15 Lakh Car Loan EMI: ₹23,156 a Month for 7 Years at 7.7% p.a.
Stretch a ₹15 lakh car loan to 7 years and the EMI at the lowest published floor, 7.7% p.a. at UCO Bank for CIBIL scores of 825 and above, is ₹23,156 a month. The 15 lakh car loan EMI figures below run from 3 to 7 years at that floor, the 8.5% median and the 17.96% ceiling.
₹15 lakh car loan EMI by tenure
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹15 lakh | ₹46,797 interest ₹1,84,692 | ₹36,409 interest ₹2,47,632 | ₹30,200 interest ₹3,12,000 | ₹26,081 interest ₹3,77,832 | ₹23,156 interest ₹4,45,104 |
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹15 lakh | ₹47,351 interest ₹2,04,636 | ₹36,972 interest ₹2,74,656 | ₹30,775 interest ₹3,46,500 | ₹26,668 interest ₹4,20,096 | ₹23,755 interest ₹4,95,420 |
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹15 lakh | ₹54,198 interest ₹4,51,128 | ₹44,031 interest ₹6,13,488 | ₹38,058 interest ₹7,83,480 | ₹34,178 interest ₹9,60,816 | ₹31,492 interest ₹11,45,328 |
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 |
15 lakh car loan EMI by tenure
At 7.7% p.a. the 7-year EMI is ₹23,156 with ₹4,45,084 of interest. Five years costs ₹7,044 more a month (₹30,200 minus ₹23,156) but saves ₹1,33,103 of interest (₹4,45,084 minus ₹3,11,981).
At the 8.5% median the 7-year EMI is ₹23,755 and the interest ₹4,95,397; the 5-year EMI is ₹30,775.
IndusInd Bank's 17.96% p.a. ceiling is the top of the range it actually charged last quarter (an RBI disclosure, not an offer). There the 7-year EMI is ₹31,492 and interest reaches ₹11,45,294, ₹7,00,210 above the floor (₹11,45,294 minus ₹4,45,084).
The take-home pay this loan needs
Lenders usually cap all your EMIs at half of take-home pay. At the 8.5% median the 5-year EMI of ₹30,775 needs about ₹61,550 a month in hand (₹30,775 divided by 0.5); the 7-year EMI of ₹23,755 needs ₹47,510.
Other EMIs eat into that room: pay ₹10,000 a month elsewhere and only ₹20,775 is left (₹30,775 minus ₹10,000), short of the 5-year EMI, so you'd need a longer term or more down payment. Each bank's income floor is in our car loan eligibility guide.
What on-road price ₹15 lakh covers
Lenders fund a share of the on-road price (ex-showroom plus registration, road tax and insurance). With 10% down, ₹15 lakh is 90% of the price: a ₹16,66,667 car (₹15,00,000 divided by 0.9) with ₹1,66,667 from you. With 20% down, divide by 0.8: an ₹18,75,000 car and ₹3,75,000 down.
SBI, ICICI Bank and Axis Bank print up to 100% of on-road price; UCO Bank, Indian Bank and Bank of Baroda fund 90%. Canara Bank asks 15% from non-government borrowers between ₹10 lakh and ₹25 lakh, so ₹15 lakh buys a ₹17,64,706 car (₹15,00,000 divided by 0.85).
Which lenders start lowest for ₹15 lakh
Two PSU banks hold the 7.7% floor. UCO Bank reserves it for individuals scoring 825 or higher on CIBIL; Bank of Maharashtra gives it to salaried borrowers at 800 and above, as RLLR minus 0.60%.
IDBI Bank and Indian Bank follow at 7.75% with no condition printed. Canara Bank's 7.75% is for women and for sanctioned limits above ₹15 lakh; others pay 7.80%, and a loan of exactly ₹15 lakh sits on that line.
Watch the limits: SBI's 8.55% floor needs a 3 to 5 year term and a score of 800 or more, and ICICI Bank's 8.40% needs more than 36 months. The full table is on our interest rates page.
Choosing the right car loan for ₹15 lakh
Check your credit score first; every floor above hangs on one. Then compare car finance offers on total interest, not EMI: at 8.5%, 7 years costs ₹4,95,397 and 5 years ₹3,46,488.
Three usual mistakes: picking the longest tenure because the EMI looks small, skipping the fee line (UCO Bank's STP route charges 0.50% up to ₹5,000 plus GST; PQVL is free until 31 December 2026), and taking a fixed rate without reading its foreclosure clause.
Prepayment is free on floating-rate personal car loans sanctioned from 1 January 2026 under the RBI's 2025 directions on pre-payment charges; fixed-rate loans may still charge. Next: the ₹12 lakh and ₹20 lakh EMI pages, the EMI calculator, or the car loan hub.
Frequently asked questions
What is the EMI for a 15 lakh car loan for 7 years?
What is the 15 lakh car loan EMI for 5 years?
What is the EMI on a 15 lakh car loan for 3 years?
How much interest do I pay on a 15 lakh car loan?
What salary is required for a 15 lakh car loan?
How much down payment is needed for a 15 lakh car loan?
Which bank is best for a 15 lakh car loan?
Can I prepay a 15 lakh car loan early?
Related car loan pages
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- Car Loan EMI Calculator: Work Out Your Monthly EMI and Total Interest Work out your car loan EMI from price, down payment, rate and tenure
- 12 Lakh Car Loan EMI: ₹24,160 a Month Over 5 Years at 7.7% A 12 lakh car loan costs ₹24,160 a month over 5 years at the 7.7% floor, or ₹18,525 over 7
- 20 Lakh Car Loan EMI: ₹30,874 a Month for 7 Years at 7.7% p.a. A ₹20 lakh car loan costs ₹30,874 a month over 7 years at 7.7%, or ₹5,93,445 in interest
- Car Loan Interest Rates November 2026: All Banks Compared Car loan interest rates in November 2026 start at 7.70% p.a
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- Lowest Car Loan Interest Rate in November 2026: 30 Lenders Ranked UCO Bank and Bank of Maharashtra publish the lowest car loan rate at 7.70% p.a
- UCO Bank Car Loan Interest Rate November 2026: 7.70% for CIBIL 825 UCO Bank car loan interest rate: 7.70% to 10.25% p.a., floating on UCO Float 8.30%, set by CIBIL band
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 Abhishek Kumar, 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.