Car Loan Calculator

A car loan in India is hypothecation on an on-road price, not on the ex-showroom sticker. ₹12 lakh on-road minus ₹2.4 lakh down leaves ₹9.6 lakh financed. At 9.5% for 5 years the EMI is about ₹20,162 and the total outflow including down payment is about ₹14.50 lakh. Insurance, extended warranty and “accessories” packs can still sit outside that.

The cash-flow question

Showrooms in Kochi and Pune quote EMI on ex-showroom, then add RTO and insurance at the cash counter. IndiaKit starts from on-road so the EMI is closer to the hypothecated amount. The default 20% down (₹2.4 lakh of ₹12 lakh) is a common conversation, not a rule.

The maths on this page

Principal = max(0, on-road − down). EMI = standard reducing-balance formula. Defaults: ₹12,00,000, ₹2,40,000 down, 9.5%, 5 years → EMI ≈ ₹20,162, financed ₹9,60,000, total payable ≈ ₹14,49,707.

Dealer subvention (a lower rate for a particular model) is an input change. Type the rate on the booking form, not a newspaper average.

For used cars, LTV caps are tighter. This page will still finance whatever principal you imply.

A ₹12 lakh on-road hatchback in Pune

Nikhil in Pune books a hatchback at ₹12,00,000 on-road, puts ₹2,40,000 down, and takes 5 years at 9.5%. IndiaKit shows about ₹20,162 EMI. He checks whether the hypothecation amount on the invoice matches ₹9.6 lakh or a padded accessories loan.

What a bank still has to confirm

No processing fee, no GST on charges, no balloon residual. On-road must include RTO; if you typed ex-showroom, the EMI is too small.

Common questions

Is 9.5% a typical car-loan rate?

It is the default input, a familiar region of new-car rates, not a live SBI or HDFC quote. Your booking form wins.

Should I put more than 20% down?

A larger down payment cuts EMI and interest. It also ties up cash you might need for insurance and a parking deposit in a Pune society.

Can I prepay a car loan like a home loan?

Often yes, sometimes with a fee on fixed-rate contracts. Use the EMI-prepay tool for a different sketch; ask the NBFC for the clause.