Car Loan Calculator
Applicant & Income Assessment
Salaried: average of latest 3 months’ GMI; deductions from latest month. Non-salaried: average GAI of latest 2 years; deductions from latest financial year.
Estimated eligible EMI₹0
FOIR-based loan eligibility₹0
Vehicle funding ceiling₹0
Indicative assessed loan₹0
Estimated monthly EMI₹0
Estimated margin contribution₹0
Average income used₹0
Deduction basis—
Applicable FOIR—
EMI Calculator
Monthly EMI₹0
Total interest₹0
Total repayment₹0
Illustrative processing fee₹0
Repayment Composition
₹0Total repayment
Principal 0%
Interest 0%
Compare Tenures
Tenure Impact
Monthly EMI and total interest across repayment periods.
| Tenure | Monthly EMI | Total interest | Total repayment |
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Repayment Schedule
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Outstanding Loan Balance
Projected principal balance over the selected repayment period.
| Period | Opening | Principal | Interest | Closing |
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Information
FOIR guidelines (Bank Circular)
- Salaried / Pensioners
- Gross Monthly Income below ₹50,000 → FOIR 60%
- ₹50,000 and above but below ₹1,50,000 → FOIR 70%
- ₹1,50,000 and above → FOIR 80%
- Self-employed / Business / Other Applicants
- Average Gross Annual Income below ₹6,00,000 → FOIR 60%
- ₹6,00,000 and above → FOIR 80%
Vehicle funding (LTV) notes
- Funding ceiling is the lower of 90% of (on-road price less accessories) plus eligible credit-life insurance (capped at 5% of vehicle base) or 95% of vehicle base.
- Indicative assessed loan is the minimum of requested amount, FOIR-based eligibility and vehicle funding ceiling.
Car loan process — from application to disbursement
- Application and applicant profile: Submit the loan application, identify salaried/pensioner or self-employed/business category, and provide requested loan and vehicle details.
- KYC and banking relationship: Complete applicable KYC. For an existing bank customer with at least six months’ relationship, the supplied circular excerpt says fresh KYC is not required, subject to normal KYC compliance. Review the main bank account conduct/statement for the relevant period.
- Income and obligation verification: Salaried/pensioner assessment uses the latest three months’ gross monthly income and latest-month deductions. Other applicants use average gross annual income for the latest two years and deductions from the latest financial year. Obtain applicable salary slips, ITRs, income proof and business proof.
- Vehicle quotation: Obtain the proforma invoice directly from an authorized vehicle dealer. It should separately state invoice/basic price, road tax, registration, insurance, applicable taxes and other charges. The supplied circular says invoices from sub-dealers, brokers or agents should not be accepted, subject to its stated CSD exception.
- Eligibility and appraisal: The bank assesses repayment capacity/FOIR, existing obligations, vehicle funding margin/LTV, applicant and co-applicant details, credit information and sanctioning authority limits.
- Sanction and acceptance: If approved, review and accept the sanction terms, rate, repayment period, margin contribution, fees, insurance treatment and required conditions.
- Documentation and margin: Execute loan/security documents, provide required mandates and complete margin payment/dealer advance verification as directed by the branch.
- Disbursement and vehicle delivery: After conditions are met, the bank disburses as per its process, generally through the authorized dealer. Complete registration/RC hypothecation and insurance formalities and provide documents required by the bank.
- Repayment: Repay EMIs on the sanctioned/pre-fixed due date through the approved repayment mandate. Keep sufficient balance and follow the sanction terms for part-prepayment or foreclosure.
Policy source & disclaimer
- Rates and FOIR bands are derived from the supplied policy circular excerpts. Actual sanction is subject to applicable credit policy, documentation, bureau check and sanctioning authority.
- This calculator is an illustrative tool only and does not constitute an offer of credit.
- Source basis: Master Circular dated 30-03-2026, excerpts supplied by the user. Confirm current applicability with the latest applicable circular and sanctioning authority.