New Car Loan
A car loan lets you drive home today and pay in monthly instalments. Work out an EMI you are comfortable with, check how much you may be able to borrow, compare lenders and apply — all in one place.
Amortization schedule
Year-by-year & month-by-month
Eligibility checker
See how much you may borrow
Prepayment simulator
Interest & time you can save
Flat → reducing rate
Know the real cost of a quote
Calculations run in your browser — nothing is sent until you apply.
Calculating for
Your monthly EMI
₹
- Principal
- Interest
- Loan amount
- ₹
- Down payment
- ₹
- Total interest
- ₹
- Total repayment
- ₹
- Processing fee
- ₹
- Total cost of the vehicle
- ₹
Repayment schedule
Outstanding loan balance over time
| Year | Principal paid | Interest paid | Total paid | Balance |
|---|---|---|---|---|
| Year | ||||
Tap a year to see its monthly breakdown.
What if you pay a different down payment?
| Down | Loan | EMI | Interest |
|---|---|---|---|
What if you choose a different tenure?
| Tenure | EMI | Interest | Total |
|---|---|---|---|
Uses the vehicle price, down payment and tenure from the tab: price ₹, loan ₹, tenure .
This is a self-declared estimate. We do not check your credit report.
Indicative result
- Share of income lenders allow for EMIs
- Maximum EMI you can service
- ₹
- Indicative rate for your profile
- %
- Tenure considered
- Loan you may be eligible for
- ₹
- Vehicle price you can afford
- up to ₹
- EMI for your requested loan
- ₹
Loan of ₹ at for (EMI ₹). Change these in the tab.
Prepayment charges differ by lender — check your loan agreement. The saving shown ignores any such charges.
You could save
₹
Enter an extra monthly amount or a part-payment to see the effect.
- Original tenure
- New tenure
- Interest without prepayment
- ₹
- Interest with prepayment
- ₹
💡 The earlier you prepay, the more interest you save — most of your early EMIs go towards interest rather than principal.
Compare two offers on the same loan amount of ₹. Change the amount in the tab.
Offer A
Lower total cost- Monthly EMI
- ₹
- Total interest
- ₹
- Processing fee
- ₹
- Total cost of loan
- ₹
Offer B
Lower total cost- Monthly EMI
- ₹
- Total interest
- ₹
- Processing fee
- ₹
- Total cost of loan
- ₹
costs ₹ less over the life of the loan
Both offers cost the same overall.
Some lenders (especially for two-wheelers) quote a flat rate, which looks lower than it is. Enter the quote to see the true, reducing-balance rate. Loan amount: ₹.
Effective reducing-balance rate
% p.a.
A flat rate of costs about as much as the same number quoted as a reducing rate.
- Monthly EMI at the flat rate
- ₹
- Total interest at the flat rate
- ₹
💡 Always compare offers on the reducing-balance rate (or the APR/effective rate) — it is the only like-for-like number.
Popular vehicles & their EMI
Indicative EMI at 9.5% for 5 years with 20% down payment. Tap "Calculate" to try your own numbers.
Mercedes Benz
Mercedes-Benz S-ClassOn-road ₹2.54 Crore*
EMI from
₹426,758 / month
Calculate & apply
Compare lenders
Rates and terms below are indicative and provided by lending partners. The EMI shown uses each lender's starting rate for your current loan amount and the longest tenure they offer up to your chosen tenure.
Your loan amount is outside this lender's usual range.
- Interest rate
- % – %
- Max tenure
- Max financing
- Processing fee
Indicative EMI
₹
Get personalised offers
Share a few details and an advisor will compare offers from lending partners for your and get back to you with the best options for your profile.
Request offersApply for your
Tell us a little about yourself. An advisor will call to understand your requirement and share suitable offers. No obligation, no fee to enquire.
- ✔ Free to use — we don't charge you for enquiring
- ✔ Your details are only used to contact you about this request
- ✔ No effect on your credit score until a lender processes your application
Request received!
An advisor will contact you shortly to discuss your .
Your reference:
How a new car loan works
From choosing your vehicle to the last EMI — the typical journey in seven steps.
-
1
Check your EMI & eligibility
Use the calculators to see an EMI you are comfortable with and a rough idea of the loan you may qualify for.
-
2
Pick a vehicle & get a quotation
Choose the model and variant, then ask the dealer for a proforma invoice — lenders need it to sanction the loan.
-
3
Compare lenders & apply
Compare interest rate, processing fee, tenure and prepayment terms, then submit one application.
-
4
Verification & sanction
The lender verifies your KYC, income and credit history and issues a sanction letter with the final rate and EMI.
-
5
Pay down payment & insure
Pay the down payment to the dealer and arrange comprehensive insurance, which lenders require.
-
6
Disbursal & delivery
The lender pays the dealer directly. The vehicle is registered with the lender's hypothecation noted on the RC.
-
7
Repay & close
Pay EMIs on time. After the last EMI, collect the NOC and get the hypothecation removed from the RC.
Documents you may need
A typical checklist — the lender may ask for more depending on your profile.
- PAN card
- Aadhaar or another address proof (passport, voter ID, driving licence)
- Recent passport-size photographs
- Last 3 months' salary slips
- Last 6 months' bank statements
- Form 16 or last 1–2 years' ITR (if asked)
- Proforma invoice / quotation from the dealer
- PAN card (individual and business)
- Aadhaar or another address proof
- Last 2–3 years' ITR with computation of income
- Business proof (GST registration, shop licence or partnership deed)
- Last 6–12 months' bank statements
- Proforma invoice / quotation from the dealer
What decides your interest rate
Credit score
The biggest lever. Higher scores signal lower risk and unlock lower rates.
Income & job stability
Steady income and a longer work history improve both eligibility and pricing.
Existing EMIs (FOIR)
Lenders cap how much of your income can go to EMIs. Existing loans reduce what you can borrow.
Loan-to-value (LTV)
The more you finance relative to the vehicle price, the riskier it looks to the lender.
Tenure
Longer tenures lower EMI but usually carry a higher rate and much higher total interest.
Vehicle type & age
New vehicles usually get better terms than used ones; older used vehicles get shorter tenures.
Tips to lower your loan cost
- 1 A higher down payment lowers your EMI and the total interest you pay over the loan.
- 2 Choose the shortest tenure whose EMI you can comfortably afford — longer tenures cost more interest overall.
- 3 Check your credit report before applying and fix errors; a score of roughly 750+ usually gets the best offers.
- 4 Avoid applying to many lenders at once — each hard enquiry can dent your credit score. Compare first, then apply.
- 5 Compare the total cost, not just the rate: processing fee, insurance bundling, documentation charges and prepayment/foreclosure terms all matter.
- 6 Ask whether the rate is "flat" or "reducing balance". A flat rate looks lower but the effective rate is much higher — use our converter.
- 7 Set up auto-debit for EMIs so you never miss a payment.
- 8 If you get a bonus or surplus, part-prepay early in the loan — it saves the most interest.
Benefits of a new car loan
- Finance a large share of the on-road price so you keep your savings intact.
- Fixed monthly EMIs make budgeting simple.
- Longer tenures (typically up to 7 years) keep instalments manageable.
- A timely repayment history helps build your credit profile.
New Car Loan — frequently asked questions
Read before you borrow
Open the buying guide →How to Choose Your First Car: A Step-by-Step Guide
A practical, no-jargon process for picking a first car — from setting a realistic budget to finalising the variant.
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