Car Loan — On-Road Price to EMI
Enter your car's price, choose down payment, and instantly see your EMI across top lenders.
Loan Amount
₹8,00,000
Monthly EMI
₹16,510
Total Interest
₹1,90,587
Total Payable
₹9,90,587
Get best rate for your car 🚗
Buying a car is exciting. Paying too much interest on the loan is not.
Car loan rates in India range from 8.45% to 15%+ depending on your bank, car model, and credit profile. A 1% difference on a ₹10 lakh loan over 5 years = ₹28,000 extra out of your pocket.
CreditPicker helps you compare car loan rates from banks and NBFCs, calculate the exact EMI, and optimise your down payment — before you walk into the showroom.
Dealer Finance vs Bank Loan — Which is Better?
Dealer Finance
- One-stop process at showroom
- Bundled insurance & accessories
- Quick processing same day
- Higher interest rates (9-14%)
- Hidden charges in packaging
- Limited lender options
Best for: Quick purchase, first-time buyers who want convenience
Bank / NBFC Loan
- Lower interest rates (8.5-10%)
- Pre-approved offers available
- Flexible tenure up to 7 years
- No hidden charges, RBI regulated
- Separate process, more paperwork
- Takes 2-5 days for approval
Best for: Savings-conscious buyers, pre-approved offers, large loan amounts
Car Loan Rates — All Lenders Compared
| Lender | Rate | Max LTV | Min CIBIL | Tenure | Proc. Fee | Foreclosure | Approval | |
|---|---|---|---|---|---|---|---|---|
🏛️ SBI Lowest | 8.45%* | 85% on-road | 720+ | 7 yrs | 0.40% | Nil (floating) Days | 3-5 days | |
🟧 Bank of Baroda | 8.65%* | 90% on-road | 720+ | 7 yrs | 0.50% | Nil (floating) Days | 3-5 days | |
🔵 HDFC Bank | 8.75%* | 100% on-road | 750+ | 7 yrs | 0.50% | Nil (floating) Days | 2-3 days | |
🟠 ICICI Bank | 8.8%* | 100% on-road | 750+ | 7 yrs | 0.50% | 2% of outstanding Days | 1-3 days | |
🟣 Axis Bank | 8.9%* | 95% on-road | 720+ | 7 yrs | 0.50% | 5% in yr 1 Days | 2-3 days | |
🟥 IndusInd Bank | 8.95%* | 100% on-road | 750+ | 7 yrs | 1.00% | 4% of outstanding Days | 2-4 days | |
🔴 Kotak Mahindra | 9%* | 90% on-road | 720+ | 5 yrs | 0.50% | 4% in yr 1, nil after Days | 2-4 days | |
🔷 HDFC Sales | 9.1%* | 85% (used cars) | 700+ | 6 yrs | 1.00% | 3% after 6 EMI Days | 2-3 days | |
🟤 Tata Capital | 9.25%* | 90% on-road | 700+ | 6 yrs | 1.50% | 5% in yr 1 Days | 48 hrs | |
🟡 Mahindra Finance | 9.5%* | 95% on-road | 650+ | 5 yrs | 2.00% | 2% after yr 1 Days | 24-48 hrs |
New Car Loan
Best rates from 8.45%. Pre-approved offers for HDFC/ICICI salary account holders.
Used Car Loan
Higher rate by 1-2%. Car age cap: typically 10 years (banks), 15 years (NBFCs).
Two-Wheeler Loan
Quick approval, minimal docs. Rates from 14.5%. Pre-approved for existing customers.
Down Payment Optimizer
See how your down payment impacts total cost
Car on-road price: ₹10,00,000 (set above)
Great! Your down payment qualifies for the best rates from most lenders.
Loan Amount
₹8,00,000
Monthly EMI (5 yrs)
₹16,510
Total Interest
₹1,90,587
Interest saved vs 10% down
₹23,823
Documents Required for Car Loan
Car Loan Questions Answered
Ready to Get the Best Car Loan Rate?
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