🚗 Car Loan Calculator

Calculate Car Loan EMI, Interest & Total Cost 2026

Car Price (₹)

Down Payment (₹)

Interest Rate (% p.a.)

Loan Tenure (Months)

Processing Fee (₹) — Optional

Monthly EMI

₹0

Loan Amount

₹0

Total Interest

₹0

Total Cost of Car

₹0

Effective APR

🚗 Car Loan Interest Rates — Major Lenders 2026

Lender	New Car Rate	Used Car Rate
SBI	8.85–9.85%	10.85–11.85%
HDFC Bank	9.40–11.00%	11.50–13.00%
ICICI Bank	9.10–10.50%	11.00–13.00%
Axis Bank	9.25–10.75%	11.00–13.50%
Maruti Suzuki Finance	9.45–11.00%	N/A

💡 Car Loan Tips

Aim for down payment of 20%+ to reduce EMI burden
Shorter tenure = lower interest but higher EMI; sweet spot is 48–60 months
Car loses 15–20% value in Year 1 — avoid selling quickly after taking loan
Compare on-road price (not ex-showroom) — add insurance, RTO, accessories
Negotiate processing fee — many banks waive it during festive season

FAQs

What CIBIL score do I need for a car loan?

Most banks approve car loans for CIBIL scores of 700+. Score of 750+ gets you the best interest rates. Below 650 typically results in rejection or very high rates. Check your free CIBIL score at cibil.com before applying.

Can I prepay a car loan without penalty?

Car loans are fixed rate loans — banks can charge 2–5% foreclosure penalty. However, some banks (especially during promotions) offer zero foreclosure charges. Check your loan agreement. Partial prepayments also attract charges. Unlike home loans, there's no RBI mandate for free prepayment on car loans.