HDFC Car Loan EMI Calculator
While it may be a great fun to test drive the latest model and choose the best car for your needs, finding an affordable and transparent car loan may be a daunting task in case you have not gone through the process earlier.
HDFC is one of the largest financial institutions in India and is trusted by millions of Indians for their finance and loan requirements. They provide a huge array of loan offers suit every individual need. The great customer service is their hallmark and you can experience it in every interaction with them.
HDFC provides car loans to cover one of the widest range of cars and vehicles in India. You can avail up to 100% finance with a flexible loan repayment period ranging from 12 to 60 months. More details about HDFC car loans are provided at the end of this blog post.
Car Loan EMI Calculator
In case you try to search the car loan EMI calculator on HDFC website, you may not be able to find one. The only EMI calculator, which is buried deep down in the user menu and is not easily traceable, is a general-purpose calculator which can calculate the amount of EMI’s when you enter the loan amount, the rate of interest and the loan period into it.
It does not take into account the existing car loan interest rates while calculating the EMI. This car loan EMI calculator also does not provide you the mortgage should use and you cannot adjust it for the case when you are in a position to make extra payments in addition to the EMI.
Alternative HDFC Car Loan EMI Calculator
Instead of using the online calculator on HDFC the site, we encourage you to use the following general-purpose calculator, which can easily be customized as HDFC auto loan calculator. You may download the basic excel template file used to create this calculator. Just click on the given link to download the file, which will allow you to use this calculator even when you are off-line.
This online calculator will help you not only to know the EMI but also will create an amortization schedule indicating the exact dates on which you will have to make the payments. This calculator will break each EMI into the interest component and loan repayment component. This calculator will also calculate the outstanding principal after each EMI payment and the total interest paid till date. That data is also presented in easily understandable graphical manner, where you can clearly see how the total interest rate is increasing and the total outstanding principal is decreasing with each successive EMI payment.
This HDFC auto loan EMI calculator also allows you to calculate the loan parameters in case of extra payments you make in addition to your scheduled EMI payment. A knowledge of all these parameters will help you a great deal in planning your finances well and you can compare different loan offerings to make the best decision to fulfil your desire to purchase your dream car with an affordable loan.
More About HDFC Car Loan
HDFC provides flexible car loans to individuals on attractive terms and conditions. The loan approval process is speedy and sometimes can expect the approval within 48 hours of documentation. You can sometimes avail up to 100% finance with a flexible loan repayment tenure ranging from 12 to 60 months.
You can borrow up to 3 times of your annual salary if you are a salaried professional and six times your annual income if you are a self-employed professional. The range of cars and vehicles which can be financed through HDFC car loans is huge and most passenger cars and multi-utility vehicles are covered under it.
In case you require having a fast loan approval, then you can choose to fast track your loan application with the fast track scheme. There are a few preconditions and you have too checked the category in which you fit before making the loan application.