car Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to HDFC Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
With HDFC Bank offering car Loans with loan tenure upto 7 years, the loan EMI can be as low as Rs. 1,642 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by HDFC Bank are as low as 9.65%. You can check EMI for other tenures using our HDFC Bank car Loan EMI calculator.
This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
How does Car Loan EMI calculator calculate EMI?
This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance
HDFC Bank Car Loan: Features
Some of the key features of HDFC Bank car loan are listed below:
Age limit : HDFC Bank offers loan to borrowers with minimum age of 21 years and a maximum age of 60 years.
Interest Rates : HDFC Bank offers competitive interest rates and quick processing of your loan. car loans are offered in the interest rate ranging from 9.65% to 0.00%.
Processing fee : HDFC Bank offers processing fee 0.00% . Min Rs. 3175 Max Rs. 5785
Prepayment Charges : Under certain schemes, HDFC Bank offers No prepayment allowed for 12 months; 6% foreclosure fee from 7-12 months, 5% foreclosure fee from 13-24 months, 3% foreclosure fee after 24 months.
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