₹10 lakh car loan calculations compare EMIs across 3, 5 and 7 years
In short
Mint Money ran a calculator for a ₹10 lakh car loan over 3, 5 and 7 years, using rates from 7.55% to 14.30%.
At 7.55%, the 7-year option has an EMI almost ₹15,766 lower than the 3-year one, but it costs about ₹1.70 lakh more in interest. The report warns borrowers to check the tenure carefully so the loan stays manageable.
What the reporting says
A Mint Money calculator compared a ₹10 lakh car loan over 3, 5 and 7 years using rates from 7.55% to 14.30%. At 7.55%, the 7-year loan has an EMI nearly ₹15,766 lower than the 3-year option, but it adds about ₹1.70 lakh in interest. The report highlights the trade-off between lower monthly payments and higher total borrowing cost, while noting what borrowers should check before choosing tenure.
Why it matters
Mint Money published a car-loan calculator for a ₹10 lakh loan across 3-, 5- and 7-year tenures, using rates from 7.55% to 14.30%. The reporting shows that a longer tenure lowers the EMI but increases total interest cost, with the 7-year loan at 7.55% carrying an EMI nearly ₹15,766 lower than the 3-year version and about ₹1.70 lakh more interest. The source does not say which lender offered the rates.