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    HDFC Car Loan EMI Calculator

    HDFC Bank offers car loans to customers with pocket-friendly interest rates and quick disbursals. The online eligibility check facility at the bank’s website enables customers to understand, in a matter of 60 seconds, if they can avail a loan. The possibility of getting 100% finance for the car purchase is an attractive element of the package as well.

    How to use BankBazaar HDFC Car Loan EMI Calculator to understand your car loan repayment

    Using the Car Loan EMI Calculator at the BankBazaar website, you can calculate your EMIs for various tenures. The tool is simple to use with an attractive interface. It even provides you an amortization graph that enables you to visually analyse your debt repayment schedule over a period of time.

    HDFC Car Loan EMI Calculator – How does it work?

    You will have to provide certain basic details to calculate your EMIs using the BankBazaar HDFC Car Loan EMI Calculator. These include:

    • Loan amount - You can drag the pointer on a scale to arrive at the amount of loan you are requesting.
    • Tenure - Drag the pointer to rest at the loan tenure.
    • Interest rate - Enter the interest rate that is offered by HDFC Bank on car loan.
    • Processing fee - Enter the processing fee charged by the bank.
    • Pre-payment - There are two options here:
      • If you do not want to make any pre-payment, you can select the appropriate option and click on the ‘Calculate’ button. You will get a page with a breakup of the total amount that you will be paying. The page will also have your car loan details and amortization schedule.
      • If you choose to make pre-payments, you will have to provide additional information, such as:
        • Pre-payment frequency
        • Pre-payment amount
        • Pre-payment fee
        • How the pre-payment applies

    You can then click on the ‘Calculate’ button to get a detailed breakup of the total amount payable. The page will also show your loan details and amortization schedule in a graph.

    Additionally, the tool provides you some insight on the loan amount and tenure with the option of pre-payment and without it.

    Let us analyse the EMIs (for various tenures) on car loans using the BankBazaar HDFC Car Loan EMI Calculator. The lowest interest rate currently offered by the bank is 9.15% and processing fee is 0.4% of the loan amount or Rs.10,000, whichever is lower. The example below assumes that no pre-payments are made towards the loan.

    Loan amount (Rs.) Interest rate Processing fee EMI for 2 years (Rs.) EMI for 3 years (Rs.) EMI for 4 years (Rs.) EMI for 5 years (Rs.) EMI for 6 years (Rs.) EMI for 7 years (Rs.)
    10 lakh 9.15% Rs.4,000 or 0.4% 45,754 31,870 24,956 20,831 18,100 16,165
    15 lakh 9.15% Rs.6,000 or 0.4% 68,630 47,804 37,434 31,247 27,150 24,248
    20 lakh 9.15% Rs.8,000 or 0.4% 91,507 63,739 49,913 41,662 36,200 32,331
    25 lakh 9.15% Rs.10,000 or 0.4% 1,14,384 79,674 62,391 52,078 45,250 40,413
    30 lakh 9.15% Rs.10,000 or 0.3% 1,37,261 95,609 74,869 62,494 54,300 48,496
    35 lakh 9.15% Rs.10,000 or 0.29% 1,60,138 1,11,544 87,347 72,909 63,350 56,579
    40 lakh 9.15% Rs.10,000 or 0.25% 1,83,014 1,27,478 99,825 83,325 72,400 64,661
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    Features and benefits of HDFC Car Loan EMI Calculator

    The HDFC Car Loan EMI Calculator is a very useful tool as it performs complicated calculations at the click of a button. Some of the key features of this tool include:

    • The tool is very user-friendly and displays EMI and amortization details instantly.
    • In case you face any issues while using the tool, you can get in touch with the customer support team of BankBazaar to resolve the problem.
    • The tool is available absolutely free of cost.
    • The BankBazaar HDFC Car Loan EMI Calculator displays the breakup of the amount payable and the amortization schedule in an attractive graphical format. Hence, it is very easy to understand as well.
    • The tool can be used multiple times till you arrive at the right combination of tenure and principal, and an EMI that can be afforded.
    • The tool enables you to calculate the EMI even if you intend to pre-pay a part of the loan.

    HDFC Car Loan EMI Calculator FAQs

    1. Why should I go for the HDFC car loan?
    2. The HDFC car loan offers you a flexible repayment tenure that can be anywhere between 12 and 84 months. You could also get 100% finance for the purchase of your car. Additionally, the bank offers special benefits and innovative loyalty schemes for its car loan customers. Other advantages of taking a car loan from HDFC Bank include:

      • The bank offers competitive interest rates with no hidden charges.
      • Another offering is the ‘New Car Bazaar’ service that enables you to find details about cars suitable for you. You can research about the new vehicles in the market, compare cars, and read reviews as well.
      • The car loan application is processed and disbursed within 7 working days, with minimal documentation and high transparency.
    3. What is a car loan amortization table?
    4. A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.

    5. What is the formula for calculating car loan EMI?
    6. EMI Is calculated using the following formula:

      EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],

      Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of installments.

      This formula does not take into account the pre-payments that you make towards the loan.

    7. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
    8. No, calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. Moreover, it would be complicated to calculate the EMI when pre-payments are made towards the debt. Hence, it is recommended to use the Bankbazaar HDFC Car Loan EMI Calculator for the same.

    9. I know there is a pre-payment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?
    10. It is advisable to read through the loan documentation to understand the pre-payment penalty levied by your lender. Alternatively, you can visit the bank branch or call up the bank’s customer service desk and request for the same. Once you get the details of the pre-payment charges, you can use this information as input to the EMI Calculator tool and view the amortization schedule instantly.

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