Car Loan EMI Calculator

Financing your dream car has become all the more accessible, thanks to the easy availability of Car Loan. You can simply apply for a Car Loan with HDFC Bank and repay the amount at your convenience in Equated Monthly Instalments (EMIs).

The Car Loan EMI Calculator from HDFC Bank helps you calculate the EMIs you need to pay for your loan. Simple and user-friendly, it gives you instant results in just a few seconds. You can use this ready-to-use calculator from anywhere, anytime to know your Car Loan EMI amount.

What is a Car Loan EMI Calculator?

The Car Loan EMI Calculator is a simple online tool that helps you calculate the EMI you need to pay for your Car Loan. By providing basic information about your loan, such as the loan amount, tenure, and interest rate, you can quickly calculate your monthly EMI. Knowing the EMIs you need to pay on your loan every month can help you plan your finances better.

The Car Loan EMI Calculator provides quick results, which can help you make intelligent financial decisions. Calculating monthly EMI manually can be tedious and time-consuming and may involve complex mathematical equations. The Car Loan EMI Calculator simplifies the process greatly.

How do you calculate the Car Loan EMI amount?

If you want to finance a car through a Car Loan and want to calculate EMIs for the same, you need three things:

• Principal loan amount: This is the primary consideration. The principal loan amount depends on whether you want to buy a new or pre-owned car.
• Loan tenure: Every loan has a tenure or duration. Choose an appropriate tenure depending on your financial capabilities. The longer the duration, the lower the EMI, and vice versa.
• Interest rate: The interest rate is the additional amount you must pay for your loan. If you have a good CIBIL score, the loan terms are relaxed.
  
  

Once you have all these details ready, input them into the online calculator, and the tool will instantly provide you with your monthly EMI.

What is the amortisation schedule?

The amortisation schedule is a detailed table outlining the loan's periodic payments over its duration. It comprehensively breaks each payment into two components - principal repayment and interest charged. It helps you understand your loan balance after payment of installments.

You need basic information to calculate it. This includes loan tenure, rate of interest, and details on installments. Note that in the early stages of the loan, a significant portion of the payment goes toward interest and a smaller amount towards the principal. However, as the loan progresses, the principal amount increases and the interest amount goes down. It is because interest is computed on the remaining balance, which comes down after each payment.

How do you use the HDFC Bank Car Loan EMI Calculator?

To use our Car Loan EMI Calculator, all you need to do is:

• Open the car finance calculator link by clicking here.
• Choose whether you are buying a new car or a pre-owned car.
• Input the loan amount, which is essentially the principal amount. You can input this amount depending on the price of the car you are willing to purchase.
• Enter the loan tenure, i.e., the duration in which you plan to repay the loan amount. It could range from one to eight years.
• Enter the applicable interest rate on the loan amount and hit the 'calculate' button.
• Our Car Loan EMI Calculator will instantly display the EMI amount.

Advantages of using HDFC Bank's Online EMI Calculator for Car Loans

Below are the advantages of using our Car Loan EMI Calculator:
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• Easy to use: The calculator is available online and is simple to use, with no complexities. The results are thrown in instantly after you enter the loan amount, loan duration, and the applicable interest rate.
• Accurate results: Manual EMI calculation is a lengthy process and prone to mistakes. However, the case is different with HDFC Bank’s online Car Loan EMI calculator. It throws up accurate results as per the inputs provided.
• Flexible: The calculator is pretty flexible. You can change the inputs, and the calculator will change the results accordingly. Thus, it helps you get a good idea of the EMI amount and manage your finances accordingly.