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Drive your dream car home. Calculate your monthly installments, total interest cost, and plan your car purchase effectively.
Monthly EMI
| Principal Amount | ₹8,00,000 |
|---|---|
| Total Interest | ₹1,84,794 |
Principal + Interest
Total repayment period
Your interest cost is 18.8% of your total payment. Putting ₹1 Lakh more down would save ₹23,099 in interest.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| Year 1 | ₹1,34,103 | ₹62,855 | ₹6,65,897 |
| Year 2 | ₹1,45,957 | ₹51,002 | ₹5,19,940 |
| Year 3 | ₹1,58,858 | ₹38,101 | ₹3,61,082 |
| Year 4 | ₹1,72,900 | ₹24,059 | ₹1,88,182 |
| Year 5 | ₹1,88,182 | ₹8,776 | ₹0 |
Buying a car is a significant financial milestone. A car loan helps you spread the cost over several years, but it's important to understand the total cost of ownership, including interest, insurance, and maintenance.
Don't forget to factor in monthly fuel expenses and insurance premiums alongside your EMI.
Set aside a small amount monthly for regular servicing and unexpected repairs to keep your car in top shape.