Auto Loan Calculator

India rules and figures

• GST has three rates since 22 September 2025: 5%, 18% and 40%. A 5% merit rate and an 18% standard rate apply to most goods and services.
• Small cars and motorcycles up to 350 cc are on the 18% standard rate, and high-end cars sit in the 40% special rate.
• Because the price quoted for a car includes GST, the GST box in the tool starts empty and the loan is not increased by tax.
• Before a new loan, the lender hands over a Key Fact Statement stating the APR (interest plus every charge) and an amortisation schedule.
• This applies to new retail and MSME loans from 1 October 2024, and the statement stays valid for 3 working days at least.
• Anything missing from the statement cannot be charged unless the borrower agrees.

Sources: PIB backgrounder: GST Reforms 2025 (5%, 18% and 40% rates from 22 September 2025, examples) (checked 2026-11-08); RBI: Key Facts Statement (KFS) for loans and advances, directions (checked 2026-11-08)

How the auto loan calculator works

The amount borrowed is the price plus fees minus the down payment and any trade-in. It is repaid in equal monthly EMIs, with interest taken each month at one twelfth of the annual rate on what is left. The GST box starts empty because the price you are quoted already includes it.

borrowed = price + fees − down payment − trade-in; EMI = borrowed × t × (1 + t)^months ÷ ((1 + t)^months − 1), with t = annual rate ÷ 12

• The rate field reads APR (annual percentage rate) in the Key Fact Statement (%) and works as the loan's interest rate here.
• Starting hints in the boxes are 32 times larger than elsewhere, to suit lakh-sized prices, and amounts use lakh grouping.
• Total Cost is every EMI plus the down payment and the trade-in, so it includes fees and interest.
• Only the term is set at the start, at 60 months. The rate must be filled in before an EMI shows.
• The EMI colour bands are 32 times the bands used in other countries.

How to use the auto loan calculator

1. Enter price, down payment and trade-in. Type the on-road price, your down payment and the value of an old car you give in exchange.
2. Add the rate and tenure. Enter the APR from your Key Fact Statement and choose a tenure in months.
3. Include fees. Add processing and documentation charges as one rupee amount.
4. Read the EMI. See the EMI, the amount borrowed and the interest over the tenure.
5. Compare tenures. Open Comparison for the EMI and interest at each tenure, or Schedule for each instalment.

Example: A ₹9,00,000 car with ₹1,50,000 down at 9.5% over 60 months

With ₹10,000 of fees and the down payment taken off, ₹7,60,000 is borrowed. The EMI is ₹15,961.41 and interest is ₹1,97,684.88, so Total Cost is ₹11,07,684.88. EMI 1 is made up of ₹6,016.67 interest and ₹9,944.75 principal. A 36-month tenure raises the EMI to ₹24,345.04 and cuts interest to ₹1,16,421.50, while 84 months lowers it to ₹12,421.43 with ₹2,83,399.79 of interest.

When something else is a better fit

• When you are choosing between bank and dealer finance, use the Loan Comparison Tool.
• When you want to foreclose a loan early, use the Early Payoff Calculator.
• When you need the exact APR and charges, use the Key Fact Statement your lender provides.

Questions about the auto loan calculator