Car Loan EMI Calculator

A simple, hassle-free tool to calculate your Car Loan EMIs

Car Loan EMI Calculator

HDFC Bank has been striving to make the Car Loan process accessible and convenient. Whether you are a salaried employee or self-employed, you can get a Car Loan. But what loan amount is suitable for you? What is the interest you will have to pay?

Get all your answers with our simple yet powerful tool — the Car Loan EMI Calculator. It is an online, user-friendly, ready-to-use and free tool designed to assist you in selecting a pocket-friendly Car Loan EMI (equated monthly instalment).

What is a Car Loan EMI Calculator?

The Car Loan EMI Calculator allows you to calculate the exact amount of EMI you have to deposit monthly and the interest you will pay over the tenure of the loan. How does it work? Simply by providing some basic information.


The Auto Loan EMI Calculator can estimate the EMI amount instantly as it employs precise algorithms. This tool requires only the following useful information to determine the monthly instalments:
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  • Whether you intend to buy a new car or a pre-owned car
  • The loan amount you require
  • The loan tenure you are looking forward to
  • The interest rate (estimated) at which you can get the loan


With these inputs, the car EMI calculator gives you an idea about the loan EMI amount, which includes the principal and interest components (the actual rate may slightly vary).


Car Loan Calculator FAQs


What is a 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 to calculate how much a car loan will cost you each month and for budgetig purposes when buying a car on credit.



What is the advantage of the Car Loan EMI Calculator?


1. Financial Planning – It helps you plan your budget effectively by providing a clear understanding of your monthly car loan payments.


2. 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.


3. Saves Time – Calculating EMI can be time-consuming and prone to errors. An EMI calculator provides quick and accurate results.


4. Adjustments – You can experiment with different loan terms to find the monthly payment that suits your financial situation.


5. Prepayment Planning – You can assess the impact of making extra payments or prepayments on your loan to reduce interest and pay off the loan faster.



Is the Car Loan EMI Calculator based on a Fixed or Floating Rate of Interest?


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.



Is the Car Loan EMI fixed, or can it change in the future?


Car loans 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.



What is the typical tenure of Car Loan in India?


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, choice of car loan tenure depends on your financial situation, monthly budget and how quickly you want to repay the loan.



What should be done after paying last Car Loan EMI?


1. Collect Loan Closure Documents – HDFC Bank will return all necessary loan closure documents, including the loan closure letter, no-objection certificate (NOC), and Form 35.


2. Update RC – Once you’ve received your NOC and other documents, visit your Regional Transport Office (RTO) to update car’s ownership details in the registration certificate (RC). This ensures that you are listed as the sole owner of the vehicle.


3. Monitor Your Credit Score – Continue to monitor your credit score to ensure that the loan closure has been reported accurately. A successful loan closure can positively impact your credit history.


Is prepayment possible in Car Loan


Yes, prepayment is possible with HDFC Bank’s car loans.

· For pre-closures within one year, the charges will be 6% of the outstanding principal.

· For pre-closures within 13-24 months from the first EMI, the charges will be 5% of the outstanding principal.

· For pre-closures post 24 months from the first EMI, the charges will be 3% of the outstanding principal.

If you own a micro or small enterprise and have availed a fixed rate loan facility up to ₹50 lakhs, you will not be charged any premature closure fees if you make a full payment from your own source.


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