Car loan typically 7-14%. Insurance and road tax extra.
Bank lending rates as of FY 2026-27
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Year-by-Year Breakdown
Principal paidOutstanding balance
Year
Principal
Interest
Balance
1
₹1,31,234
₹70,383
₹6,68,766
2
₹1,44,259
₹57,359
₹5,24,506
3
₹1,58,576
₹43,041
₹3,65,930
4
₹1,74,315
₹27,303
₹1,91,615
5
₹1,91,615
₹10,003
₹0
Total
₹8,00,000
₹2,08,089
—
Formula & SourceCar Loan EMI
EMI = P × i × (1+i)^n / ((1+i)^n − 1)
Source: Standard amortizing loan formula
Frequently Asked Questions
Used car loans have higher rates (12-18%) and shorter tenures (3-5 years) due to depreciation risk.
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