Car Loan Calculator
Calculate your car loan EMI, total interest, and get complete amortization schedule. Plan your car purchase smartly.
Car Loan Details
₹
₹
Loan Amount
₹8.00 L
Monthly EMI
₹16.41 K
Total Interest
₹1.85 L
LTV Ratio
80.0%
Tip: A higher down payment reduces your loan amount and total interest. Banks typically fund up to 90% of car value (LTV ratio of 90%). Consider prepaying when possible to save on interest.
Loan Summary
₹16.41 KMonthly EMI
Car Price₹10.00 L
Down Payment₹2.00 L
Loan Amount₹8.00 L
Total Interest₹1.85 L
Total Cost₹11.85 L
₹16.41 K
Monthly EMI
₹8.00 L
Loan Amount
₹1.85 L
Total Interest
60
Total EMIs
Year-wise Amortization Schedule
| Year | Principal | Interest | Total Paid | Balance |
|---|---|---|---|---|
| Year 1 | ₹1.34 L | ₹62.85 K | ₹1.97 L | ₹6.66 L |
| Year 2 | ₹1.46 L | ₹51.00 K | ₹1.97 L | ₹5.20 L |
| Year 3 | ₹1.59 L | ₹38.10 K | ₹1.97 L | ₹3.61 L |
| Year 4 | ₹1.73 L | ₹24.06 K | ₹1.97 L | ₹1.88 L |
| Year 5 | ₹1.88 L | ₹8.78 K | ₹1.97 L | ₹0 |
Frequently Asked Questions
Car Loan Guide
A car loan helps you purchase a vehicle by spreading the cost over several years. Understanding the total cost including interest helps you make better financial decisions.
Tips for Getting Best Car Loan
- Higher Down Payment: Reduces loan amount and total interest paid
- Shorter Tenure: Higher EMI but significantly lower total interest
- Compare Rates: Check rates from multiple banks and NBFCs
- Good Credit Score: Score above 750 helps get lower interest rates
Documents Required
- Identity proof (Aadhaar, PAN, Passport)
- Address proof (Utility bills, Aadhaar)
- Income proof (Salary slips, ITR, Bank statements)
- Employment proof (Offer letter, ID card)