What is the current car loan interest rate in India?

Car loan interest rates in India range from 8.5% to 15% per annum. SBI offers from 8.75%, HDFC from 9.4%, ICICI from 9%, and Axis Bank from 9.25%. Rates depend on the car model, loan amount, and your credit score.

What is the EMI for a ₹10 lakh car loan?

For a ₹10 lakh car loan at 10% for 5 years, the monthly EMI is approximately ₹21,247. At 9% for 5 years, EMI is ₹20,758.

Car Loan EMI Calculator – Calculate Monthly Car EMI

Car Loan EMI Calculator — Everything You Need to Know

A car loan EMI depends on three things: the loan amount (usually 80–90% of the car's on-road price), the interest rate offered by the bank, and the repayment tenure (typically 1–7 years for cars).

Car Loan Interest Rates 2025

SBI: 8.75% – 9.75% p.a.
HDFC Bank: 9.40% – 11.00% p.a.
ICICI Bank: 9.00% – 11.50% p.a.
Axis Bank: 9.25% – 11.00% p.a.

Frequently Asked Questions

What percentage of car price can I get as a loan?

Most banks finance up to 80–90% of the on-road price. Some banks offer 100% financing for salaried customers with a good credit score. The rest must be paid as a down payment.

What is the maximum car loan tenure?

Most banks offer car loan tenure from 1 to 7 years. Some NBFCs offer up to 8 years. Longer tenure means lower EMI but more total interest paid.

Can I foreclose a car loan early?

Yes. Most banks allow foreclosure after 6–12 EMIs. There may be a prepayment penalty of 1–5% of the outstanding amount on fixed-rate car loans.

Also try: Home Loan EMI · Personal Loan EMI · Compare Loans