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Car loan calculator: What will a ₹10 lakh loan cost over 3, 5 and 7 years? Full calculations
Mint 1 hr ago·2 Nov 2026, 6:16 am
A new guide breaks down the cost of a ₹10 lakh car loan across different timeframes. By comparing a 3-year, 5-year, and 7-year tenure at a standard interest rate of 7.55%, the analysis shows that while a longer loan lowers your monthly payment, it significantly increases the total interest paid. For example, the 7-year option results in a monthly EMI that is nearly ₹15,766 lower than a 3-year loan, but adds about ₹1.70 lakh in interest over the life of the loan.
This matters to investors because it highlights the trade-off between short-term cash flow and long-term cost. A lower EMI might seem attractive, but it can lead to paying more for the car in the long run. Before committing, it is important to check the interest rate, processing fees, and any prepayment charges. Understanding these factors helps borrowers choose a tenure that fits their budget without overpaying for the vehicle.
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