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- How to calculate EMI for my car loan
Know How to Calculate EMI for Car Loan
A family car may have been on your wish-list for a while now. In fact, you planned about several things you can do with a car: dropping children off at school, going out for a long drive or dinner with family, weekend getaways around town, the possibilities are endless.
No doubt, you can purchase a car with a car loan. But like any other loan, you also need to consider the EMIs.
But before you can take the plunge for the car loan, you would want to know exactly how much the monthly outgoing will be in order to make the dreams come true.
To calculate the EMI, you need answers to three basic questions.
- What is the car loan amount? Your car loan will determine the EMI’s also.
- How long do you need the loan for (tenure)? The longer the tenure, the lower will be the EMIs.
- What is the rate of interest on the loan? HDFC Bank will offer you the best interest rate.
The interest rate is fixed by the bank so you can’t change that. You may already have a loan amount in mind. Once the interest rate and loan amount are fixed, you can consider a longer tenure to lower the EMI.
The best way to calculate EMI is to use our Car Loan EMI Calculator.
- First, find out the interest rate on a car loan from the bank and enter it in the calculator
- Next, enter the amount of loan (value of the car minus the down payment)
- Finally, enter the tenure in months
Our car loan EMI calculator will automatically calculate your monthly payments.
If you want to decrease the EMI, then increase the tenure until it fits your budget.
HDFC Bank offers car loans with EMIs as low as Rs 1,234 per lac* and tenures up to 7 years. You can get up to 100% funding for your new car.
Apply for a Car Loan here!
* Terms & conditions apply. Car Loan disbursal at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
HDFC Bank offers car loans with EMIs as low as Rs 1,234 per lac*
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