The EMI on a ₹8 lakh car loan is ₹16,607 at 9% interest over 5 years. Over the full tenure you pay ₹1.96 lakh in interest, so you repay ₹9.96 lakh in total.
EMI on ₹8 lakh (9%, 5 years)
₹16,607
- Total interest
- ₹1.96 lakh
- Total repaid
- ₹9.96 lakh
- Interest as share of loan
- 25%
EMI on ₹8 lakh by interest rate and tenure
| Rate | 3 years | 4 years | 5 years | 7 years |
|---|---|---|---|---|
| 8.5% | ₹25,254 | ₹19,719 | ₹16,413 | ₹12,669 |
| 9% | ₹25,440 | ₹19,908 | ₹16,607 | ₹12,871 |
| 9.5% | ₹25,626 | ₹20,099 | ₹16,801 | ₹13,075 |
| 10% | ₹25,814 | ₹20,290 | ₹16,998 | ₹13,281 |
| 11% | ₹26,191 | ₹20,676 | ₹17,394 | ₹13,698 |
| 12% | ₹26,571 | ₹21,067 | ₹17,796 | ₹14,122 |
Total interest on ₹8 lakh by tenure
| Tenure | EMI | Total interest | Total repaid |
|---|---|---|---|
| 3 years | ₹25,440 | ₹1.16 lakh | ₹9.16 lakh |
| 4 years | ₹19,908 | ₹1.56 lakh | ₹9.56 lakh |
| 5 years | ₹16,607 | ₹1.96 lakh | ₹9.96 lakh |
| 7 years | ₹12,871 | ₹2.81 lakh | ₹10.81 lakh |
Year-by-year repayment of ₹8 lakh
| Principal repaid | Interest paid | Balance left | |
|---|---|---|---|
| Year 1 | ₹1.33 lakh | ₹66,616 | ₹6.67 lakh |
| Year 2 | ₹1.45 lakh | ₹54,171 | ₹5.22 lakh |
| Year 3 | ₹1.59 lakh | ₹40,559 | ₹3.64 lakh |
| Year 4 | ₹1.74 lakh | ₹25,670 | ₹1.9 lakh |
| Year 5 | ₹1.9 lakh | ₹9,384 | ₹0 |
Paying a little extra each month
If you pay 10% more each month (₹18,267 instead of ₹16,607), you clear the ₹8 lakh car loan in 4 years 6 months instead of 5 years, 6 months sooner, and save about ₹22,943 in interest. Many car loans are fixed-rate and some lenders charge a fee for paying early, so check your loan terms before prepaying.
Compare nearby amounts
| Loan amount | EMI | Total interest |
|---|---|---|
| ₹5 lakh | ₹10,379 | ₹1.23 lakh |
| ₹6 lakh | ₹12,455 | ₹1.47 lakh |
| ₹7 lakh | ₹14,531 | ₹1.72 lakh |
| ₹8 lakh | ₹16,607 | ₹1.96 lakh |
| ₹9 lakh | ₹18,683 | ₹2.21 lakh |
| ₹10 lakh | ₹20,758 | ₹2.46 lakh |
| ₹12 lakh | ₹24,910 | ₹2.95 lakh |
Change the numbers
Frequently asked questions
What is the EMI on a ₹8 lakh car loan?
At 9% over 5 years, the EMI on a ₹8 lakh car loan is ₹16,607. Over 3 years it would be ₹25,440.
How much interest will I pay on a ₹8 lakh car loan?
About ₹1.96 lakh at 9% over 5 years, so you repay ₹9.96 lakh in total. Over 3 years the interest drops to ₹1.16 lakh.
How much does a 1% lower rate save on ₹8 lakh?
At 8% instead of 9%, the EMI falls by ₹386 to ₹16,221, saving ₹23,134 over 5 years.
What salary do I need for a ₹8 lakh car loan?
A common rule is to keep the car EMI within about 15% to 20% of your monthly take-home pay. For an EMI of ₹16,607 (9%, 5 years) that suggests a take-home salary of about ₹83,033 to ₹1,10,711 a month.
Reducing-balance EMI. Processing fees and insurance are not included. Dealers sometimes quote flat rates, which look lower but cost more. An estimate. Related: All car loan amounts · EMI calculator · Car loan calculator