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(Loan EMI)
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Total Payment (Principal + Interest)
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(Your EMI Amount)
Despite the fact that some individuals are compelled to buy automobiles due to their busy lifestyles and the advancement of contemporary technology, others choose to do so in order to realize their ambitions or to acquire a valuable asset.
Regardless of one's employment status-salaried or self-employed, buying a dream car is now practically within the reach of all kinds of public. Unlike a few decades before, one doesn’t need to be sufficiently rich or save a sizable sum of money in order to get their first car. Now, we just simply need to apply for a new car loan to get started on driving an ideal car of one’s own choice.
Car loans offered by HDFC banks come at extremely affordable interest rates which helps to reduce the repayment liability of borrowers in a great way.
With the advent of the HDFC car EMI calculator, one just needs to input the necessary information regarding the type of car to be purchased i.e. new car or second hand car, the required sanctioned loan amount, interest rate, tenure of the loan and finally click on the “calculate” option. The EMI loan calculator displays all the desired details entailing to the car such as the EMI amount that needs to be paid by the applicant on monthly basis.
All the complex calculations for taking up a car loan is carried online using a specific car loan EMI calculator formula, which is:
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
where
E stands for EMI (Equated Monthly Installment) amount.
P stands for Principal amount.
R stands for Rate of interest.
Since car loan is available for all kinds of people whether salaried or self-employed, therefore eligibility criteria are also little different for these two categories of people. Let’s take a look at some of these criteria in a more elaborative way.
An HDFC bank is the only bank that offers a good amount of car loan to both salaried and self-employed people fulfilling their dreams of riding a luxurious car of their own choice. The HDFC bank is offering two types exciting of car loans listed below:
Has the dream always kept revolving on one’s mind? Fret not! Let’s take a quick glance at 5 easy steps towards fulfilling this dream of car by taking up 5 easy steps of HDFC car loan.
It’s very important for the borrower to identify the main motive behind taking up the personal loan. The need of the borrower may range from wedding or birthday plan, home renovation to any domestic or foreign vacation trip.
Make sure the personal loan amount doesn’t exceed the budget constraint of the borrower. Else, the borrower needs to repay the hefty amount with much struggle later on.
It’s vital to check on the eligibility criteria of the desired loan type before settling down to take up the personal loan. By doing so, it also helps the borrower to know how much maximum amount can be taken as a personal loan depending on the factors like age, sex, income status etc.
It’s quite beneficial to calculate the monthly installment (EMI) of the desired personal loan beforehand to know whether it would suit to the borrower’s current monthly income or not.
By using SBI EMI Calculator, a customer (borrower) can modify the interest rate and tenure of the personal loan matching with the current monthly income to avoid any trivial situations later on.
After submitting the application online for the personal loan approval, it’s advisable to check on it separately as well by either visiting the nearest bank branch or by calling to the customer support service of the SBI bank for the confirmation and acknowledgment of the same.
It’s advisable to read on the instructions carefully before applying for the personal loan. Take a note on all the important documents that need to be uploaded and submitted online for the loan approval.
The documents may include bank statements, income proof (salary slips), address proof (temporary or permanent). In case of pre-approved loans, the loan amount is reflected to the borrower’s account within 10 seconds while for non-SBI customers it takes about 4 hours for the loan amount to get reflected into the borrower’s account.
Browse our FAQs for comprehensive insights into our EMI Loan Calculator. Please see below for a more detailed understanding.
Ans: Yes, HDFC offers up to 100% on road funding in buying selected models of cars and one can get a loan upto 3 crores for purchasing such car models..
Ans: Although there is no specified credit score at HDFC bank for taking up a car loan but it is vital to make sure the credit score is more than 750 because generally lower credit scores tend to offer a lower amount of loan.
Ans: The HDFC bank offers flexible tenures on the car loan products. The minimum tenure is of 12 months and maximum tenure is of 84 months.
Ans: In case a car loan holder is an existing customer of the HDFC bank, then it’s possible to share his/her all necessary documents via email. Once the bank receives all these documents, it starts proceeding with its physical process for the car loan to get approved.