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Nissan Magnite Car Loan EMI Calculator

Best Nissan Magnite Car Loan EMI Calculator With Downpayment - Check out the Cheapest Nissan Magnite Car Loan EMI Calculator With Downpayment from all banks with lower inerest rates, Loan for 5 Years, 7 Years and 8 Years plan with minimum eligibility and documentations with Private Banks and Govt Banks. Check out the Interest Rates of Nissan Car Loan EMI of All Private and Government Banks HDFC Bank, ICICI Bank, Syndicate Bank, SBI Bank, Kotak Mahindra Bank, Canara Bank, IDBI First Bank, HSBC Bank, Punjab National Bank and many more.

Nissan Magnite

The EMI for a Nissan Magnite starts at ₹ 22,265 per month for a 60-month term at 9.8 percent for a loan amount of ₹ 10.15 Lakh*. The AutoSpyders EMI Calculator tool provides a full breakdown of the entire due amount and assists you in choosing the best vehicle loan for your Magnite.

Nissan Magnite Down Payment and EMI

Nissan Magnite VARIANTS
LOAN @ RATE%
DOWN PAYMENT
EMI AMOUNT (60 MONTHS)
EMI AMOUNT (84 MONTHS)
Nissan Magnite XE
9.8%
₹ 62,000
₹ 11,830
₹ 9,229
Nissan Magnite XL
9.8%
₹ 72,000
₹ 13,757
₹ 10,732
Nissan Magnite XV
9.8%
₹ 79,000
₹ 14,965
₹ 11,674
Nissan Magnite XV DT
9.8%
₹ 80,000
₹ 15,318
₹ 11,949
Nissan Magnite Turbo XL
9.8%
₹ 85,000
₹ 16,170
₹ 12,614
Nissan Magnite XV Premium
9.8%
₹ 88,000
₹ 16,644
₹ 12,984
Nissan Magnite XV Premium DT
9.8%
₹ 89,000
₹ 16,997
₹ 13,259
Nissan Magnite Turbo XV
9.8%
₹ 91,000
₹ 17,399
₹ 13,573
Nissan Magnite Turbo XV DT
9.8%
₹ 93,000
₹ 17,730
₹ 13,831
Nissan Magnite Turbo CVT XL
9.8%
₹ 95,000
₹ 18,039
₹ 14,072
Nissan Magnite Turbo XV Premium
9.8%
₹ 1,00,000
₹ 19,078
₹ 14,883
Nissan Magnite Turbo CVT XV
9.8%
₹ 1,01,000
₹ 19,267
₹ 15,030
Nissan Magnite Turbo XV Premium Opt
9.8%
₹ 1,01,000
₹ 19,290
₹ 15,048
Nissan Magnite Turbo XV Premium DT
9.8%
₹ 1,02,000
₹ 19,410
₹ 15,141
Nissan Magnite Turbo CVT XV DT
9.8%
₹ 1,03,000
₹ 19,599
₹ 15,289
Nissan Magnite Turbo XV Premium Opt DT
9.8%
₹ 1,03,000
₹ 19,622
₹ 15,307
Nissan Magnite Turbo CVT XV Premium
9.8%
₹ 1,10,000
₹ 20,946
₹ 16,340
Nissan Magnite Turbo CVT XV Premium Opt
9.8%
₹ 1,11,000
₹ 21,159
₹ 16,506
Nissan Magnite Turbo CVT XV Premium DT
9.8%
₹ 1,16,000
₹ 22,044
₹ 17,196
Nissan Magnite Turbo CVT XV Prm Opt DT
9.8%
₹ 1,17,000
₹ 22,265
₹ 17,369

Due to the many auto loan options given by various lenders, it is much easier to acquire your ideal car nowadays. Car loans are available with low interest rates and up to an 8-year payback period. A Car Loan EMI Calculator is available from a variety of banks and third-party websites, and it helps you to calculate the Equated Monthly Instalments (EMIs) that must be paid. AutoSpyder's Car Loan EMI Calculator is simple to use and completely free. To calculate the EMI, basic information such as the payback term, principle amount, and interest rate must be input.

Car Loan EMI Structure of Nissan Magnite XE

Model Name

Nissan Magnite XE

Price

₹ 5.71 Lakh* (Ex-Showroom)

Loan Amount

₹ 5,59,390

Downpayment

₹ 62,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 97,316
₹ 1,50,435
₹ 1,38,367
₹ 2,15,832
Total Amount Payable
₹ 6,56,706
₹ 7,09,825
₹ 6,97,757
₹ 7,75,222

Monthly EMI

₹ 10,945

₹ 11,830

₹ 8,307

₹ 9,229

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite XL

Model Name

Nissan Magnite XL

Price

₹ 6.47 Lakh* (Ex-Showroom)

Loan Amount

₹ 6,50,504

Downpayment

₹ 72,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,13,167
₹ 1,74,938
₹ 1,60,904
₹ 2,50,987
Total Amount Payable
₹ 7,63,671
₹ 8,25,442
₹ 8,11,408
₹ 9,01,491

Monthly EMI

₹ 12,728

₹ 13,757

₹ 9,660

₹ 10,732

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite XV

Model Name

Nissan Magnite XV

Price

₹ 7.05 Lakh* (Ex-Showroom)

Loan Amount

₹ 7,07,597

Downpayment

₹ 79,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,23,100
₹ 1,90,291
₹ 1,75,026
₹ 2,73,015
Total Amount Payable
₹ 8,30,697
₹ 8,97,888
₹ 8,82,623
₹ 9,80,612

Monthly EMI

₹ 13,845

₹ 14,965

₹ 10,507

₹ 11,674

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite XV DT

Model Name

Nissan Magnite XV DT

Price

₹ 7.21 Lakh* (Ex-Showroom)

Loan Amount

₹ 7,24,278

Downpayment

₹ 80,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,26,002
₹ 1,94,777
₹ 1,79,152
₹ 2,79,451
Total Amount Payable
₹ 8,50,280
₹ 9,19,055
₹ 9,03,430
₹ 10,03,729

Monthly EMI

₹ 14,171

₹ 15,318

₹ 10,755

₹ 11,949

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo XL

Model Name

Nissan Magnite Turbo XL

Price

₹ 7.62 Lakh* (Ex-Showroom)

Loan Amount

₹ 7,64,585

Downpayment

₹ 85,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,33,014
₹ 2,05,617
₹ 1,89,122
₹ 2,95,003
Total Amount Payable
₹ 8,97,599
₹ 9,70,202
₹ 9,53,707
₹ 10,59,588

Monthly EMI

₹ 14,960

₹ 16,170

₹ 11,354

₹ 12,614

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite XV Premium

Model Name

Nissan Magnite XV Premium

Price

₹ 7.85 Lakh* (Ex-Showroom)

Loan Amount

₹ 7,87,002

Downpayment

₹ 88,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,36,914
₹ 2,11,645
₹ 1,94,667
₹ 3,03,652
Total Amount Payable
₹ 9,23,916
₹ 9,98,647
₹ 9,81,669
₹ 10,90,654

Monthly EMI

₹ 15,399

₹ 16,644

₹ 11,687

₹ 12,984

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite XV Premium DT

Model Name

Nissan Magnite XV Premium DT

Price

₹ 8.01 Lakh* (Ex-Showroom)

Loan Amount

₹ 8,03,682

Downpayment

₹ 89,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,39,816
₹ 2,16,131
₹ 1,98,793
₹ 3,10,088
Total Amount Payable
₹ 9,43,498
₹ 10,19,813
₹ 10,02,475
₹ 11,13,770

Monthly EMI

₹ 15,725

₹ 16,997

₹ 11,934

₹ 13,259

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo XV

Model Name

Nissan Magnite Turbo XV

Price

₹ 8.20 Lakh* (Ex-Showroom)

Loan Amount

₹ 8,22,678

Downpayment

₹ 91,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,43,120
₹ 2,21,240
₹ 2,03,492
₹ 3,17,417
Total Amount Payable
₹ 9,65,798
₹ 10,43,918
₹ 10,26,170
₹ 11,40,095

Monthly EMI

₹ 16,097

₹ 17,399

₹ 12,216

₹ 13,573

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo XV DT

Model Name

Nissan Magnite Turbo XV DT

Price

₹ 8.36 Lakh* (Ex-Showroom)

Loan Amount

₹ 8,38,359

Downpayment

₹ 93,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,45,848
₹ 2,25,457
₹ 2,07,370
₹ 3,23,468
Total Amount Payable
₹ 9,84,207
₹ 10,63,816
₹ 10,45,729
₹ 11,61,827

Monthly EMI

₹ 16,403

₹ 17,730

₹ 12,449

₹ 13,831

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo CVT XL

Model Name

Nissan Magnite Turbo CVT XL

Price

₹ 8.51 Lakh* (Ex-Showroom)

Loan Amount

₹ 8,52,935

Downpayment

₹ 95,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,48,384
₹ 2,29,377
₹ 2,10,976
₹ 3,29,092
Total Amount Payable
₹ 10,01,319
₹ 10,82,312
₹ 10,63,911
₹ 11,82,027

Monthly EMI

₹ 16,689

₹ 18,039

₹ 12,666

₹ 14,072

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo XV Premium

Model Name

Nissan Magnite Turbo XV Premium

Price

₹ 9.00 Lakh* (Ex-Showroom)

Loan Amount

₹ 9,02,083

Downpayment

₹ 1,00,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,56,934
₹ 2,42,594
₹ 2,23,133
₹ 3,48,055
Total Amount Payable
₹ 10,59,017
₹ 11,44,677
₹ 11,25,216
₹ 12,50,138

Monthly EMI

₹ 17,650

₹ 19,078

₹ 13,395

₹ 14,883

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo CVT XV

Model Name

Nissan Magnite Turbo CVT XV

Price

₹ 9.09 Lakh* (Ex-Showroom)

Loan Amount

₹ 9,11,028

Downpayment

₹ 1,01,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,58,491
₹ 2,44,999
₹ 2,25,345
₹ 3,51,506
Total Amount Payable
₹ 10,69,519
₹ 11,56,027
₹ 11,36,373
₹ 12,62,534

Monthly EMI

₹ 17,825

₹ 19,267

₹ 13,528

₹ 15,030

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo XV Premium Opt

Model Name

Nissan Magnite Turbo XV Premium Opt

Price

₹ 9.10 Lakh* (Ex-Showroom)

Loan Amount

₹ 9,12,133

Downpayment

₹ 1,01,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,58,683
₹ 2,45,296
₹ 2,25,619
₹ 3,51,932
Total Amount Payable
₹ 10,70,816
₹ 11,57,429
₹ 11,37,752
₹ 12,64,065

Monthly EMI

₹ 17,847

₹ 19,290

₹ 13,545

₹ 15,048

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo XV Premium DT

Model Name

Nissan Magnite Turbo XV Premium DT

Price

₹ 9.16 Lakh* (Ex-Showroom)

Loan Amount

₹ 9,17,764

Downpayment

₹ 1,02,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,59,662
₹ 2,46,811
₹ 2,27,011
₹ 3,54,105
Total Amount Payable
₹ 10,77,426
₹ 11,64,575
₹ 11,44,775
₹ 12,71,869

Monthly EMI

₹ 17,957

₹ 19,410

₹ 13,628

₹ 15,141

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo CVT XV DT

Model Name

Nissan Magnite Turbo CVT XV DT

Price

₹ 9.25 Lakh* (Ex-Showroom)

Loan Amount

₹ 9,26,709

Downpayment

₹ 1,03,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,61,219
₹ 2,49,216
₹ 2,29,224
₹ 3,57,556
Total Amount Payable
₹ 10,87,928
₹ 11,75,925
₹ 11,55,933
₹ 12,84,265

Monthly EMI

₹ 18,132

₹ 19,599

₹ 13,761

₹ 15,289

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo XV Premium Opt DT

Model Name

Nissan Magnite Turbo XV Premium Opt DT

Price

₹ 9.26 Lakh* (Ex-Showroom)

Loan Amount

₹ 9,27,814

Downpayment

₹ 1,03,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,61,411
₹ 2,49,514
₹ 2,29,497
₹ 3,57,983
Total Amount Payable
₹ 10,89,225
₹ 11,77,328
₹ 11,57,311
₹ 12,85,797

Monthly EMI

₹ 18,154

₹ 19,622

₹ 13,778

₹ 15,307

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo CVT XV Premium

Model Name

Nissan Magnite Turbo CVT XV Premium

Price

₹ 9.89 Lakh* (Ex-Showroom)

Loan Amount

₹ 9,90,432

Downpayment

₹ 1,10,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,72,304
₹ 2,66,353
₹ 2,44,986
₹ 3,82,143
Total Amount Payable
₹ 11,62,736
₹ 12,56,785
₹ 12,35,418
₹ 13,72,575

Monthly EMI

₹ 19,379

₹ 20,946

₹ 14,707

₹ 16,340

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo CVT XV Premium Opt

Model Name

Nissan Magnite Turbo CVT XV Premium Opt

Price

₹ 9.99 Lakh* (Ex-Showroom)

Loan Amount

₹ 10,00,483

Downpayment

₹ 1,11,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,74,053
₹ 2,69,056
₹ 2,47,472
₹ 3,86,021
Total Amount Payable
₹ 11,74,536
₹ 12,69,539
₹ 12,47,955
₹ 13,86,504

Monthly EMI

₹ 19,576

₹ 21,159

₹ 14,857

₹ 16,506

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo CVT XV Premium DT

Model Name

Nissan Magnite Turbo CVT XV Premium DT

Price

₹ 10.05 Lakh* (Ex-Showroom)

Loan Amount

₹ 10,42,313

Downpayment

₹ 1,16,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,81,330
₹ 2,80,305
₹ 2,57,819
₹ 4,02,160
Total Amount Payable
₹ 12,23,643
₹ 13,22,618
₹ 13,00,132
₹ 14,44,473

Monthly EMI

₹ 20,394

₹ 22,044

₹ 15,478

₹ 17,196

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

Car Loan EMI Structure of Nissan Magnite Turbo CVT XV Prm Opt DT

Model Name

Nissan Magnite Turbo CVT XV Prm Opt DT

Price

₹ 10.15 Lakh* (Ex-Showroom)

Loan Amount

₹ 10,52,764

Downpayment

₹ 1,17,000

Interest Rates

Min 6.5%

Max 9.8%

Min 6.5%

Max 9.8%

Tenure
For 5 Years
For 7 Years
Total Interest Payable
₹ 1,83,148
₹ 2,83,116
₹ 2,60,404
₹ 4,06,193
Total Amount Payable
₹ 12,35,912
₹ 13,35,880
₹ 13,13,168
₹ 14,58,957

Monthly EMI

₹ 20,599

₹ 22,265

₹ 15,633

₹ 17,369

EMI / 1 Lakh
₹ 1,957
₹ 2,115
₹ 1,485
₹ 1,968

About Nissan Magnite

In December 2020, Nissan unveiled the Nissan Magnite, their smallest crossover SUV in India. This SUV is available in four different models, each with its own set of amenities. It comes with two petrol engines and two gearbox options. There are four dual-tone and four single-color paint options for the Nissan Magnite. A JBL sound system, a wireless charging pad, an air purifier, and three more features are available as an optional Tech Pack.

LED dual-projector headlights with J-shaped DRLs and LED fog lamps below the DRLs are standard on this crossover SUV. The lowermost half of the panels is covered with black cladding. Nissan has also included functioning roof rails. It also comes with 16-inch alloys, a rear defogger, and a rear-view camera with parking sensors, among other things.

Nissan provides the car with dark-colored interiors and cloth seat coverings. There are several storage compartments in the car, including cup and bottle holders, a 10-liter glove box, and storage in the centre armrest, among others. A leather-wrapped steering wheel with audio, voice assistant, cruise control, and phone control buttons is included. There's also an eight-inch infotainment display that supports Apple CarPlay and Android Auto wirelessly. Nissan is able to integrate fifty functions, including smartwatch connection, as a result of this. In addition, the instrument cluster has a seven-inch display.

Dual airbags and ABS with EBD are standard on the vehicle. Anti-roll bar, vehicle dynamic control, traction control, hill start aid, hydraulic braking assist, tyre pressure monitoring system, and keyless entry are among the features available. The Nissan Magnite is powered by a 999cc naturally aspirated petrol engine that is only available with a five-speed manual transmission, whilst the 999cc turbocharged petrol engine is available with either a five-speed manual transmission or a CVT automatic transmission.

Car Loan EMI Table

Loan amount (Rs.)
Interest rate
EMI for 2 years (Rs.)
EMI for 3 years (Rs.)
EMI for 4 years (Rs.)
EMI for 5 years (Rs.)
EMI for 6 years (Rs.)
EMI for 7 years (Rs.)
1 lakh
9.75%
₹ 4,603
₹ 3,215
₹ 2,524
₹ 2,112
₹ 1,840
₹ 1,647
5 lakh
9.75%
₹ 23,015
₹ 16,075
₹ 12,621
₹ 10,562
₹ 9,200
₹ 8,236
10 lakh
9.75%
₹ 46,030
₹ 32,150
₹ 25,243
₹ 21,124
₹ 18,400
₹ 16,472
15 lakh
9.75%
₹ 69,044
₹ 48,225
₹ 37,864
₹ 31,686
₹ 27,600
₹ 24,708
20 lakh
9.75%
₹ 92,059
₹ 64,300
₹ 50,485
₹ 42,248
₹ 36,800
₹ 32,945
25 lakh
9.75%
₹ 1,15,074
₹ 80,375
₹ 63,107
₹ 52,811
₹ 46,000
₹ 41,181
30 lakh
9.75%
₹ 1,38,089
₹ 96,450
₹ 75,728
₹ 63,373
₹ 55,200
₹ 49,417
35 lakh
9.75%
₹ 1,61,104
₹ 1,12,525
₹ 88,349
₹ 73,935
₹ 64,400
₹ 57,653
Car Loan EMI Calculator

The Benefits of Using an EMI Calculator for a Car Loan

  • The Following is a breakdown of the due amount: The EMI calculator for a car loan allows you to determine the processing costs, interest paid, total amount due, and principle amount.
  • Your Budget Can Be Planned: Once you know how much EMI you'll have to pay, you can make a budget. If the loan amount is substantial, you may want to consider a longer repayment period. The vehicle loan EMI calculator can help you figure out these data.
  • Accuracy: The answers presented on the calculator are correct based on the information entered on the calculator. The results of manual computations may not be correct.
  • Saves Time: The main goal of the EMI calculator for a car loan is to save time. The results are presented relatively soon when the appropriate details are submitted.
  • No Limit: There is no limit to how many times you may use the calculator. As a result, you utilise the calculator to experiment with various options. This might assist you in determining the best lender and the required down payment.
  • Compare: You can compare the EMIs for different numbers because the calculator has no restriction on how many times it can be used.

New Car Loan Interest Rates Comparison Offered by Top Lenders

Name of the Lender Interest Rate (p.a.) Loan Amount Processing Fee
Union Bank of India 7.40% onwards Up to ₹ 125 lakh 0.25% to 0.50% of the loan amount
IDBI Bank 7.35% onwards (floating) Up to ₹ 25 lakh -
Axis Bank 7.45% onwards ₹ 1 lakh onwards ₹ 3,500 to ₹ 5,500
State Bank of India 7.20% onwards Up to 48 times of monthly income Nil (Until 31 January 2022)
Jammu And Kashmir Bank

RLLR + 0.75% onwards (floating)

RLLR + 1.50% onwards (fixed)

₹ 50 lakh 0.5% of loan amount Min: ₹ 1,500
Canara Bank Car Loan 7.30% onwards Up to 90% of the car's value 0.25% of loan amount Min: ₹ 1,000 Max: ₹ 5,000
Federal Bank Car Loan 8.50% onwards Up to 100% of the car's ex-showroom price ₹ 1,500 to ₹ 2,500
Bank of Baroda 7.00% onwards ₹ 1,500 (plus GST) 0.5% of loan amount Max: ₹ 10,000
Bank of India Car Loan 7.35% onwards ₹ 200 lakh 0.25% of loan amount

Car Loan Eligibility

Do you have questions regarding your auto loan eligibility and what you can do to improve your chances of being approved? BankBazaar provides you with all of the information you need about vehicle loan eligibility from the most reputable institutions. Get a trustworthy guide to selecting the best auto loan for you so you can make the best decision and apply for the best car loan right now. Your eligibility for a vehicle loan may differ depending on the lender, however many will look for the following criteria:

Particulars Details
Minimum Age of the Applicant 18 years
Maximum Age of the Applicant 60 years for salaried applicants and 65 years for self-employed applicants
Minimum Annual Income ₹ 3 lakh
Car Model Any approved car model
Type of Employment Salaried or self-employed
Country or Place of Residence India (rural/semi-urban/urban areas)
Duration of Stay in Current Residence A minimum of 1 year

How is EMI determined

The EMI for any type of loan is essentially calculated using a formula. The formula is as follows:

E = P x R x (1+R)^n / {(1+R)^n – 1}

where ‘E’ stands for the EMI you owe,

‘P’ stands for the principal amount,

‘R’ stands for the interest rate applicable to your car loan,

and ‘n’ stands for the tenure of the car loan (in months).

Disclaimer: The EMI Calculator's computation is based on the information you gave and is only intended to be used as a guide. The figures in this computation are in Indian Rupees and have been rounded to the nearest whole number. Monthly payments are estimated and do not include any processing or other fees that may apply depending on the financial institution / banks. All loan amounts are based on non-commercial use and are contingent on credit clearance from a third-party lender. Depending on the kind and use of the car, regional lender restrictions, and the quality of your credit, the actual down payment and resultant monthly payments may vary. For a precise monthly payment, check with your dealer.

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