₹10 Lakh Car Loan EMI (Oct 2026)
The EMI on a ₹10 Lakh car loan is ₹20,637/month at 8.75% for 5 years. You repay ₹12,38,234 in total, of which ₹2,38,234 is interest.
Monthly EMI₹20,637
Total interest₹2,38,234
Total payment₹12,38,234
Salary needed (approx.)₹41,274/mo
₹10 Lakh car loan EMI by rate and tenure
| Rate \ Tenure | 3 yr | 4 yr | 5 yr | 6 yr | 7 yr |
|---|---|---|---|---|---|
| 8% | ₹31,336 | ₹24,413 | ₹20,276 | ₹17,533 | ₹15,586 |
| 8.5% | ₹31,568 | ₹24,648 | ₹20,517 | ₹17,778 | ₹15,836 |
| 9% | ₹31,800 | ₹24,885 | ₹20,758 | ₹18,026 | ₹16,089 |
| 9.5% | ₹32,033 | ₹25,123 | ₹21,002 | ₹18,275 | ₹16,344 |
| 10% | ₹32,267 | ₹25,363 | ₹21,247 | ₹18,526 | ₹16,601 |
| 11% | ₹32,739 | ₹25,846 | ₹21,742 | ₹19,034 | ₹17,122 |
New car loan rates at banks currently run roughly 8–10% p.a.; used-car loans are usually 2–5 points higher. Highlighted cell = 8.75% for 5 years.
Calculate with your own rate
Can you afford it?
Banks generally keep all your EMIs under about half of your take-home pay. For ₹20,637 a month that means a net salary of around ₹41,274. Check your exact limit with the loan eligibility calculator.
Year-wise repayment at 8.75% for 5 years
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,66,728 | ₹80,919 | ₹8,33,272 |
| 2 | ₹1,81,916 | ₹65,731 | ₹6,51,356 |
| 3 | ₹1,98,488 | ₹49,159 | ₹4,52,868 |
| 4 | ₹2,16,570 | ₹31,077 | ₹2,36,298 |
| 5 | ₹2,36,298 | ₹11,349 | ₹0 |
Frequently asked questions
What is the EMI on a ₹10 Lakh car loan?
At 8.75% interest for 5 years, the EMI on a ₹10 Lakh car loan is ₹20,637 per month. Depending on the rate (8–11%) and tenure (3–7 years), it ranges from about ₹15,586 to ₹32,739.
How much total interest will I pay on ₹10 Lakh?
Over 5 years at 8.75%, total interest is ₹2,38,234 and total repayment is ₹12,38,234. A shorter tenure raises the EMI but cuts total interest sharply.
What salary do I need for a ₹10 Lakh car loan?
Most lenders cap total EMIs at about 50% of net monthly income. For an EMI of ₹20,637 you would need a take-home salary of roughly ₹41,274 a month. Existing EMIs reduce how much you can borrow.
How is the EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. This is the reducing-balance method used by Indian banks.