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Canara Bank ₹15 lakh Car Loan EMI for 7 Years
At the advertised starting rate of 7.8%, the EMI is about ₹23,230 a month, with total interest of about ₹4,51,332.
Source: Canara Bank official page, checked 2 November 2026.
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Prepayment options (optional): pay extra to finish sooner
EMI at higher rates
| Rate | EMI | Total interest | Total payment |
|---|---|---|---|
| 7.8% (starting) | ₹23,230 | ₹4,51,332 | ₹19,51,332 |
| 8.3% | ₹23,604 | ₹4,82,748 | ₹19,82,748 |
| 8.8% | ₹23,982 | ₹5,14,458 | ₹20,14,458 |
| 9.3% | ₹24,363 | ₹5,46,460 | ₹20,46,460 |
| 9.8% | ₹24,747 | ₹5,78,752 | ₹20,78,752 |
Year-by-year repayment schedule at 7.8%
How much of each year's payments goes to principal and to interest, and what you still owe at the end of the year. Use the calculator above for a month-by-month view and prepayment options.
| Year | Principal | Interest | Paid | Balance left |
|---|---|---|---|---|
| Year 1 | ₹1,67,672 | ₹1,11,090 | ₹2,78,762 | ₹13,32,328 |
| Year 2 | ₹1,81,228 | ₹97,534 | ₹2,78,762 | ₹11,51,100 |
| Year 3 | ₹1,95,880 | ₹82,881 | ₹2,78,762 | ₹9,55,220 |
| Year 4 | ₹2,11,717 | ₹67,045 | ₹2,78,762 | ₹7,43,503 |
| Year 5 | ₹2,28,834 | ₹49,927 | ₹2,78,762 | ₹5,14,668 |
| Year 6 | ₹2,47,336 | ₹31,426 | ₹2,78,762 | ₹2,67,333 |
| Year 7 | ₹2,67,333 | ₹11,429 | ₹2,78,762 | ₹0 |
Frequently asked questions
What is the EMI for a ₹15 lakh Canara Bank car loan for 7 years?
At Canara Bank's starting rate of 7.8% the EMI is about ₹23,230 a month. If your offered rate is 8.8% it would be about ₹23,982.
How much total interest will I pay?
At 7.8% the total interest over 7 years is about ₹4,51,332, so you repay about ₹19,51,332 in all.