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Calculate your monthly EMI, total interest, and view year-wise amortization schedule
Interest is 20.6% of total payment
| Year | Opening Balance | EMI Paid | Principal Paid | Interest Paid | Closing Balance |
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Increasing from 10% to 25% down payment reduces your loan amount significantly. On a Rs. 10L car, this saves Rs. 1.5L+ in interest.
A score of 750+ can get you 1-3% lower interest rate. Read our CIBIL improvement guide .
Interest rates vary by 2-5% across banks. See our bank comparison for 2026 .
5 years vs 7 years on Rs. 8L loan at 10% saves Rs. 1.2L+ in total interest. Read our EMI guide .
Even one lump-sum prepayment of Rs. 50K can save Rs. 15K-20K in interest over the remaining tenure.
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Apply for Car Loan →The monthly EMI for a Rs. 5 lakh car loan at 10% interest rate for 5 years (60 months) is approximately Rs. 10,624. Total interest payable would be Rs. 1,37,440, making the total repayment Rs. 6,37,440.
EMI is calculated using the formula: EMI = P × R × (1+R)^N / [(1+R)^N – 1], where P is the principal loan amount, R is the monthly interest rate (annual rate divided by 12 divided by 100), and N is the total number of monthly installments.
Yes, a higher down payment reduces the loan principal amount, which directly reduces your monthly EMI and total interest payable. Increasing down payment from 10% to 25% can reduce EMI by approximately 15-17%.
A shorter tenure means higher monthly EMI but much less total interest. A 5-year tenure vs 7-year on a Rs. 8L loan at 10% saves about Rs. 1.2 lakhs in interest. Choose the shortest tenure where your EMI doesn't exceed 40% of your take-home salary.
Yes, most banks allow prepayment after 6-12 months. Floating rate car loans typically have no prepayment penalty (per RBI guidelines). You can either reduce your EMI or reduce tenure through prepayment.