6 Lakh Car Loan EMI: ₹12,080 a Month for 5 Years, ₹9,262 for 7
Put ₹1,50,000 down on a car costing ₹7,50,000 on road and you borrow the other ₹6,00,000. The 6 lakh car loan EMI is ₹12,080 a month over 5 years, or ₹9,262 over 7, at 7.7% p.a., the lowest new-car floor among 30 lenders on 9 November 2026 (UCO Bank, CIBIL 825 and above).
₹6 lakh car loan EMI by tenure
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹6 lakh | ₹18,719 interest ₹73,884 | ₹14,563 interest ₹99,024 | ₹12,080 interest ₹1,24,800 | ₹10,432 interest ₹1,51,104 | ₹9,262 interest ₹1,78,008 |
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹6 lakh | ₹18,941 interest ₹81,876 | ₹14,789 interest ₹1,09,872 | ₹12,310 interest ₹1,38,600 | ₹10,667 interest ₹1,68,024 | ₹9,502 interest ₹1,98,168 |
| Loan amount | 3 years | 4 years | 5 years | 6 years | 7 years |
|---|---|---|---|---|---|
| ₹6 lakh | ₹21,679 interest ₹1,80,444 | ₹17,612 interest ₹2,45,376 | ₹15,223 interest ₹3,13,380 | ₹13,671 interest ₹3,84,312 | ₹12,597 interest ₹4,58,148 |
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 |
6 lakh car loan EMI: 5 years against 7
Stretching from 5 to 7 years at 7.7% p.a. trims the EMI from ₹12,080 to ₹9,262, a saving of ₹2,818 a month (12,080 minus 9,262). Interest goes the other way: ₹1,24,792 over 5 years becomes ₹1,78,033 over 7, so the two extra years cost ₹53,241 (1,78,033 minus 1,24,792).
The 8.5% median floor adds just ₹230 a month to the 5-year EMI (12,310 minus 12,080). The 17.96% ceiling hurts. It is IndusInd Bank's RBI disclosure of the highest rate it actually charged from July to September 2026, not an offer, and over 5 years it means ₹15,223 a month and ₹3,13,380 of interest. Try other mixes on the car loan EMI calculator.
Salary required for a 6 lakh car loan
Most lenders want every EMI you pay, added together, inside roughly half of your take-home (FOIR 50%). At the 8.5% median rate the 5-year plan needs a take-home of ₹24,620 (12,310 times 2) and the 7-year plan ₹19,004 (9,502 times 2).
Both assume no other loan. A ₹5,000 personal loan EMI lifts the 5-year figure to ₹34,620 (12,310 plus 5,000, times 2). Income floors, age limits and score cut-offs by lender are in the car loan eligibility guide.
What car does a ₹6 lakh loan pay for?
A lender finances part of the on-road price (showroom price plus registration, road tax and insurance); the balance is your margin. At 90% funding, ₹6,00,000 buys a car worth ₹6,66,667 on road (6,00,000 divided by 0.9), leaving ₹66,667 for you (6,66,667 minus 6,00,000). At 80% the budget rises to ₹7,50,000 (6,00,000 divided by 0.8) and the other ₹1,50,000 is yours.
Ninety per cent is the public sector norm (UCO Bank, Canara Bank, Indian Bank, Bank of Baroda). Up to 100% appears at SBI, Bank of Maharashtra, Axis Bank and ICICI Bank, at HDFC Bank for selected models, and at IDFC FIRST Bank on the ex-showroom price. A 100% figure is a ceiling for well-rated borrowers, not the default.
Which lenders start lowest for a 6 lakh car loan
Six floors sit under 8% p.a., each with strings attached.
| Lender | Floor | Condition printed |
|---|---|---|
| UCO Bank | 7.7% | CIBIL 825 or more; floating |
| Bank of Maharashtra | 7.7% | Salaried, CIBIL 800 or more |
| IDBI Bank | 7.75% | None printed; band to 8.9% |
| Indian Bank | 7.75% | None printed; margin 10% to 15% |
| Canara Bank | 7.75% | Women, CRG-PRIME, limits above ₹15 lakh; others 7.80% |
| Saraswat Bank | 7.8% | Income proof; varies with CIBIL; fixed |
Mind the amount clauses. A ₹6 lakh Canara borrower outside its women and CRG-PRIME groups falls under the ₹15 lakh line, where the printed rate is 7.80%. City Union Bank (floor 8.7%) stops at 60 months, so no 7-year plan. ICICI Bank's 8.4% needs a term above 36 months. The full rate table covers all 30 lenders.
Choosing well at ₹6 lakh, and three traps
How to choose the right car loan: check your score (the 7.7% floors need 825 and 800), weigh total interest (the 5-year plan saves ₹53,241 over the 7-year plan at 7.7%), and read the Key Facts Statement, compulsory since 1 October 2024, which shows the APR.
Common mistakes: stretching to 7 years for a dearer car when a bigger down payment does the same job; treating fixed and floating rates alike; ignoring the ceiling, where 17.96% over 7 years repays ₹10,58,118.
The RBI's 2025 directions on pre-payment charges make part payment and foreclosure free, with no lock-in, on a personal floating-rate car loan sanctioned from 1 January 2026; fixed-rate loans are outside the rule. Next: the 5 lakh and 7 lakh car loan EMI pages, or the car loan hub.
Frequently asked questions
What is the 6 lakh car loan EMI for 7 years?
What is the 6 lakh car loan EMI for 5 years?
What is the 6 lakh car loan EMI for 3 years?
How much interest is paid on a 6 lakh car loan?
What salary is required for a 6 lakh car loan?
How much down payment do I need for a 6 lakh car loan?
Which bank is best for a 6 lakh car loan?
Can I prepay a 6 lakh car loan early?
Related car loan pages
- Car Loan in India: Rates, EMI Calculator and Banks (November 2026) Car loan rates from 30 Indian lenders, verified 9 November 2026: floors from 7.70% p.a., who actually gets them, and a...
- 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
- 5 Lakh Car Loan EMI: ₹7,719 a Month Over 7 Years at 7.7% ₹5 lakh car loan EMI: ₹10,067 a month over 5 years or ₹7,719 over 7 at the lowest published 7.7% p.a
- 7 Lakh Car Loan EMI: ₹14,093 for 5 Years, ₹10,806 for 7 7 lakh car loan EMI: ₹14,093 a month over 5 years at the 7.7% floor, ₹14,362 at the 8.5% median
- Car Loan Eligibility in India: Age, Income and Credit Score Rules Car loan eligibility from 30 lenders' pages: minimum salaries from ₹8,000 to ₹50,000 a month, age limits, FOIR caps and...
- Car Loan Interest Rates November 2026: All Banks Compared Car loan interest rates in November 2026 start 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
- Bank of Maharashtra Car Loan Interest Rate November 2026: From 7.70% Bank of Maharashtra car loan interest rate: 7.70% to 12% p.a
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.