Are car loan interest rates higher than home loan rates?

Usually yes. Car loans carry higher rates than home loans because vehicles depreciate quickly and offer weaker collateral value over time.

What's a typical car loan tenure?

Most car loans run 1 to 8 years — shorter than home loans, since cars depreciate and lenders want the loan repaid well before the vehicle's value drops too far.

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Car Loan EMI Calculator

Work out the monthly instalment on a new or used car loan, along with the total interest over its tenure.

Loan details

Car loan amount ₹6,00,000

Interest rate (annual) 9.5%

Tenure (years) 5 yrs

Your EMI

Monthly instalment

₹0

Loan amount₹0

Total interest₹0

Total payment₹0

How car loan EMI is calculated

EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1]
P = loan amount, r = monthly interest rate, n = tenure in months

Car loans typically run 1–8 years with slightly higher rates than home loans since the vehicle depreciates quickly and offers weaker collateral value over time.

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Figures are estimates for planning purposes only and do not constitute financial advice.