Car Loan Calculator India
Vehicle on-road price financing calculator with trade-in, fees, and amortization schedule.
- Runs in your browser
- Free, no signup
Vehicle & Loan Details
Car Loan Repayment Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Total Paid | Closing Balance |
|---|
All car loan calculations are processed in your browser. No vehicle prices or loan figures are sent to any server.
Financing a new or pre-owned vehicle involves more than just calculating a monthly installment. Vehicle on-road prices include road tax, registration, and insurance, while loans involve processing charges, down payments, and trade-in exchange values.
This calculator helps you determine your exact monthly EMI, net financed amount, total interest payable, and the true all-in cost of vehicle ownership over 1 to 7 years.
How to use this tool
- Enter the total on-road price of your vehicle (or click one of our quick presets for Hatchback, Sedan, or SUV).
- Specify your down payment amount (or choose 10%, 20%, 30%, or 50% of the car price).
- Optionally enter a trade-in / old vehicle exchange value and processing fee.
- Set your bank's interest rate (typically 8.5% to 11% for new cars) and loan tenure (1 to 7 years).
- View your monthly EMI, total interest, total car ownership cost, and export the complete repayment schedule to CSV.
The 20/4/10 Rule of Car Buying
Financial planners often recommend the 20/4/10 rule: put down at least 20% down payment, finance the car for no more than 4 years (48 months), and ensure your total vehicle expenses (EMI + insurance + fuel) do not exceed 10% of your gross monthly income.
Vehicles are depreciating assets that lose 15–20% of their value in the first year alone. Limiting tenure prevents you from having negative equity (owing more than the car is worth).
Watch Out for Flat Rate vs Reducing Rate Quotes
Some car dealerships quote a "flat interest rate" (e.g. 5% flat), which sounds attractive but corresponds to an effective reducing rate of almost 9.5% to 10%.
ToolDuck uses the standard reducing-balance formula mandated by Indian banks and the RBI so you know your true borrowing cost.
Frequently asked questions
What is the maximum car loan tenure in India?
Most major Indian banks (SBI, HDFC, ICICI, Axis) offer auto loans up to 7 years (84 months) for new cars and up to 5 years (60 months) for certified used cars.
Can I prepay or foreclose a car loan?
Yes. However, unlike home loans, fixed-rate car loans may carry a prepayment or foreclosure penalty of 2% to 5% plus GST depending on the bank and how many EMIs have been serviced.
Does down payment reduce total interest significantly?
Yes. Increasing your down payment from 10% to 30% reduces the financed principal directly, saving tens of thousands in interest over a 5-year tenure.