Calculate how much you may have to pay every month for your car loan with this interactive car loan EMI calculator
Amount
500000 1500000
Period
12 Months 96 Months
Interest Rate
7 % 13 %
Your Monthly EMI will be ₹/- per month
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:
Once you have all these details ready, input them into the online calculator, and the tool will instantly provide you with your monthly EMI. Read More
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:
Advantages of using HDFC Bank's Online EMI Calculator for Car Loans
Below are the advantages of using our Car Loan EMI Calculator:
A Car Loan EMI (Equated Monthly Instalment) calculator is a tool that helps you calculate the monthly payments you’ll need to make on a car loan. To use it you typically input details such as loan amount, interest rate and loan tenure. The calculator then computes the monthly instalment you’ll need to pay, including both principal and interest. This can be very useful for calculating how much a car loan will cost you each month and for budgeting purposes when buying a car on credit.
· Financial Planning – It helps you plan your budget effectively by providing a clear understanding of your monthly car loan payments.
· Easy Comparison – You can compare different loan options by varying parameters such as loan amount, interest rate and tenure to find the most suitable option.
· Saves Time – Calculating EMI can be time-consuming and prone to errors. A Car Loan EMI calculator provides quick and accurate results.
· Adjustments – You can experiment with different loan terms to find the monthly payment that suits your financial situation.
A Car Loan EMI Calculator based on a fixed rate of interest. This means it calculates your Equated Monthly Instalment (EMI) assuming a constant rate of interest throughout the loan tenure. Fixed-rate car loans have a stable interest rate, and your EMI remains consistent over the loan’s duration.
Car Loan EMIs are fixed throughout the loan tenure. This means that when you take out a car loan, your lender will provide you with a fixed EMI amount that remains consistent over the entire repayment period. This stability in your monthly payments makes it easier to budget and plan your finances.
The typical tenure of a car loan can fall between the range of 1 to 7 years. However, tenures can go up to 8 years for electric vehicles (EVs). Ultimately, the choice of car loan tenure depends on your financial situation, monthly budget and how quickly you want to repay the loan.
Visit the calculator link and input the loan amount, loan duration, and interest rate. Hit the calculate button to find out about the monthly EMIs you need to pay towards your loan.
Calculating EMI involves using a specific mathematical formula. This formula considers the principal loan amount, the interest rate, and tenure. The EMI varies depending on your inputs.