HDFC Car Loan Calculator
You can easily evaluate the car loan EMI on the basis of the loan amount, HDFC bank’s interest rate, and the tenure of the loan. Find out the monthly installment amount you would be paying for buying your dream car using our EMI calculator.
Follow these simple steps to calculate your EMI for a car loan from HDFC bank:
Step 1: Enter the amount of the loan you are seeking in the ‘Loan Amount’ field.
Step 2: Enter the loan interest rate that you are getting in the ‘Interest Rate’ field.
Step 3: Enter the time interval in months or years for which you need the loan in the ‘Loan Tenure’ field.
Step 4: Check your loan’s EMI with a break-up of the total payment into principal amount and interest to be paid.
You can keep changing the parameters until you find an EMI figure that suits your budget. The car loan EMI calculator helps you in making pocket-friendly decisions.
HDFC Bank is one of the leading car loan providers in the country. They offer car loan to salaried as well as self-employed people at very attractive rates. So, owning your dream car is not a distant dream now, HDFC bank car loan has made it possible and affordable.
With their car loan product that can be personalized in accordance with customers’ needs, you can buy any car of your own choice. A loan of up to 100% of the value of the car can be availed with no hidden costs. The EMI calculator for the car loan helps you to calculate monthly installments easily as per your requirement.
HDFC Bank Car Loan Features
- With the HDFC Bank car loan eligibility calculator, you can check your eligibility anytime online;
- The car loan is generally approved with 30 minutes of submission of documents;
- Finance for 100% cost of loan can be availed. So, you do not have to worry about huge down payments;
- They offer car loan at very low-interest rates ranging between 11.50% to 14.50% in comparison to other financial institutions;
- Doorstep service is available;
- Low processing charges and no hidden cost;
- Efficient loan processing process;
- Flexible car loan tenure with the repayment schedule ranging from as low as 1 year to 7 years;
Special offers for existing HDFC customers are available such as low EMI or special schemes.
HDFC Bank Car Loan Eligibility
HDFC Bank Ltd offers car loan to salaried as well as self-employed people. There are many factors such as age, yearly income; job stability, etc. are considered before approving the loan. You can always use HDFC Bank car loan calculator to check your eligibility.
The eligibility criteria for the salaried person are:
- Must be minimum age of 21 years and can avail loan maximum up to the age of 60 years;
- The current employment should be at least of one year with total employment should be minimum 2 years;
- A minimum of INR 1.8 lakhs should be the net yearly income;
- Landline or postpaid phone bill is must require.
The eligibility criteria for the self-employed person are:
- The person availing loan must be a minimum age of 21 years and a maximum of up to 65 years;
- At least, a minimum income of INR 60,000 p.a. is required for standard loan and an income of INR 10,000 p.a. is required for used, premium or mid-size car;
Fixed landline or postpaid mobile connection is must require.
HDFC Bank Car Loan Schemes
They have basically two car loan schemes – Scheme for New Car Loans and for Used Car Loan.
- HDFC Bank new car loan scheme:
- A loan up to 100% of the cost of the new car can be availed.
- The interest on the car loan amount is 11.50%, which is calculated on the monthly reducing balance method.
- The maximum period of repayment is 7 years with a minimum EMI of INR 1,739 per one lakh of loan availed.
- No prepayment for first 12 months is allowed. After this period, you can prepay the loan by paying small charges;
- The processing fee of minimum INR 3,175 to a maximum of INR 5.785 is charged.
- HDFC Bank Used car loan scheme:
- A loan up to an 80% of the value can only be availed;
- The fixed interest of 14.50% is charged on monthly reducing method;
- The maximum repayment period is 5 years with the minimum monthly installment of INR 2,199 each lakh is required;
- No prepayment allowed in the initial 12 months and then prepayment can be done with small fees;
- A processing fee of minimum INR 5,850 with no upper limit is charged;
The self-employed professionals need an income of minimum of 1 lakh per annum to avail this loan, whereas self-employed businessmen require a minimum income of INR 1.5 lakhs.