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Canara Bank ₹8 lakh Car Loan EMI for 7 Years
At the advertised starting rate of 7.8%, the EMI is about ₹12,389 a month, with total interest of about ₹2,40,710.
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) | ₹12,389 | ₹2,40,710 | ₹10,40,710 |
| 8.3% | ₹12,589 | ₹2,57,466 | ₹10,57,466 |
| 8.8% | ₹12,790 | ₹2,74,378 | ₹10,74,378 |
| 9.3% | ₹12,993 | ₹2,91,445 | ₹10,91,445 |
| 9.8% | ₹13,198 | ₹3,08,667 | ₹11,08,667 |
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 | ₹89,425 | ₹59,248 | ₹1,48,673 | ₹7,10,575 |
| Year 2 | ₹96,655 | ₹52,018 | ₹1,48,673 | ₹6,13,920 |
| Year 3 | ₹1,04,469 | ₹44,203 | ₹1,48,673 | ₹5,09,451 |
| Year 4 | ₹1,12,916 | ₹35,757 | ₹1,48,673 | ₹3,96,535 |
| Year 5 | ₹1,22,045 | ₹26,628 | ₹1,48,673 | ₹2,74,490 |
| Year 6 | ₹1,31,912 | ₹16,761 | ₹1,48,673 | ₹1,42,577 |
| Year 7 | ₹1,42,577 | ₹6,095 | ₹1,48,673 | ₹0 |
Frequently asked questions
What is the EMI for a ₹8 lakh Canara Bank car loan for 7 years?
At Canara Bank's starting rate of 7.8% the EMI is about ₹12,389 a month. If your offered rate is 8.8% it would be about ₹12,790.
How much total interest will I pay?
At 7.8% the total interest over 7 years is about ₹2,40,710, so you repay about ₹10,40,710 in all.