Car Loan EMI Calculator
Work out the EMI on a new car loan at current rates, including the processing fee.
What you pay each year
Repayment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,32,664 | ₹66,616 | ₹6,67,336 |
| 2 | ₹1,45,109 | ₹54,171 | ₹5,22,227 |
| 3 | ₹1,58,721 | ₹40,559 | ₹3,63,506 |
| 4 | ₹1,73,610 | ₹25,670 | ₹1,89,896 |
| 5 | ₹1,89,896 | ₹9,384 | ₹0 |
Assumes a fixed rate for the whole car loan tenure. Floating-rate loans change when the repo rate changes.
Car Loan rates as of 5 November 2026
| Lender | Rate a year | Notes |
|---|---|---|
| SBI | 8.55% – 9.50% | 8.55% for credit score 800+, updated 15 Oct 2026 |
| ICICI Bank | from 9.15% | 36–84 months |
| HDFC Bank | from 8.15% | New car |
HDFC lists 0.5% (min ₹3,500, max ₹8,000); other banks are similar.
RBI policy rates
- Repo rate
- 5.50%
- SDF
- 5.25%
- MSF
- 5.75%
- Bank rate
- 5.75%
- CRR
- 3.00%
- SLR
- 18.00%
Last change 7 October 2026 (25 bp hike from 5.25%, stance: calibrated tightening). Next meeting 2–4 December 2026.
Source: rbi.org.inFrequently asked questions
How is car loan EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Early EMIs are mostly interest; the principal share grows every month.
Why did loan rates go up in October 2026?
RBI raised the repo rate by 25 basis points to 5.5% on 7 October 2026. Most floating-rate loans are linked to the repo rate (EBLR or RLLR), so banks repriced them from mid-October.