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
How is the on-road price estimated?
This tool uses on-road price = ex-showroom + GST of 28% + a cess of 1%, 3% or 20% depending on the car type chosen + insurance at 3% + road tax and registration at 8%, all taken as percentages of the ex-showroom price. These are figures built into this tool as rough estimates. Tax rules, insurance and road tax differ by state and vehicle and change over time, so the dealer’s quotation governs.
What does the down payment percentage apply to?
It applies to the ex-showroom price, not to the on-road price. At the default ₹10,00,000 and 20% the down payment is ₹2,00,000, and the loan is the on-road estimate minus that, ₹12,00,000. That means the taxes, insurance and road tax are financed as well.
Which formula gives the EMI?
EMI = L × r ÷ (1 − (1 + r)^−n), where L is the loan amount, r is the annual rate ÷ 12 and n is the tenure in months, paid at the end of each month on a reducing balance. The default result is ₹24,910, shown rounded to the nearest rupee.
Is a 0% rate or 0% down payment accepted?
Yes. A rate of 0 gives an EMI equal to the loan divided by the months (₹20,000 for the default, with ₹0 interest), and a 0% down payment finances the whole on-road estimate, giving ₹29,062 a month.
What does “Total cost (down + EMIs)” include?
The down payment plus all EMIs. Because the loan already contains the tax, insurance and road tax estimates, they are inside that total. Accessories, extended warranty, fuel, servicing and the processing fee are not.
What happens if the tenure or the price is 0?
The tool shows n/a for the EMI instead of a calculation. A blank number field reaches the calculation as 0, so check each box if a result is missing.
Does it handle balloon payments, step-up EMIs or prepayment?
No. EMIs are equal, the rate is fixed and nothing is paid early. Balloon or residual-value structures, loan-protection premiums and foreclosure charges are outside the calculation.
Are the tax and cess percentages current law?
They should not be read as such. They are the figures built into this tool, labelled in the car-type menu, and have no year attached. Check the actual rates and charges on your invoice before using any of the result.
Car loan EMI: from ex-showroom price to a monthly instalment
Building the loan from the ex-showroom price
The tool starts with the ex-showroom price and adds estimates for GST, a cess that depends on the car type, first-year insurance and road tax. The down payment percentage is taken from the ex-showroom price and subtracted from that on-road estimate, and the remainder becomes the loan. At the defaults (₹10,00,000, 20% down, 9%, 60 months, small car) the on-road estimate is ₹14,00,000, the loan is ₹12,00,000 and the EMI is ₹24,910, with total interest of ₹2,94,602.
Worked example: a mid-size car with 30% down
For a ₹15,00,000 ex-showroom mid-size car at 9.5% over 48 months with 30% down, the on-road estimate is ₹21,30,000. The down payment is ₹4,50,000 and the loan ₹16,80,000, giving an EMI of ₹42,207 and interest of ₹3,45,930. Choosing the large/luxury type for the default price raises the cess line to ₹2,00,000 and the on-road estimate to ₹15,90,000, giving an EMI of ₹28,854.
How the down payment choice moves the EMI
The four down-payment options in the menu give the rows below, all for a ₹10,00,000 small car at 9% over 60 months. Each ten-point step changes the loan by ₹1,00,000 because the percentage is applied to the ex-showroom price.
| Down payment | Loan amount | EMI | Total interest |
|---|---|---|---|
| 0% | ₹14,00,000 | ₹29,062 | ₹3,43,702 |
| 10% | ₹13,00,000 | ₹26,986 | ₹3,19,152 |
| 20% | ₹12,00,000 | ₹24,910 | ₹2,94,602 |
| 30% | ₹11,00,000 | ₹22,834 | ₹2,70,051 |
Zero values and missing inputs
A 0% rate is honoured: the default loan becomes ₹20,000 a month with no interest, and total cost then equals the on-road estimate of ₹14,00,000. A 0% down payment is also honoured and finances the full on-road estimate. An ex-showroom price or tenure of 0 gives n/a. These tax, insurance and road-tax percentages are fixed estimates built into this tool, with no year label, so they will not match every invoice.
Not included in the instalment
Accessories, warranty extensions, loan-protection insurance, processing fees, prepayment charges and later rate changes are not modelled. Real rates, taxes and fees change and differ by state and lender, so the dealer’s quotation and the lender’s sanction terms govern. The GST, cess, insurance and road-tax percentages here are figures built into this tool and should be checked against your invoice.
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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 →