Car Loan Calculator

Car loans help you purchase your dream vehicle by financing up to 85% of the car's value. Our calculator helps you understand the EMI, down payment, and total cost involved in financing your car purchase.

The calculator considers different interest rates for new and used cars, helping you make an informed decision about your car financing options.

Car Loan Features:

• Loan Amount: Up to 85% of car value
• Tenure: 1 to 7 years
• Interest Rates: 7.5% for new cars, 9.5% for used cars (approx.)
• Processing Fee: 0.5% to 2% of loan amount
• Prepayment: Usually allowed with minimal charges

New vs Used Car Loans:

• New Cars: Lower interest rates, higher loan amount, longer tenure
• Used Cars: Higher interest rates, lower loan amount, shorter tenure
• Age Limit: Used cars typically up to 5-7 years old

Eligibility Criteria:

• Age: 21 to 65 years
• Income: Minimum ₹2.5 lakh per annum
• Employment: Salaried or self-employed
• Credit Score: 750+ for best rates

Features:

• Calculate EMI for new and used cars
• Down payment planning
• Total interest and cost calculation
• Outstanding balance tracking
• Loan tenure optimization