8 Lakh Car Loan EMI: Pay ₹16,106 for 5 Years or ₹12,350 for 7

8 lakh car loan EMI at the lowest, median and highest rates

At the 7.7% p.a. floor the 5-year EMI is ₹16,106 and the 7-year EMI ₹12,350. Two extra years trim the bill by ₹3,756 a month (16,106 minus 12,350) but lift interest from ₹1,66,390 to ₹2,37,378, which is ₹70,988 more (2,37,378 minus 1,66,390).

At the median floor of 8.5% p.a. the same loan costs ₹16,413 or ₹12,669 a month.

The 17.96% p.a. ceiling is the top of the range IndusInd Bank reported to the RBI for July to September 2026, not an offer. Over 5 years it means a ₹20,297 EMI and ₹4,17,840 of interest, ₹2,51,450 above the floor (4,17,840 minus 1,66,390).

The take-home pay an ₹8 lakh car loan needs

Lenders cap all your EMIs, old and new, at about half of take-home (FOIR 50%), so double the EMI for the minimum salary. At the median 8.5% p.a. that is ₹32,826 a month for 5 years (16,413 times 2) and ₹25,338 for 7 (12,669 times 2).

Already paying something off? It comes off that half first, so a bike or phone instalment raises the salary you need. Each lender's own income and age limits are on the car loan eligibility page.

What on-road price does ₹8 lakh of finance cover?

Lenders fund a share of the on-road price (ex-showroom plus registration, road tax and insurance); the RBI sets no loan-to-value rule. Divide the loan by that share:

• 10% down: ₹8,00,000 divided by 0.9 is ₹8,88,889; 8,88,889 minus 8,00,000 leaves ₹88,889 for you to pay.
• 20% down: ₹8,00,000 divided by 0.8 is ₹10,00,000; 10,00,000 minus 8,00,000 is ₹2,00,000 from you.

ICICI Bank, SBI, Axis Bank and Bank of Maharashtra publish up to 100% of on-road price; HDFC Bank only for selected models. Indian Bank, Central Bank of India and UCO Bank print 90%, PNB 85%.

Which lenders start lowest on an ₹8 lakh car loan

Six of the ten floors in the strip above, with the condition each carries:

• UCO Bank: 7.7% p.a., floating, CIBIL 825 or more; band to 10.25%.
• Bank of Maharashtra: 7.7% p.a., salaried borrowers at 800 and above; band to 12%.
• Indian Bank: 7.75% to 9.1% p.a., no condition printed.
• Indian Overseas Bank: 7.85% p.a., score of 800 or more, non-electric car; ceiling 8.85%.
• Punjab & Sind Bank: 7.85% p.a., CIBIL Credit Vision Score of 825 and above.
• Canara Bank: 7.75% p.a. is printed against women, CRG-PRIME grade and limits above ₹15 lakh, 7.80% for other borrowers.

Below ₹10 lakh, SBI charges salaried borrowers ₹1,000 plus GST and Bank of Baroda ₹1,500 plus GST; all 30 bands are on the car loan interest rates page.

How to choose the right car loan for ₹8 lakh, and the mistakes that cost

Pick the tenure before the lender: 5 years at 7.7% p.a. saves ₹70,988 against 7 (2,37,378 minus 1,66,390). Then match the floor's condition to your score and read the fee and exit clause before the rate.

Common mistakes: chasing a 7.7% headline with a score under 800, and comparing fixed and floating rates as if their exit terms matched.

On prepayment: the RBI's 2025 directions on pre-payment charges let an individual close or part-pay a floating-rate personal car loan sanctioned from 1 January 2026 free, with no lock-in; fixed-rate loans stay outside. Run other splits on the car loan EMI calculator, see ₹7 lakh or ₹10 lakh, or start at the car loan hub.