Calculate your car loan EMI from the on-road price. This calculator works in two modes: Simple (enter the loan amount directly) and On-Road Price (enter ex-showroom price and it adds RTO/road tax, insurance, and other charges to compute the on-road price, then deducts your down payment to arrive at ...
MONTHLY EMI
₹16,413
Loan Amount
₹8.00 L
Total Interest
₹1.85 L
Total Payable
₹9.85 L
Interest %
23.1%
MONTHLY EMI
₹16,413
TOTAL INTEREST
₹1.85 L
TOTAL PAYMENT
₹9.85 L
INTEREST BURDEN
23.1%
OUTSTANDING BALANCE
Reducing balance · EMI = P×r×(1+r)^n/((1+r)^n−1)
Simple mode: enter your loan amount (on-road price minus down payment), interest rate, and tenure directly. Use the bank presets for new or used car rates.
On-Road Price mode: enter the ex-showroom price, your state's RTO/road tax percentage (typically 6–18%), estimated insurance, and other charges. The calculator computes the on-road price, then deducts your down payment to arrive at the loan amount.
Set your down payment as a percentage or fixed amount. Most banks fund 80–100% of the on-road price for new cars, 80–85% for used cars.
View the full amortization schedule to see how each EMI is split between principal and interest month by month. Early EMIs are mostly interest — prepaying in the first 2 years saves the most.
Amit buys a car with ex-showroom price ₹10,00,000. On-road price: ₹10L + 10% RTO (₹1L) + insurance (₹45,000) + others (₹20,000) = ₹11,65,000. Down payment 20% = ₹2,33,000. Loan amount: ₹9,32,000. At HDFC 8.20% for 5 years (60 months): EMI = ₹19,059/month. Total payment: ₹11,43,540. Total interest: ₹2,11,540. At 7yr (84 months) instead: EMI drops to ₹14,561 but total interest rises to ₹2,89,124 — ₹77,584 more in interest for a lower monthly payment.
| BANK | RATE FROM | MONTHLY EMI | TOTAL INTEREST | TYPE |
|---|---|---|---|---|
| Union Bank of India | 7.4% | ₹15,992 | ₹1.60 L | PSU |
| Bank of India | 8.25% | ₹16,317 | ₹1.79 L | PSU |
| SBI | 8.5% | ₹16,413 | ₹1.85 L | PSU |
| HDFC Bank | 8.2% | ₹16,298 | ₹1.78 L | Private |
| ICICI Bank | 8.5% | ₹16,413 | ₹1.85 L | Private |
| Axis Bank | 9.1% | ₹16,646 | ₹1.99 L | Private |
Rates as of April 2026 · Subject to credit profile · ₹8L loan, 5yr tenure · New car · Used car rates typically +2–4%
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Formula: EMI = P×r×(1+r)^n/((1+r)^n−1) · Reducing balance · Rates as of April 2026 · Last updated: 29 April 2026 · For informational purposes only · Eagle-eyed accuracy for every calculation.