Looking to calculate your car loan EMI online? Our car loan EMI calculator tool will help you calculate the monthly car loan EMI. From cars like Maruti, Tata, Mahindra, Honda, Hyundai, Renault, Skoda, Fiat, Ford, Datsun, Nissan, Volkswagen, and more.
By default, the car loan values shown are, car loan amount (80% of the car's on-road price), interest rate (10.5%), and tenure period (5-years). Use the scale or text box to change the value of car loan amount, bank interest rate, or loan period.
Start now by selecting the brand, model, variant, and city from the drop down. You can choose from a wide variety of brands, models, and cities in India. Also, refer the car loan FAQ section for some frequently asked questions regarding auto loans in India.
The car loan EMI, which you calculate from this EMI calculator, helps as a guide only. The resulting calculations from our end do not constitute a loan application or offer. The figures and formulae used by DriveSpark may change at any time without notice. The car loan EMI calculation does not take into account any government taxes or charges, which may apply to monthly repayments or the calculation of the car loan. DriveSpark accepts no responsibility for any loses or conclusion reached using the car loan EMI calculator.
Banks offer a car loan to purchase a new vehicle. With the loan, you can buy any car, be it for personal or commercial usage. A car loan can be availed online; however, make sure to compare the best offers from various banks. Within a short period, the bank will approach you to process your car loan.
Most banks offer up to 80% of the car's on-road price; however, the final value might vary from bank-to-bank. Usually, factors like the value of the car in the second-hand market, vehicle cost, and type of car is a deciding factor for the amount of loan offered.
For a car loan, you would be required to submit a proof of identity, address proof, and income or salary slips. The bank will need the proofs along with a loan application request from your end to process a car loan. Usually, after the submission of documents, the bank takes about 3 - 5 days for processing and sanctioning the loan.
Interest rates for car loans are usually at 10.5%; however, if you have a good reputation with your banker, the rates can be negotiated. Not always, the bank will revise the existing interest rate, but you can try and negotiate.
The type of interest rates offered on a car loan is - fixed and floating. The interest rate options differ from bank-to-bank. Most banks offer a fixed interest rate, where the rate of interest will remain fixed during the tenure of the loan.
A car loan's tenure period ranges from 1 - 5 years and a maximum of 7 years. If you can pay a higher equated monthly instalment (EMI), you can opt for a lower tenure period like 1 - 3 years.
Post-dated cheques or a monthly electronic clearing system (ECS) are the platforms that are used to pay EMIs. Through ECS, your bank will auto-debit the EMI from your account monthly on a particular date.
Part payments are usually not allowed on car loans; however, prepayment options to pay off the car loan after 6 months to 1 year are available. It's best to check with your bank, as most banks will charge a prepayment penalty of 2 - 4 percent on the outstanding loan amount.
Make sure to make your EMI payments on time. If one or two EMIs are missed, or not paid on time, the bank will let you get away with it. However, if you miss EMIs on a regular basis, the bank will treat you as a defaulter. The banks are authorised to seize your car and blacklist you, which will make it difficult to apply for loans in the future.