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Car Loan EMI Calculator

Work out the EMI on a new car loan at current rates, including the processing fee.

₹
₹1 L₹1 Cr
%
7.5%14%
yrs
17
%
0%4.72%
Monthly EMI
₹16,607
Principal₹8,00,000
Total interest (20% of what you pay)₹1,96,401
Total of EMIs₹9,96,401
Processing fee + 18% GST₹4,720
Total cost of the loan₹10,01,121

What you pay each year

PrincipalInterest
Year 1Year 5

Repayment schedule

YearPrincipalInterestBalance
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

LenderRate a yearNotes
SBI8.55% – 9.50%8.55% for credit score 800+, updated 15 Oct 2026
ICICI Bankfrom 9.15%36–84 months
HDFC Bankfrom 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.in

Frequently 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.

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