the ex-showroom price, so check before you plan the down payment.

### Are used car loans more expensive?

Usually yes. Lenders charge a higher rate and offer a shorter tenure for used cars, because the car is older and worth less as security.

### Can I close a car loan early?

Most lenders allow it after a minimum period, often with a foreclosure charge on the outstanding amount. Check the charge before you plan to prepay.

---
Source: https://calc.softool.in/car-loan-emi-calculator
Last reviewed: October 2026. Results are estimates, not financial advice.