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You can calculate your car loan EMI easily with the help of our online calculator. Put the loan amount, loan duration and bank interest rate to figure out your monthly EMI. The calculator does not take into account any fees that banks may charge.
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The EMI of a car loan depends on multiple factors, which include the amount of loan you took (Principal), the rate of interest and the number of monthly instalments. All these factors should be discussed with your bank before you agree to take the loan. To calculate the EMI, you can use our tool above or do it yourself with the following formula: [P x R x (1+R) ^N / [(1+R)^N-1] Where: P = Principal R = Rate Of Interest N = Number of monthly instalments
While the specifics depend on each bank, the common aspects that one should meet before they are eligible for a car loan include, older than 21 years, a minimum income threshold, a good CIBIL score and a stable permanent job. You can contact a bank of your choice to get more information.
The necessary documents to apply for a car loan include identity and address proof such as an Aadhar card, a permanent driving license or a voter's card. If you are a salaried individual, an income proof is required, which involves submitting the latest salary slip along with bank statements from the last 6 months. For self-employed individuals, ITR returns are used instead of salary slips.
Depending on the bank, you can make a payment towards the principal amount, which reduces the EMI. This is called part repayment, and most banks allow a bulk payment of 25%. Do note that most financiers will charge a small fee for part repayment, so make sure you already know the cost for using this feature.
For most customers, you have to pay a 10% down payment of the on-road price. Some banks even offer a loan for the entire on-road price. Do note that you still have to pay the RTO and insurance costs from your pocket, even if you were to get a loan for 100% amount.
CIBIL or Credit Information Bureau Limited (CIBIL) is a licensed company by the Reserve Bank of India, which keeps a score of your credit history. The CIBIL score is a three-digit number that ranges from 300 to 900, with 900 being the highest score. The score accumulates over 18-36 months and describes how good you are at repaying your debts.
There is no minimum CIBIL score to get a car loan. However, having a high score does offer advantages. Most banks will easily offer a loan to those with a score of over 750 at a lower interest rate.
The interest rate depends on multiple factors. The rate of interest ranges from 7 per cent to 12 per cent. You can contact your bank to figure out the exact amount of interest.
The car loan tenure can be between 1 year and up to 7 years. Some banks may also offer a tenure of up to 10 years. If you are looking for an ideal tenure, remember that a higher duration means more affordable EMIs, but it means you'll have to pay more interest over time. Meanwhile, shorter duration loans will attract a higher EMI, but you'll have to pay less money as interest.
When getting a car loan, you have two options: fixed or floating interest rates. A fixed interest rate is calculated at the start of your tenure and stays the same for the entire duration. A floating interest rate, on the other hand, depends on market fluctuations.
After repaying your loan in full, you need to remove the hypothecation. Your lending bank will provide Form 35, which needs to be taken to an RTO along with documents such as a PAN card, address proof, Registration Certificate and Pollution under Control (PUC) certificate. You also need to submit a no-dues form to your car insurance company. After filing the specific documents, you will receive a new registration certificate.
Missing an EMI payment will result in overdue charges. These charges depend on the bank and generally range between 2-3 percent.
Disclaimer : The EMI calculator does not take into account any fees charged by the creditor, such as file charges and processing fees. Depending upon your credit score, type of vehicle, regional requirement, and down payment, the EMIs may vary. To get the accurate EMI amount for your car loan, please contact a bank or financial institution.
14 km/l
Sep 23, 2025
