# HDFC Car Loan EMI Calculator

# HDFC Car Loan EMI Calculator

HDFC Bank offers car loans to its customers with flexible repayment options. The HDFC Bank Car Loan EMI Calculator is an online tool that helps customers to calculate the equated monthly installment (EMI) for their car loans. The calculator takes into account the loan amount, tenure, and interest rate applicable to the car loan to calculate the EMI.

**To use the HDFC Bank Car Loan EMI Calculator, follow these steps:**

- Visit the calculator3.com website and navigate to the Car Loan EMI Calculator page.
- Enter the loan amount that you wish to borrow for your car.
- Select the tenure of the car loan in months or years.
- Choose the type of interest rate applicable to your car loan – either fixed or floating.
- Enter the interest rate applicable to the car loan.
- Click on the “Calculate” button to see the EMI amount.

**The formula used by the HDFC Bank Car Loan EMI Calculator to calculate the EMI is:**

**EMI = [P x R x (1+R)^N]/[(1+R)^N-1]**

Where,

**P = Principal amount**

**R = Interest rate per month (in decimal)**

**N = Loan tenure in months**

It’s important to note that the interest rates offered by HDFC Bank on car loans are subject to change and may vary based on the loan amount, tenure, and the customer’s credit profile.

## HDFC Car Loan EMI

The HDFC Car Loan EMI depends on the loan amount, tenure, and interest rate applicable to the car loan. The EMI amount remains constant throughout the loan tenure, and it includes both the principal and interest components of the loan repayment. HDFC Bank offers car loans at competitive interest rates with flexible repayment options.

The formula used to calculate the HDFC Car Loan EMI is:

**EMI = [P x R x (1+R)^N]/[(1+R)^N-1]**

Where,

**P = Principal amount of the car loan**

**R = Interest rate per month (calculated as Annual Interest Rate/12)**

**N = Loan tenure in months**

For example, if you take a car loan of Rs. 5 lakhs from HDFC Bank for a tenure of 5 years (60 months) at an interest rate of 9.5% per annum, the calculation of your HDFC Car Loan EMI would be as follows:

**EMI = [500000 x 0.00791667 x (1+0.00791667)^60]/[(1+0.00791667)^60-1] = Rs. 10,622**

So, your monthly HDFC Car Loan EMI would be Rs. 10,622 for 60 months. It’s important to note that this is just an example and the actual HDFC Car Loan EMI may vary based on the loan amount, tenure, and interest rate applicable to your car loan.