If you are planning to buy a new car on loan, then you should calculate the interest payable for the given period. Therefore, here is the simple EMI calculator for your car loan calculation. By using this simple loan calculator, you can find out how much interest has to be payable on the total loan amount. You can avail of car loans from the top leading commercial banks like State Bank of India(SBI), HDFC, Axis Bank, etc. However, before taking a loan you must find the best interest deals with these banks.
How to use the Car EMI Calcualtor?
Time needed: 1 minute
- Enter the loan amount you need in INR
- Fill in the Rate of Interest charged by the Bank
- Enter the number of Years or Months for repayment of the loan
- Select the Tenure entered in Months or Years.
- Click on the Find EMI button
The above process will display the below details on the right-hand side of the above car EMI calculator.
- EMI, I.E Amount of the single installment
- Total interest payable for the entire period
- Total payment including principal + Interest
How to Find the best interest rates on car?
Interest part plays an important role while making a decision to buy a car for yourself or for your entire family. Therefore, every percent of interest on loan matters. The more interest you pay, the more costly car becomes. Therefore, you should explore the 4-5 banks that are offering car loans and compare the rate of interest they charge. Nowadays, you can find the interest rates of various banks online.
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Top Banks with Rate of Interest on Car
| Name of the Bank | Rate of Interest Per Annum |
| State Bank of India(SBI) | 7.20% onwards |
| Indian Overseas Bank | 7.55% onwards |
| Canara Bank | 7.30% onwards |
| HDFC Bank | 7.95% onwards (Rack Interest) |
| Karur Vysya Bank | 7.80% onwards |
| South Indian Bank | Repo Rate + 5.05% |
| IDBI Bank | 7.35% onwards (floating) |
| Yes Bank | Contact the bank |
| Karnataka Bank | 8.05% onwards |
| Federal Bank of India | 8.50% onwards |
| Tamilnad Mercantile Bank | 8.25% onwards |
| Punjab National Bank | 6.90% onwards |
| Union Bank of India | 7.40% onwards |