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EMI on a ₹8 Lakh Car Loan: Monthly Payment by Rate
A ₹8 Lakh Car Loan at 9.5% for 5 years costs about ₹16,801 a month. See the full table of rates and tenures.
₹8 Lakh
Rates shown are examples. Check your bank's current rate.
Monthly EMI
₹16,801
- Principal: ₹8,00,000
- Total interest: ₹2,08,089
- Total payment: ₹10,08,089
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EMI on a ₹8 Lakh Car Loan by rate and tenure
On a ₹8 Lakh Car Loan at 9.5% for 5 years, the EMI is about ₹16,801 a month and the total interest ₹2,08,089. Over 4 years the EMI rises to ₹20,099, but you save ₹43,361 in interest.
| Rate | 3 yrs | 4 yrs | 5 yrs | 6 yrs | 7 yrs |
|---|---|---|---|---|---|
| 8.5% | ₹25,254 | ₹19,719 | ₹16,413 | ₹14,223 | ₹12,669 |
| 9% | ₹25,440 | ₹19,908 | ₹16,607 | ₹14,420 | ₹12,871 |
| 9.5% | ₹25,626 | ₹20,099 | ₹16,801 | ₹14,620 | ₹13,075 |
| 10% | ₹25,814 | ₹20,290 | ₹16,998 | ₹14,821 | ₹13,281 |
| 11% | ₹26,191 | ₹20,676 | ₹17,394 | ₹15,227 | ₹13,698 |
Monthly EMI on the reducing balance. Processing fees and insurance are not included.
Questions people ask
How is EMI calculated?+
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of months.
How can I reduce my EMI or total interest?+
A longer tenure lowers EMI but increases total interest. A lower rate, bigger down payment or part-prepayments reduce total interest the most.
Is this EMI calculator accurate?+
It uses the standard reducing-balance formula used by Indian banks. Your bank's final EMI may differ slightly due to fees, rounding or the date of disbursement.