HDFC Car Loan EMI Calculator
The HDFC Car Loan EMI Calculator is a simple online tool that allows you to estimate your monthly repayment amount before taking a car loan. Whether you’re buying a new or used vehicle, this calculator helps you make informed financial decisions.
What is an EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay to the bank each month towards repaying your car loan. It includes both the principal and the interest components.
EMI Calculation Formula
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
- P = Loan amount
- R = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- N = Loan tenure in months
How to Use HDFC’s Car Loan EMI Calculator
- Visit the official HDFC EMI calculator
- Enter the loan amount you want
- Select the loan tenure (up to 7 years)
- Input the applicable interest rate
- View your EMI, total interest, and total repayment instantly
Benefits of Using HDFC Car Loan EMI Calculator
- Instant and accurate EMI estimation
- No login required
- Helps in planning your budget
- Allows comparison for different loan amounts and tenures
HDFC Car Loan Details
- Loan amount: Up to 100% of on-road price
- Tenure: 1 to 7 years
- Interest Rate: Starting from 8.75% p.a.*
- Minimal documentation and fast approval
Sample EMI Calculation
For a loan of ₹6,00,000 at 9.00% p.a. for 60 months, your EMI would be approximately ₹12,488.
Frequently Asked Questions
Q: Can I prepay or foreclose my HDFC car loan?
Yes, you can prepay your loan in part or in full. Foreclosure charges may apply as per HDFC Bank policy.
Q: Is the EMI amount fixed?
Yes, for fixed interest car loans, the EMI remains constant throughout the loan tenure.
Q: Does HDFC finance both new and used cars?
Yes, HDFC Bank offers car loans for both new and pre-owned vehicles.
Q: Where can I use the official EMI calculator?
You can access it here:
HDFC Car Loan EMI Calculator