Calculate your monthly EMI for ₹7 Lakh car loan. Compare interest rates across all major Indian banks.
| Year | Principal | Interest | Balance |
|---|
Planning a ₹7 Lakh car loan? The monthly EMI varies based on the interest rate and tenure. At an average rate of 8.95% for 5 years, your EMI would be approximately ₹14,514 per month.
For ₹7 Lakh · Tenure: 5 years
| Bank | Interest Rate | Monthly EMI | Total Interest |
|---|---|---|---|
| Bank of Baroda | 8.65 - 10.90% | ₹14,412 | ₹1,64,720 |
| Axis Bank | 8.70 - 12.50% | ₹14,429 | ₹1,65,740 |
| Kotak Mahindra Bank | 8.70 - 12.00% | ₹14,429 | ₹1,65,740 |
| Union Bank | 8.70 - 10.70% | ₹14,429 | ₹1,65,740 |
| HDFC Bank | 8.75 - 9.50% | ₹14,446 | ₹1,66,760 |
| ICICI Bank | 8.75 - 9.60% | ₹14,446 | ₹1,66,760 |
| Canara Bank | 8.75 - 10.50% | ₹14,446 | ₹1,66,760 |
| IDFC First Bank | 8.75 - 11.50% | ₹14,446 | ₹1,66,760 |
| Indian Bank | 8.80 - 10.30% | ₹14,463 | ₹1,67,780 |
| IDBI Bank | 8.80 - 11.00% | ₹14,463 | ₹1,67,780 |
| Federal Bank | 8.80 - 12.50% | ₹14,463 | ₹1,67,780 |
| SBI | 8.85 - 9.55% | ₹14,480 | ₹1,68,800 |
| PNB | 8.85 - 10.30% | ₹14,480 | ₹1,68,800 |
| Bank of India | 8.85 - 10.85% | ₹14,480 | ₹1,68,800 |
| Central Bank | 8.90 - 10.90% | ₹14,497 | ₹1,69,820 |
The EMI for ₹7 Lakh Car Loan depends on the interest rate and tenure. At 9% for 5 years, the EMI is approximately ₹14,531 per month. Use the calculator above for exact values.
Interest rates vary across banks. Public sector banks like SBI, Bank of Baroda, and PNB generally offer lower rates for Car Loan. Compare EMIs across all banks using the comparison table on this page.
At 9% for 5 years, total interest on ₹7 Lakh Car Loan would be approximately ₹1,71,860. A shorter tenure significantly reduces total interest paid.
The ideal tenure depends on your monthly budget. A shorter tenure means higher EMI but lower total interest. For ₹7 Lakh at 9%, EMI ranges from ₹14,531 (5 years) to ₹14,531 (5 years).
Most banks allow prepayment on floating rate Car Loans without any penalty. For fixed rate loans, banks may charge 2-4% of the outstanding amount. Making partial prepayments can save you significant interest over the loan tenure.