EV Car Loan EMI Calculator
Work out the monthly EMI for any electric car in India. Choose a variant or enter a price, then adjust the down payment, interest rate and tenure.
Optional. Many states waive road tax and registration fees for EVs.
Optional, usually up to 1% of the loan. Paid upfront, not part of the EMI.
Your monthly EMI
₹20,742/month
for 60 months at 9% on a loan of ₹9,99,200
- Loan amount
- ₹9,99,200
- Total interest
- ₹2,45,305
- Total loan repayment
- ₹12,44,505
- Down payment + fee
- ₹2,49,800
- Total cost of the car
- ₹14,94,305
On-road ₹12,49,000 + interest + fee
- Principal₹9,99,200 · 80%
- Interest₹2,45,305 · 20%
Compare tenures
| Tenure | EMI | Total interest |
|---|---|---|
| ₹31,774 | ₹1,44,675 | |
| ₹24,865 | ₹1,94,326 | |
| ₹20,742 | ₹2,45,305 | |
| ₹18,011 | ₹2,97,600 | |
| ₹16,076 | ₹3,51,201 |
Year-wise repayment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,65,697 | ₹83,204 | ₹8,33,503 |
| 2 | ₹1,81,241 | ₹67,660 | ₹6,52,262 |
| 3 | ₹1,98,243 | ₹50,658 | ₹4,54,019 |
| 4 | ₹2,16,839 | ₹32,062 | ₹2,37,180 |
| 5 | ₹2,37,180 | ₹11,721 | ₹0 |
Indicative figures on a reducing-balance basis. Your bank's rate, fees and the on-road price in your city decide the final EMI.
EMI of Popular Electric Cars
Starting EMI with 20% down payment at 9% for 5 years (ex-showroom price)
| Electric car | Starting price | EMI from |
|---|---|---|
| Tata Tiago EV | ₹6.99 Lakh | ₹11,608/month |
| MG Comet EV | ₹7.9 Lakh | ₹13,116/month |
| Tata Punch EV | ₹9.79 Lakh | ₹16,258/month |
| Tata Nexon EV | ₹12.49 Lakh | ₹20,742/month |
| Tata Tigor EV | ₹12.49 Lakh | ₹20,742/month |
| Mahindra XUV 3XO EV | ₹13.89 Lakh | ₹23,067/month |
| MG Windsor EV | ₹14.85 Lakh | ₹24,658/month |
| Tata Curvv EV | ₹17.19 Lakh | ₹28,547/month |
| Mahindra XUV400 EV | ₹17.49 Lakh | ₹29,045/month |
| MG ZS EV | ₹17.99 Lakh | ₹29,875/month |
| Hyundai Creta Electric | ₹18.03 Lakh | ₹29,939/month |
| Tata Sierra EV | ₹18.79 Lakh | ₹31,204/month |
| Mahindra BE 6 Sporteq | ₹19.45 Lakh | ₹32,300/month |
| MG Hector Tomahawk EV | ₹19.5 Lakh | ₹32,380/month |
| Mahindra XEV 9S | ₹20.65 Lakh | ₹34,293/month |
| Tata Harrier EV | ₹21.79 Lakh | ₹36,186/month |
| Mahindra XEV 9e | ₹21.9 Lakh | ₹36,369/month |
| Hyundai IONIQ 5 | ₹55.71 Lakh | ₹92,509/month |
| MG M9 | ₹79.95 Lakh | ₹1,32,767/month |
| MG Cyberster | ₹82.5 Lakh | ₹1,37,002/month |
How Car Loan EMI Is Calculated
An EMI (equated monthly instalment) is the fixed amount you pay the bank every month until the loan is repaid. Each EMI has two parts: interest on the balance still outstanding, and principal. In the early months most of the EMI goes towards interest; towards the end, most of it repays the principal.
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P: loan amount (on-road price minus down payment)
- r: monthly interest rate (annual rate ÷ 12 ÷ 100)
- n: tenure in months
Example
For a loan of ₹10,00,000 at 9% a year for 5 years (60 months), the EMI is ₹20,758. Over the full tenure you repay ₹12,45,501, of which ₹2,45,501 is interest.
How to Lower the EMI on Your Electric Car
Pay a bigger down payment
Every ₹1 lakh you pay upfront cuts the loan, the EMI and the interest on it.
Compare green car loan offers
Several banks and NBFCs run EV-specific loans with lower rates or processing fees. Even 0.5% less interest adds up over 5 years.
Choose the tenure carefully
A longer tenure lowers the EMI but raises the total interest. Pick the shortest tenure whose EMI you can comfortably afford.
Count state EV incentives
Road tax and registration waivers in many states lower the on-road price, so you borrow less.
Check your credit score
A score above 750 usually gets the best rates. Clear old dues before you apply.
Prepay when you can
Part-prepayments reduce the outstanding balance and the interest. Check the prepayment charges in your loan agreement.
EV Car Loan EMI: Frequently Asked Questions
How is car loan EMI calculated?
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Banks in India calculate car loan EMIs on a reducing balance, so interest is charged only on the amount still outstanding.
Is the EMI for an electric car different from a petrol car?
The formula is the same. The difference is in the inputs: some banks offer green car loans with slightly lower interest rates or fees for EVs, and many states waive road tax and registration charges, which lowers the on-road price you finance.
How much down payment should I make on an EV?
Lenders usually finance up to 80-90% of the on-road price. A larger down payment reduces both the EMI and the total interest. A common rule of thumb is to pay at least 20% upfront and keep the EMI within 10-15% of your monthly income.
Which tenure is best for a car loan?
A longer tenure lowers the EMI but increases the total interest you pay. Use the "Compare tenures" table in the calculator to see the trade-off: most buyers choose 3 to 5 years, and lenders typically offer up to 7 years.
Is there a tax benefit on electric car loans?
Section 80EEB of the Income Tax Act allowed individuals to deduct up to ₹1.5 lakh a year of interest on a loan for an electric vehicle, but only for loans sanctioned between 1 April 2019 and 31 March 2023. New loans do not qualify. Business owners may still claim interest and depreciation as business expenses; check with a tax adviser.
Does this calculator include the on-road price?
Car prices on this site are ex-showroom. Add insurance, registration and other charges in the "Insurance, registration & other charges" field to calculate the EMI on the on-road price, which is what most banks finance.