🚗 Car Loan Amortization Schedule
Interest rate range: 8.75% - 12.50% p.a. - Tenure: 1 - 7 years
Monthly EMI
Rs. 16,607
Rs. 8.00 lakh at 9%
Total Interest
Rs. 1.96 lakh
5 year term
Total Repayment
Rs. 9.96 lakh
Principal + Interest
Adjust to your loan details
Loan type
Monthly EMI
₹16,607
Total Interest
₹2.0L
19.71% of total
Total Repayment
₹10.0L
Break-even Year
Year 1
principal > interest
Amortization Schedule
60 EMIs total
Principal vs Interest paid each year
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance | % Paid off |
|---|---|---|---|---|---|
| 1break-even | ₹8.00 L | ₹1.33 L | ₹66,616 | ₹6.67 L | 17% |
| 2 | ₹6.67 L | ₹1.45 L | ₹54,171 | ₹5.22 L | 35% |
| 3 | ₹5.22 L | ₹1.59 L | ₹40,559 | ₹3.64 L | 55% |
| 4 | ₹3.64 L | ₹1.74 L | ₹25,670 | ₹1.90 L | 76% |
| 5 | ₹1.90 L | ₹1.90 L | ₹9,384 | ₹0 | 100% |
Car Loan - Key Facts
- -Typically 80-90% of car's on-road price is financed
- -Fixed interest rate - EMI stays constant throughout
- -No prepayment penalty for most banks after 6 months
- -New car loans have lower rates than used car loans
- -Depreciation reduces car value faster than loan balance in first 2 years
Tax Benefit
No direct tax benefit for personal car loans. Business car loans can claim depreciation.
Frequently Asked Questions
What is the EMI on a Rs. 8.00 lakh car loan at 9%?▾
For a Rs. 8.00 lakh car loan at 9% p.a. for 5 years, the monthly EMI is Rs. 16,607. Total repayment is Rs. 9.96 lakh, of which Rs. 1.96 lakh is interest. The principal is Rs. 8.00 lakh.
What is the current car loan interest rate?▾
Car Loan interest rates currently range from 8.75% - 12.50% p.a. depending on the lender, loan amount, tenure, and your credit score. Major lenders include SBI, HDFC Bank, ICICI Bank, Bank of Baroda, Axis Bank. Check the current rate directly with your lender before applying.
Is there a tax benefit on car loan?▾
No direct tax benefit for personal car loans. Business car loans can claim depreciation.