HDFC Car Loan EMI Calculator

The HDFC Car Loan EMI Calculator is an online tool designed to help you easily calculate your monthly EMI for a car loan. By entering key details such as the loan amount, interest rate, and loan tenure, the calculator provides an instant estimate of your EMI. This tool helps you plan your finances better and choose a loan option that fits your budget, ensuring a smooth and hassle-free car buying experience.

How to Use Wishfin HDFC Bank Car Loan EMI Calculator?

To use the Wishfin HDFC Bank Car Loan EMI Calculator, visit the Wishfin website and enter the loan amount you wish to borrow. Choose the loan tenure, typically ranging from 12 to 84 months, and enter the relevant interest rate. After clicking 'Calculate,' the tool will display your monthly EMI, total interest payable, and the total amount repayable over the loan period. You can adjust these parameters to see how different combinations impact your EMI, helping you find the best option for your budget.

Example of HDFC Bank Car Loan EMI Calculation

To know more about the HDFC Bank Car Loan EMI calculator and how it calculates, just look at the example below -

Suppose you want to buy a car and for that you decide to go with the car loan from HDFC Bank of Rs 12,00,000 for a tenure of 6 years at the applicable interest rate of 9.40%. The table below will give you a clear breakdown of the calculations for this scenario.

Formula for Calculating HDFC Bank Car Loan EMI

The formula for calculating the HDFC Bank Car Loan EMI (Equated Monthly Instalment) is:

[PxRx(1+R)^N]/[(1+R)^N-1]

Where:

• P = Principal loan amount
• r = Monthly interest rate (calculated by dividing the annual interest rate by 12 and then by 100)
• n = Loan tenure in months

This formula helps you determine the fixed monthly amount you need to pay to the bank over the loan tenure.

Given,

• Loan Amount (P) = ₹12,00,000
• Annual Interest Rate = 9.40%
• Loan Tenure = 6 years = 72 months

Step-by-step:

• (1 + 0.007833) = 1.007833
• (1.007833)^72 ≈ 1.797
• Numerator = 1200000 × 0.007833 × 1.797 ≈ 16,898.52
• Denominator = 1.797 - 1 = 0.797

Thus-

The EMI will be approximately ₹21,199 per month.

The Lowest EMI on a Federal Bank Car Loan

Documents Required For HDFC Bank Car Loan

For Salaried Individuals

• Identity/Address Proof (any one):

1. 1. • Valid Passport
      • Permanent Driving License (recent, legible, laminated)
      • Voter ID Card
      • Job Card issued by NREGA
      • A letter from the National Population Register with name and address details.
      • Aadhaar Card (only if submitted voluntarily along with Aadhaar consent letter; first 8 digits must be redacted on the physical copy. Aadhaar can be a physical card or an e-Aadhaar printout not older than 30 days from the application date)

• Income Proof:

1. 1. • Latest Salary Slip
      • Form 16

• Bank Statement:

1. • Last 6 months’ bank statement

For Self-Employed Individuals (Sole Proprietorship)

1. Identity and Address Proof (any one of the following):
   
   • Valid Passport
   • Permanent Driving License (recent, legible, laminated)
   • Voter ID Card
   • Job Card issued by NREGA
   • A letter issued by the National Population Register containing details of name and address
     
2. Income Proof :
   
   • Latest Income Tax Returns (ITR)
     
3. Bank Statement :
   
   • Last 6 months’ bank statement

For Self-Employed Individuals (Partnership Firms)

• Income Proof (all of the following)

1. 1. • Audited Balance Sheet (previous 2 years)
      • Profit and Loss Account (previous 2 years)
      • Company ITR (previous 2 years)

• Address Proof (any one of the following):

1. 1. • Telephone Bill
      • Electricity Bill
      • Shop and Establishment Act Certificate
      • SSI Registration Certificate
      • Sales Tax Certificate

• Bank Statement:

1. • Last 6 months’ bank statement

For Self-Employed Individuals (Private Limited Companies)

1. Income Proof (all of the following):
   
   • Audited Balance Sheet (previous 2 years)
   • Profit and Loss Account (previous 2 years)
   • Company ITR (previous 2 years)
     
2. Address Proof (any one of the following):
   • Telephone Bill
   • Electricity Bill
   • Shop and Establishment Act Certificate
   • SSI Registration Certificate
   • Sales Tax Certificate
     
3. Bank Statement :
   
   • Last 6 months’ bank statement

For Self-Employed Individuals (Public Limited Companies)

• Income Proof (all of the following):

1. 1. • Audited Balance Sheet (previous 2 years)
      • Profit and Loss Account (previous 2 years)

• Address Proof (any one of the following)

1. 1. • Telephone Bill
      • Electricity Bill
      • Shop and Establishment Act Certificate
      • SSI Registration Certificate
      • Sales Tax Certificate

• Bank Statement

Last 6 months’ bank statement

Eligibility Criteria for HDFC Bank New Car Loan

Salaried Individuals

• Covers employees working in private limited companies and public sector organizations (including central, state, and local bodies).
• Age should be between 21 and 60 years (at the time of application and loan maturity).
• Should have a minimum work experience of 2 years, with at least 1 year in the current organization.
• Minimum annual income should be ₹3,00,000 (can include the income of a spouse or co-applicant).
• Must have a telephone or a post-paid mobile connection.

Self-Employed Individuals and Professionals (Sole Proprietorship)

• Covers self-employed individuals involved in manufacturing, trading, or services.
• Age must be between 21 and 65 years (21 years at the time of loan application and no older than 65 years at loan maturity).
• Must have a minimum of 2 years of business experience.
• Minimum annual income should be ₹3,00,000.

Self-Employed Individuals and Professionals (Partnership Firms)

• Includes partners engaged in manufacturing, trading, or services.
• Businesses should have a minimum turnover of ₹3,00,000 per annum.

Self-Employed Individuals and Professionals (Private Limited Companies)

• Includes owners of private limited companies involved in manufacturing, trading, or services.
• Minimum annual income should be ₹3,00,000.

Self-Employed Individuals (Public Limited Companies)

• Includes directors in public limited companies engaged in manufacturing, trading, or services.
• Minimum annual income should be ₹3,00,000.

HDFC Bank Xpress Car Loan – Key Features

• Fast Disbursal: The loan amount is transferred directly to the car dealer through NetBanking.
• 100% Digital Process : Apply anytime, anywhere with zero physical documentation.
• Instant Loan Approval : Get a car loan at attractive rates in just 30 minutes.
• High Loan Amount : Finance up to ₹25 lakh or 100% on-road price.
• Flexible Repayment : Tenure options from 12 to 84 months.
• Top-Up Facility : Existing customers can get additional loans easily.
• Wide Dealer Network : Supported by 3,000+ car dealers across India.
• Preferred Pricing : Special offers for existing HDFC Bank customers.
• Comprehensive Insurance : Covers accidental death, disability, and hospitalisation.

Conclusion

The HDFC Car Loan EMI Calculator is a valuable tool that simplifies the process of planning your car loan. It allows you to quickly determine your monthly EMI based on the loan amount, interest rate, and tenure. With its easy-to-use interface, you can make informed decisions and manage your finances effectively, ensuring a smooth car loan experience with HDFC Bank.