EMI = P × r × (1+r)^n / [(1+r)^n − 1]. For a ₹5L Car Loan at 9.5% for 5 years: Monthly rate = 9.5/12/100 = 0.00792, n = 60 months. EMI ≈ 10,500. Use the calculator above for any amount.
What is a good car loan interest rate in India?▼
Good car loan rates in 2024: SBI Car Loan: 8.75–9.50%, HDFC Bank: 8.75–9.40%, ICICI Bank: 9.00–9.85%, Axis Bank: 9.25%, Kotak Bank: 7.99% (special). A rate below 9% is considered good. Your CIBIL score significantly impacts the rate — 750+ gets best rates. Down payment of 15-20% is typically required.