₹8 Lakh Car Loan EMI: 9% for 5 Years
An ₹8 lakh car loan at 9% for 5 years has an EMI of ₹16,607 a month. The total repayment is ₹9.96 lakh, which includes ₹1.96 lakh of interest.
Updated October 2026
- Monthly EMI ₹16,607
- Total interest ₹1.96 lakh 25% of the loan
- Total repaid ₹9.96 lakh
- Loan amount ₹8 lakh
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Loan Details
₹8 Lakh
Monthly EMI
₹16,607
per month · 5 yr · 9% p.a.
Principal
₹8,00,000
Total Interest
₹1,96,401
Total Payment
₹9,96,401
Principal vs Interest — per year
Amortization Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|---|---|---|---|
| Year 1 | ₹8,00,000 | ₹1,32,664 | ₹66,616 | ₹6,67,336 |
| Year 2 | ₹6,67,336 | ₹1,45,109 | ₹54,171 | ₹5,22,227 |
| Year 3 | ₹5,22,227 | ₹1,58,721 | ₹40,559 | ₹3,63,506 |
| Year 4 | ₹3,63,506 | ₹1,73,610 | ₹25,670 | ₹1,89,896 |
| Year 5 | ₹1,89,896 | ₹1,89,896 | ₹9,384 | ₹0 |
What you still owe while the car ages
A car typically loses value faster than a house, and a loan does not shrink in step with it. After 3 years and 36 payments you would still owe ₹3.64 lakh, which is 45% of the original loan. If you plan to sell in a few years, check that the sale price will clear the outstanding balance.
3, 5 or 7 years
A 3-year loan costs ₹25,440 a month and ₹1.16 lakh in interest. A 7-year loan lowers the EMI to ₹12,871 but the interest rises to ₹2.81 lakh, and you would be paying for the car long after it has stopped feeling new.
| Interest rate | 3 years | 5 years | 7 years |
|---|---|---|---|
| 8% | ₹25,069 (₹1.02 lakh interest) | ₹16,221 (₹1.73 lakh interest) | ₹12,469 (₹2.47 lakh interest) |
| 9% | ₹25,440 (₹1.16 lakh interest) | ₹16,607 (₹1.96 lakh interest) | ₹12,871 (₹2.81 lakh interest) |
| 10% | ₹25,814 (₹1.29 lakh interest) | ₹16,998 (₹2.2 lakh interest) | ₹13,281 (₹3.16 lakh interest) |
EMI per month, with total interest in brackets.
Loan amount versus the real price
- The loan usually covers only part of the price, so plan on a down payment from your own savings.
- The on-road price is higher than the ex-showroom price once registration, road tax and insurance are added. Check what the lender will finance.
- Ask whether insurance and accessories can be rolled into the loan, and what that does to the interest you pay.
Paying extra
An additional ₹1,500 a month ends the loan in 4 years 6 months and saves ₹20,972. It is a modest saving because the loan is short and the balance falls quickly anyway. Check the closure terms first, since some lenders charge for early repayment.
Common questions
What is the EMI on an ₹8 lakh car loan for 5 years?
₹16,607 a month at 9%. At 8% it is ₹16,221 and at 10% ₹16,998.
How much interest will I pay on an ₹8 lakh car loan?
₹1.96 lakh over 5 years, about 25% of the loan amount.
Should I take a 5-year or 7-year car loan?
A 7-year loan lowers the EMI by ₹3,735 but adds ₹84,785 of interest. Most buyers are better off with the shortest term they can afford.
Is 9% what I will be offered?
It is an illustration. Car loan rates differ by lender, by new or used car, and by your credit profile. Put your own rate into the calculator above.