HDFC Car Loan EMI Calculator

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.

How to use an HDFC car loan calculator?

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.

What are the eligibility criteria of the HDFC car loan?

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.

1. Salaried individuals

   - It comprises of employees from private companies, employees from public sector undertakings including employees of central, state, and local bodies.
   - The loan borrower must be of minimum 21 years of age while applying for a car loan and shouldn’t exceed 60 years of age by the end of the loan tenure.
   - The loan borrower must have at least 2 years of working experience provided it should be at least minimum of 1 year with the current employer.
   - Only those are entitled to avail for car loan whose yearly income is at least 3lakhs.
   - Individuals who have post-paid mobile numbers and telephone are given preference in taking up car loans.

2. Self-employed individuals

   - It comprises of sole proprietors, partnership firms, private limited companies, and public limited companies in the business of manufacturing, trading, or services.
   - The loan borrower must be engaged in the business for a minimum consecutive 2 years.
   - Only those are entitled to avail for car loan who are earning at least 3lakhs per annum from the business.
   - The loan borrower must be of minimum 21 years of age while applying for a car loan and shouldn’t exceed 65 years of age by the end of the loan tenure.

What are 2 different types of car loans provided by the HDFC bank?

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:

• Xpress Car Loan

  - As its name suggests, this car loan is processed at much faster rate with more than 1000 car dealers across all the HDFC bank branches in India.
  - It hardly takes 30 minutes to execute the end to end car loan process.
  - It’s entirely on digital mode that doesn’t create any hassle of carrying hard copies of all important documents.

• Zip-drive instant new car loan

  - This tailor-made car loan is exclusively for HDFC bank customers.
  - The desired loan amount can be disbursed to the car dealers through Net banking anytime from anywhere.
  - The geographical location is no constraint in this new instant car loan facility.
  - There’s either no or negligible paper work in getting loan through this new feature.

How to get a car loan from an HDFC bank in 5 easy steps through online?

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.

Step 1: Identify the requirement

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.

Step 2: Check the eligibility criteria

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.

Step 3: Calculate monthly installments

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.

Step 4: Approach the bank for acknowledgement

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.

Step 5: Submit the documentation appropriately

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.