# HDFC Car Loan EMI Calculator

The Housing Development Finance Corporation (HDFC) is an Indian private bank offering an array of financial solutions to their clients including car loans. Clients can avail the HDFC car loan to buy different types new as well as used cars. Knowing the car loan equated monthly instalment or EMI is just as important as knowing the documents required.

**HDFC Car Loan**

The HDFC Bank offers up to 100% car finance on an extensive range of car models. Borrowers can get loans for different cars for 1-5 years. Eligibility for getting a loan depends on customer’s capacity of repaying it. HDFC Car Loan Eligibility depends on factors such as the customer’s age, income, CIBIL score, loan amount, job stability and profession.

**HDFC Car Loan Calculator**

The HDFC Bank provides its customers with the convenience of calculating their EMI through an automated tool, the HDFC car loan calculator. The EMI amount is calculated on reducing balance basis – a part of the principal amount is paid back from the first EMI, and the interest payable is calculated on the remaining principal.

The customer has to feed in key variables such as the loan amount, the rate of interest and the car loan tenure in the HDFC Car Loan EMI Calculator to get EMI instantly.

The formula for HDFC Bank Car Loan EMI Calculator

**The formula used to calculate the monthly payment (EMI) is as follows:**

E = P*r*[(1+r)^n/((1+r)^n-1)]

where,

E is the monthly payment or EMI.

P is the principal amount that you want to apply for.

r is the rate of interest per month. [r= (rate of annual income)/ (12×100)]

n is the loan tenure in months.

**Factors Affecting the HDFC Car Loan EMI Calculator Results**

The car EMI calculator HDFC takes several factors into account which helps the borrower calculate their monthly instalment. Just remember, using the calculator helps you know the EMI you will be paying until the car loan is paid off. Car loan EMI depends on the following factors:

**Loan Amount:**Lower the loan amount; lower will be the EMI.**Interest Rate:**Lower the interest rate; lower will be the EMI.**Tenure:**Shorter the loan tenure; higher will be the EMI.**CIBIL Score:**CIBIL score reflects the repayment capacity of the customer, affecting their EMI.**Relationship With The bank:**Customers who have managed their existing HDFC accounts well and made all the payments on time in the past are offered special rates and benefits at a lower rate of interest.

**Benefits of HDFC Car Loan Calculator**

One of the major benefits of using the calculator is judging your repayment capacity. Knowing the EMI before you take a loan is essential, as the bank is liable to charge interest on non-payment. Here, are the basic benefits:

It is convenient to use. Customers can calculate the EMI and eligibility without having to go to the bank. Use the HDFC Car Loan interest calculator on your smartphone from anywhere and at any time, without the need to contact anybody.

**Easy To Use** – The tool is very simple to use – all the customer has to do choose the loan amount, interest payable and tenor.

**The Fastest Way To Calculate EMI** – Once inputs are added, the EMI is calculated instantly. Change the inputs to calculate different EMIs, to reach the one that is most suitable for you.

The loan calculator gives precise calculations.

Use the free tool and save time.

**Using the HDFC Car Loan Calculator**

The HDFC bank car loan EMI calculator helps you calculate your repayment capacity and hence, your car loan. You can calculate the loan amount for new cars and old cars. You will need to input the;

- Drag the pointer to choose a loan amount between Rs. 1,00,000 and Rs. 3,50,00,000
- Input your rate of interest between 8-13%
- Next, you have drag the pointer between the tenor from 12-84 month
- You will get the amount you have to pay every month to the bank as repayment
- Click on ‘Calculate Amortization’ to know your monthly amortization schedule

**Processing Fees Rates & Fees**

HDFC Auto Loan Fee and Charges will vary as per the loan amount. Here, is a breakup of the car loan EMI with reference to the loan amount and tenor.

**Car Loan EMI for different loan amounts and tenures @ 9.25% interest rate**

Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
---|---|---|---|---|

1 Lakh | Rs. 4,580 | Rs. 3,192 | Rs. 2,088 | Rs. 1,622 |

3 Lakh | Rs. 13,740 | Rs. 9,575 | Rs. 6,264 | Rs. 4,865 |

5 Lakh | Rs. 22,900 | Rs. 15,958 | Rs. 10,440 | Rs. 8,108 |

10 Lakh | Rs. 45,800 | Rs. 31,916 | Rs. 20,880 | Rs. 16,216 |

**FAQs- Car Loan Calculator**

**1. What is a Car Loan Amortization Table?**

The car loan amortization table gives the breakup of your loan repayment. The table will show you the month, number of EMIs, interest and principal paid for a particular month.

**2. Do I Need to Log in to Use the HDFC Car Loan Calculator?**

No, any person, looking for a car loan can use the calculator free of cost. There is no login or password required.

**3. Can The Car Loan Be Used to Calculate The Different Car Loans?**

The EMI calculator can be used to calculate the EMI for new and pre-owned car loans.

**4. How Much Does HDFC Charge The Processing Fee On The Car Loan?**

HDFC charges a processing fee of 0.40% of loan amount maximum Rs. 10,000 with applicable service tax.

**Glossary**

**Interest Rate:**The percentage charged by HDFC for the loan used by the borrower**Tenor:**the duration for which the loan amount is sanctioned.**Principal Amount:**The total amount borrowed. Most car loans are available for 100% of the value of the vehicle.**Processing Fee:**A fee charged by the bank for processing a loan application. The fee is non-refundable.**Prepayment Fee:**The fee charged as a penalty for prepayment of the loan before the end of the tenor.

**Conclusion **

A car loan can help you own a car of your dreams without causing stress on your finances. However, it is always advisable to calculate the repayment amount you have to pay every month. Calculations help you judge whether you have the capacity to repay the amount without missing a payment. You can vary the principal amount and tenor to reach an amount suitable.