₹10 Lakh Car:
What Will It Really Cost?
Down payment, EMI, loan tenure and the costs people often forget when planning their car purchase.
₹10,00,000
The showroom price is only the beginning.
How much should you actually finance?
A ₹10 lakh car doesn't necessarily mean taking a ₹10 lakh car loan.
Your down payment, loan tenure and interest rate can significantly change the amount you pay every month and the total amount paid over the life of the loan.
For example, someone may choose to make a ₹2 lakh down payment and finance the remaining ₹8 lakh. Another buyer may put down ₹3 lakh and borrow ₹7 lakh.
Three ways to finance a ₹10 lakh car.
The examples below use an illustrative 9% annual interest rate. Actual rates and EMIs vary by lender, borrower profile and loan terms.
₹2 Lakh Down Payment
Lower upfront contribution means a larger amount is financed.
₹3 Lakh Down Payment
A higher down payment reduces the amount you borrow.
₹4 Lakh Down Payment
More money upfront can mean a smaller loan and potentially lower interest costs.
Your car budget has more than one number.
Down Payment
Money paid upfront toward the purchase. It reduces the amount you need to borrow.
Loan Amount
The amount financed by the lender after accounting for your down payment and applicable terms.
Interest
The cost of borrowing. A lower rate or shorter tenure can change your overall repayment cost.
Insurance
Motor insurance is another recurring cost of owning and protecting your vehicle.
Fuel
Your monthly running cost depends on how much you drive and the vehicle's efficiency.
Maintenance
Servicing, tyres, repairs and other maintenance costs should also be part of your ownership budget.
What could the EMI look like?
Illustration for an ₹8 lakh loan at 9% annual interest. Actual EMI will depend on the lender, rate and loan terms.
| Tenure | Approx. EMI | Approx. Total Interest |
|---|---|---|
| 3 Years | ₹25,440 / month | ₹1.16 Lakh |
| 5 Years | ₹16,607 / month | ₹1.96 Lakh |
| 7 Years | ₹12,867 / month | ₹2.81 Lakh |
Five things worth checking.
How much can I comfortably put down without exhausting my savings?
Will the EMI leave enough room for my other monthly commitments?
How much will I pay in total interest over the loan tenure?
Have I included insurance, fuel and maintenance in my budget?
Will this purchase affect my investments and other financial goals?
₹10 lakh car loan questions.
The best car loan is one that fits your life.
Don't choose a car only because the EMI looks affordable. Look at the complete financial picture before you make the decision.
Talk to Raaj Wealth Sol
₹10 Lakh Car:
What Will It Really Cost?
Down payment, EMI, loan tenure and the costs people often forget when planning their car purchase.
₹10,00,000
The showroom price is only the beginning.
How much should you actually finance?
A ₹10 lakh car doesn't necessarily mean taking a ₹10 lakh car loan.
Your down payment, loan tenure and interest rate can significantly change the amount you pay every month and the total amount paid over the life of the loan.
For example, someone may choose to make a ₹2 lakh down payment and finance the remaining ₹8 lakh. Another buyer may put down ₹3 lakh and borrow ₹7 lakh.
Three ways to finance a ₹10 lakh car.
The examples below use an illustrative 9% annual interest rate. Actual rates and EMIs vary by lender, borrower profile and loan terms.
₹2 Lakh Down Payment
Lower upfront contribution means a larger amount is financed.
₹3 Lakh Down Payment
A higher down payment reduces the amount you borrow.
₹4 Lakh Down Payment
More money upfront can mean a smaller loan and potentially lower interest costs.
Your car budget has more than one number.
Down Payment
Money paid upfront toward the purchase. It reduces the amount you need to borrow.
Loan Amount
The amount financed by the lender after accounting for your down payment and applicable terms.
Interest
The cost of borrowing. A lower rate or shorter tenure can change your overall repayment cost.
Insurance
Motor insurance is another recurring cost of owning and protecting your vehicle.
Fuel
Your monthly running cost depends on how much you drive and the vehicle's efficiency.
Maintenance
Servicing, tyres, repairs and other maintenance costs should also be part of your ownership budget.
What could the EMI look like?
Illustration for an ₹8 lakh loan at 9% annual interest. Actual EMI will depend on the lender, rate and loan terms.
| Tenure | Approx. EMI | Approx. Total Interest |
|---|---|---|
| 3 Years | ₹25,440 / month | ₹1.16 Lakh |
| 5 Years | ₹16,607 / month | ₹1.96 Lakh |
| 7 Years | ₹12,867 / month | ₹2.81 Lakh |
Five things worth checking.
How much can I comfortably put down without exhausting my savings?
Will the EMI leave enough room for my other monthly commitments?
How much will I pay in total interest over the loan tenure?
Have I included insurance, fuel and maintenance in my budget?
Will this purchase affect my investments and other financial goals?
₹10 lakh car loan questions.
The best car loan is one that fits your life.
Don't choose a car only because the EMI looks affordable. Look at the complete financial picture before you make the decision.
Talk to Raaj Wealth Sol