Car Loan Calculator for
Calculate your EMI easily with HDFC Car Loan EMI Calculator – input amount, interest rate, and tenure to get started.
Calculate your Loan EMI
Payment breakdown
Monthly EMI
₹ 14,193
Total amount payable
₹ 8,51,608
Amortisation schedule
Related Calculators
EMI calculator
SIP calculator
Lumpsum calculator
Home loan EMI calculator
Car loan EMI calculator
Bike loan EMI calculator
Credit card EMI calculator
Personal loan EMI calculator
HDFC Bank Car Loan EMI Calculator
India’s largest private bank HDFC Bank offers car loans at competitive rates to borrowers. Car loans are offered to those who want to purchase a new vehicle. Moreover, the bank has launched an online car loan application feature on its website. Borrowers can apply for the loan from the convenience of their homes and can get loan approval instantly in about 30 minutes.
HDFC Bank also offers an online car loan EMI calculator for borrowers to calculate their EMIs or monthly installments.
What is HDFC Bank Car Loan EMI Calculator?
The HDFC Bank car loan EMI calculator is an online tool that helps a borrower compute the estimated EMI or monthly installments of a car loan. A borrower can compute EMI for varied tenures and different interest rates. The EMI calculator helps borrowers to know the amount of loan they can take by paying back in easy monthly installments.
How to Use the HDFC Bank Car Loan EMI Calculator?
A borrower can use the HDFC Bank Car Loan EMI Calculator to compute the EMI by using the principal amount, rate of interest, and tenure. Follow these steps:
- Enter the principal amount or the loan amount in the first box.
- Enter the rate of interest.
- Enter the tenure.
The EMI calculator will display the estimated EMI for a particular principal amount and tenure.
Formula for Calculating EMI
The EMI calculator uses a simple formula to compute the car loan EMI. The formula is:
E = [P x R x (1+R)^N] / [(1+R)^N - 1]
‘P’ is the loan amount or principal
‘R’ is the rate of interest charged
‘N’ refers to the loan tenure
Factors Affecting HDFC Bank Car Loan EMI
There are a number of factors that can impact the EMI amount of a car loan. The key factors are the following:
- The principal amount is the key factor which determines the EMI amount of a car loan. The EMI will be higher for a high principal amount and lower for a low loan amount.
- Interest rate is another major factor that impacts the car loan EMI. A lower interest rate brings down the EMIs while high interest rates lead to higher EMI payments. Also, floating or fixed interest rates also impact the EMI amount. The EMI amount remains constant throughout the loan tenure in case of fixed rates while monthly installments change along with the change in interest rates if the loan is taken at a floating rate.
- The amount of down payment or money that is required to avail car loan is also a determining factor for EMI amount. Higher the down payment, lower will be the EMI amount and vice versa.
- Loan Tenure also determines the EMI. Generally, car loans of short loan tenures have higher EMI than car loans with long tenures.
Benefits of Using HDFC Bank Car Loan EMI Calculator
- The HDFC Bank car loan EMI calculator helps a borrower to choose the most suitable down payment amount and tenure so that the loan can be repaid in easy monthly installments.
- The EMI Calculator helps borrowers get the estimate of monthly repayments before making a sound financial decision.
- The online EMI calculator makes it easy to compute the monthly repayment amount compared to complex manual calculations.
- Borrowers can easily check the EMI amount for various tenures or different loan amounts at a particular interest rate.
HDFC Bank Car Loan Interest Rates and Tenure
HDFC Bank is offering car loans at interest rates ranging from 8.5% to 11.8%. The average auto loan interest rate was 9.45% for the period April to June 2024.
Understanding EMI and Its Components
The HDFC Bank Car Loan EMI Calculator follows a simple formula:
E = P x r x [(1 + r)^n / (1 + r)^n - 1]
‘P’ refers to the principal amount
‘r’ refers to the rate of interest
‘n’ is the duration for loan repayment
‘E’ is the amount of EMI you will pay each month
Common Mistakes to Avoid While Using HDFC Bank EMI Calculator
- Borrowers should not make hasty decisions while availing a car loan. They should carefully read the terms and conditions of the loan offer and carefully analyze the EMI amount on various loan offers.
- Care should be observed while entering the principal, interest rate, and tenure numbers in the car loan EMI calculator. A small typing error can result in an incorrect EMI number.
- Borrowers should try different combinations of tenure and loan amount which would help choose the best repayment schedule.
Conclusion
The HDFC Bank car loan EMI calculator is a useful tool which can help in availing a car loan at easy repayment terms. The online calculator is quick in displaying error-free results. By using the EMI calculator, a borrower can easily decide on the tenure and loan amount easily.