Car Loan EMI Calculator
Calculate monthly car loan EMI, on-road price breakdown, and total ownership cost — for new and used cars in India.
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How to use this calculator
- 1
Enter the ex-showroom price — this is the price before GST, insurance, and registration.
- 2
Set your down payment percentage — banks typically finance 80–90% of the on-road price.
- 3
Enter the interest rate — current car loan rates are 7.9–12% depending on the bank and car brand.
- 4
The on-road price estimate includes GST, cess, road tax, and first-year insurance — actual amounts vary by state and RTO.
Frequently asked questions
What is the difference between ex-showroom and on-road price?
Ex-showroom price is the manufacturer's price excluding taxes. On-road = Ex-showroom + GST (28%) + Cess (1–20% based on car size) + State road tax and registration (5–12%) + Insurance (2–4% year 1) + Accessories. The on-road price is typically 15–30% higher than ex-showroom.
What car loan rates do banks offer?
SBI offers 8.6–9.6%. HDFC Bank offers 7.9–8.9% for new cars. ICICI Bank offers 8.8–10.5%. Rates vary based on credit score, car brand (manufacturer tie-ups offer preferential rates), loan-to-value ratio, and employment type.
Should I take a longer or shorter car loan tenure?
Longer tenure (84 months) reduces EMI but increases total interest significantly. A 5-year loan on ₹8L at 9% costs ~₹1.9L in interest; extending to 7 years costs ~₹2.7L. Cars depreciate 20–40% in the first few years — longer loans risk being underwater (owing more than the car's value). Recommended: 3–5 years maximum.
Is car loan interest tax deductible?
For individual buyers, car loan interest is not tax deductible for personal use. For business owners and self-employed professionals, if the car is used for business purposes, the interest and depreciation can be claimed as a business expense.
Car Loan EMI Calculator India — On-road price and total ownership cost
On-road price vs ex-showroom — the hidden costs
The difference between ex-showroom and on-road can be 18–35% in India. For a ₹10L car: GST adds ₹2.8L, cess adds ₹10K–₹2L depending on size, road tax adds ₹70K–₹1.2L (state-dependent), and insurance adds ₹25K–₹50K. Always budget for on-road price, not just the advertised ex-showroom.
Zero down payment car loans — are they worth it?
Some banks and manufacturers offer zero down payment (100% on-road financing). While attractive, this means borrowing more (including the GST and registration), leading to higher EMI and much more interest over the tenure. The car depreciates faster than you repay — you may owe more than the car is worth for the first 2 years. A 20% down payment is strongly recommended.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →