Calculate your exact car loan EMI instantly. Know the true monthly cost of your dream car. Compare rates from SBI, HDFC, ICICI and 15+ banks.
About Car Loans
A car loan or auto loan is a secured loan where the vehicle itself acts as collateral. Banks typically finance 80-90% of the on-road price of the car. The remaining amount (down payment) is paid by you upfront.
Banks finance up to 90% of on-road price for new cars. For used cars, financing goes up to 80% of the value. The minimum down payment is typically 10-20%.
Car loans typically have tenures from 1 to 8 years. Most buyers opt for 5-7 year tenures to keep monthly EMIs manageable.
Comprehensive car insurance is mandatory when taking a car loan. Factor in annual insurance premiums (typically ₹15,000-50,000) in your total cost.
Most banks allow car loan foreclosure after 6-12 EMIs. Pre-closure charges range from 2-6% of outstanding principal.
Rate Comparison
| Bank | Interest Rate | Max Financing | Max Tenure |
|---|---|---|---|
| SBI Car Loan | 8.85% onwards | 90% on-road | 7 years |
| HDFC Bank | 9.40% onwards | 100% ex-showroom | 7 years |
| ICICI Bank | 9.30% onwards | 100% ex-showroom | 8 years |
| Axis Bank | 9.25% onwards | 95% on-road | 7 years |
| Kotak Mahindra | 9.50% onwards | 90% on-road | 5 years |
| Bank of Baroda | 8.90% onwards | 90% on-road | 7 years |
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