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Canara Bank ₹8 lakh Car Loan EMI for 5 Years
At the advertised starting rate of 7.8%, the EMI is about ₹16,145 a month, with total interest of about ₹1,68,679.
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) | ₹16,145 | ₹1,68,679 | ₹9,68,679 |
| 8.3% | ₹16,336 | ₹1,80,173 | ₹9,80,173 |
| 8.8% | ₹16,529 | ₹1,91,748 | ₹9,91,748 |
| 9.3% | ₹16,723 | ₹2,03,404 | ₹10,03,404 |
| 9.8% | ₹16,919 | ₹2,15,141 | ₹10,15,141 |
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 | ₹1,36,134 | ₹57,602 | ₹1,93,736 | ₹6,63,866 |
| Year 2 | ₹1,47,141 | ₹46,595 | ₹1,93,736 | ₹5,16,725 |
| Year 3 | ₹1,59,037 | ₹34,699 | ₹1,93,736 | ₹3,57,688 |
| Year 4 | ₹1,71,895 | ₹21,841 | ₹1,93,736 | ₹1,85,793 |
| Year 5 | ₹1,85,793 | ₹7,943 | ₹1,93,736 | ₹0 |
Frequently asked questions
What is the EMI for a ₹8 lakh Canara Bank car loan for 5 years?
At Canara Bank's starting rate of 7.8% the EMI is about ₹16,145 a month. If your offered rate is 8.8% it would be about ₹16,529.
How much total interest will I pay?
At 7.8% the total interest over 5 years is about ₹1,68,679, so you repay about ₹9,68,679 in all.