10 Lakh Car Loan EMI: ₹20,133 a Month Over 5 Years at 7.7% p.a.
A 10 lakh car loan EMI works out to ₹20,133 a month over 5 years and ₹15,437 over 7 years at 7.7% p.a., the lowest new-car rate published by any of the 30 lenders we checked on 9 November 2026. The median floor of 8.5% p.a. gives ₹20,517 and ₹15,836. Just two lenders, UCO Bank and Bank of Maharashtra, print 7.7%, both for high credit scores.
₹10 lakh car loan EMI by tenure
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹10 lakh | ₹31,198 interest ₹1,23,128 | ₹24,272 interest ₹1,65,056 | ₹20,133 interest ₹2,07,980 | ₹17,387 interest ₹2,51,864 | ₹15,437 interest ₹2,96,708 |
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹10 lakh | ₹31,568 interest ₹1,36,448 | ₹24,648 interest ₹1,83,104 | ₹20,517 interest ₹2,31,020 | ₹17,778 interest ₹2,80,016 | ₹15,836 interest ₹3,30,224 |
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹10 lakh | ₹36,132 interest ₹3,00,752 | ₹29,354 interest ₹4,08,992 | ₹25,372 interest ₹5,22,320 | ₹22,785 interest ₹6,40,520 | ₹20,994 interest ₹7,63,496 |
Reducing-balance EMI on the loan amount alone. Processing fee, insurance and registration are paid separately.
Published starting rates for this loan
| Lender | New car rate | Max tenure | Funding |
|---|---|---|---|
| UCO Bank PSU bank | 7.7% to 10.25% p.a. | Up to 7 years | Up to 90% of on-road price |
| Bank of Maharashtra PSU bank | 7.7% to 12% p.a. | Up to 7 years | Up to 100% of on-road price |
| IDBI Bank Private bank | 7.75% to 8.9% p.a. | Up to 7 years | Not published by the lender |
| Indian Bank PSU bank | 7.75% to 9.1% p.a. | Up to 7 years | Up to 90% of on-road price |
| Canara Bank PSU bank | 7.75% to 10.95% p.a. | Up to 7 years | Up to 90% |
| Saraswat Bank Co-operative bank | from 7.8% p.a. | Up to 7 years | Up to 95% |
| Indian Overseas Bank PSU bank | 7.85% to 8.85% p.a. | Up to 7 years | Up to 90% of on-road price |
| Union Bank of India PSU bank | 7.85% to 10.25% p.a. | Up to 7 years | Up to 90% of on-road price |
| Bank of Baroda PSU bank | 7.85% to 11.55% p.a. | Up to 7 years | Up to 90% of on-road price |
| Punjab & Sind Bank PSU bank | 7.85% to 14.3% p.a. | Up to 7 years | Up to 100% of on-road price |
10 lakh car loan EMI in one look: 5 years against 7 years
Picture the dealer's quote with ₹10,00,000 left to borrow; the table above prices it at three rates.
At 7.7% p.a. the 5-year EMI is ₹20,133 and the 7-year EMI is ₹15,437. Going long frees ₹4,696 a month (₹20,133 minus ₹15,437) but costs ₹88,735 more in interest (₹2,96,722 minus ₹2,07,987).
The median floor, 8.5% p.a., gives ₹20,517 and ₹15,836, and there the 7-year route adds ₹99,273 (₹3,30,265 minus ₹2,30,992).
The highest published ceiling, 17.96% p.a., is another world: ₹25,372 a month over 5 years, or ₹20,994 over 7 with ₹7,63,530 of interest. Such rates go to weak scores; your score moves the EMI more than tenure does.
What salary a ₹10 lakh car loan needs
Lenders run one test: every EMI you pay, the new one included, must fit inside half your take-home. At the median 8.5% p.a. that is ₹41,034 a month for the 5-year loan (₹20,517 times two) and ₹31,672 for the 7-year loan (₹15,836 times two).
The 3-year loan wants roughly ₹63,136 (₹31,568 times two), so most borrowers here pick 5 or 7 years. Existing EMIs eat into the same half. Lender cut-offs are on our car loan eligibility page.
What car does ₹10 lakh of finance buy?
The RBI leaves the funding share to each lender's board. Twelve of the 30 priced lenders publish funding of up to 100% of on-road price, so ₹10 lakh of finance can buy a ₹10,00,000 car with nothing down. Most other public sector banks stop at 90%, PNB at 85%.
- At 90% funding, ₹10,00,000 divided by 0.9 is ₹11,11,111, so you bring ₹1,11,111 (₹11,11,111 minus ₹10,00,000).
- At 80%, ₹10,00,000 divided by 0.8 is ₹12,50,000, and you bring ₹2,50,000 (₹12,50,000 minus ₹10,00,000).
Two limits sit at ₹10 lakh: Canara Bank's margin rises from 10% to 15% beyond it for customers outside government and PSU jobs, and Bank of Baroda's processing charge steps from ₹1,500 to ₹2,000 plus GST. Test other splits on the car loan EMI calculator.
Which lenders start lowest on a ₹10 lakh car loan
Five of the ten floors in the strip above, with the fine print in words; a floor is a start, not a promise. Our car loan interest rates page carries all 30.
| Lender | New-car band (p.a.) | Who gets the floor |
|---|---|---|
| UCO Bank | 7.7% to 10.25% | CIBIL 825 plus; floating, from 8 October 2026 |
| Bank of Maharashtra | 7.7% to 12% | CIBIL 800 plus, salaried |
| IDBI Bank | 7.75% to 8.9% | Not published |
| Indian Bank | 7.75% to 9.1% | Not published |
| Canara Bank | 7.75% to 10.95% | Women, CRG-PRIME grade, limit above ₹15 lakh; a ₹10 lakh loan starts at 7.80% |
Choosing well at ₹10 lakh, and the mistakes to skip
How to choose the right car loan at this amount: judge by total cost, not the monthly figure; take the shortest tenure the half-of-take-home test allows; and pick a lender whose floor condition your score meets. Ask for the Key Facts Statement; its APR includes every charge.
Common mistakes: stretching to 7 years and paying the extra interest shown above; signing a fixed rate without reading its foreclosure clause; forgetting a floating EMI moves with the repo rate, 5.5% since 7 October 2026.
Under the RBI's 2025 pre-payment directions, a floating-rate car loan sanctioned from 1 January 2026 can be part-paid or closed free, with no lock-in; fixed-rate loans are outside it. See the car loan hub, or the ₹8 lakh and ₹12 lakh pages.
Frequently asked questions
What is the EMI for a 10 lakh car loan for 7 years?
What is the EMI on a 10 lakh car loan for 5 years?
What is the 10 lakh car loan EMI for 3 years?
How much interest do I pay on a 10 lakh car loan?
What salary is required for a 10 lakh car loan?
How much down payment do I need for a 10 lakh car loan?
Which bank is best for a 10 lakh car loan?
Can I prepay a 10 lakh car loan early without a penalty?
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Disclaimer. Car loan rates are indicative and subject to change. The final rate depends on the lender's assessment of your profile and the car. Last verified on 9 November 2026. BankCreds is not a lender.
Sources
- UCO Bank: UCO Bank, Repo latest (Annexure I Retail: UCO Float linked rates)
- Bank of Maharashtra: Bank of Maharashtra, Retail Interest Rates (Rate of Interest Retail Loans)
- IDBI Bank: IDBI Bank, Interest Rates (Retail Loans: Interest Rate structure for Structured Retail Asset (SRA) Products, Auto Loan; Fixed Rate Loans)
- Indian Bank: Indian Bank, Interest Rates on Personal Segment Loan Products: Floating
- Canara Bank: Canara Bank, Rates of Interest for Retail Lending Schemes linked to RLLR - 2. Canara Vehicle Loan
- Saraswat Bank: Saraswat Co-operative Bank, Interest Rates (Retail Loans)
- Indian Overseas Bank: Indian Overseas Bank, Lending Interest Rates (Retail Credit Interest Rates)
- Union Bank of India: Union Bank of India, Rate of Interest for Retail Lending Schemes w.e.f. 08.10.2026 (Retail Asset Vertical) - 2. Union Vehicle Loan / Union Green Vehicle Loan
- Bank of Baroda: Bank of Baroda, Retail Loans Interest Rates - Baroda Auto Loan (Interest Rate linked to BRLLR / linked to MCLR)
- Punjab & Sind Bank: Punjab & Sind Bank, PSB Prime Lending Rate (EBLR rate of interest tables)
Last verified: 9 November 2026
Written by Anjali Bhargawa, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.