🚗 EMI for ₹15 Lakh Car Loan

🧮 Calculate your exact EMI

📊 EMI for ₹15 Lakh car loan by tenure and rate

Interest rates are typical November 2026 ranges for illustration; your rate depends on the lender, your credit score and income. Use the calculator above for your own rate.

💸 Total interest on ₹15 Lakh at 9%

📅 Year-by-year repayment (9%, 5 years)

In the early years most of each EMI goes to interest; in year 1 you repay only ₹2,48,745 of principal. Prepaying early saves the most interest.

⏩ Pay it off sooner

• Pay one extra EMI (₹31,138) each year: the loan closes in about 4.7 years instead of 5, saving about ₹29,769 in interest.
• Increase your EMI by 5% every year as your income grows to cut the tenure further.
• Check the foreclosure charge first: many lenders charge 2–5% on car loan prepayment, especially in the first year.

✅ Can you afford it?

• Banks usually keep all your EMIs under about 40–50% of your take-home pay, so this EMI suits a net monthly income of about ₹62,275 or more.
• Car loans are usually up to 7 years and up to 85–100% of the on-road price; a bigger down payment lowers both EMI and interest.
• Add the processing fee (often 0.5–2% plus GST) to the cost when comparing lenders.