About auto loan calculator
A car loan lets you pay for a vehicle over time. The calculator shows the EMI, total interest and the full cost of ownership of the loan.
Planning the loan
- A bigger down payment reduces the loan amount and the interest.
- Tenures of 3 to 5 years are common. Longer loans cost more in interest.
- Include insurance, registration and fuel in your monthly budget.
A worked example
A ₹8 lakh loan at 9.5 percent for 5 years has an EMI of about ₹16,801 and total interest of about ₹2.08 lakh. A larger down payment of ₹2 lakh lowers the loan to ₹6 lakh and the EMI to about ₹12,600.
Compare the whole cost
Add insurance, registration, accessories and fuel to the loan EMI to see the real monthly cost of owning the car.
