# Your question: What is the rate of interest for car loan in HDFC Bank?

Contents

## What is the EMI for 10 lakhs car loan?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953
Rs.15 lakh 1 year Rs.1,31,456

## Which is better bank for car loan?

Top 10 Banks for Car Loan in India

Name of the Lender Interest Rate (p.a.)
Federal Bank 9.25%
Axis Bank 9.05% to 11.30%
Canara Bank 8.75% to 11.30%

## How much car loan can I get on 40000 salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.

## How is EMI calculated on cars?

You can calculate the Car Loan EMI Amount with the help of the mathematical formula: EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] , where P, R, and N are the variables.

IT IS IMPORTANT:  What does insurance cover if your car is stolen?

## What is the downpayment for car?

What is the minimum down payment for any car loan? As a general rule, you will have to pay a minimum of 10% of the car value as a down payment. Some lenders/banks offer car loans up to 90% of the on-road price.

## How can I check my HDFC car loan balance?

Process to Register for Net Banking to Check the Car Loan Status

1. Visit the official website of HDFC Bank.
3. Next, select ‘Loan Account Login’ and click on ‘Register’.
4. On the next page, you will need to enter a User ID, the loan account number, your date of birth, and the last EMI amount paid.

## How much loan can I get if my salary is 25000?

The maximum amount you can get for a personal loan on 25000 salary will be Rs. 250000/-This again depends on your income, repayment capacity and credit score. Credit Score because the interest rate depends on the credit score. The higher the credit score, the lower will be the interest.

## How much car loan can I get on 20000 salary?

With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.

## Which bank has least interest on car loan?

Lowest Car Loan Rates

Bank Name Interest Rate Loan Amount
Kotak Bank 6.50% – 20.00% 90% of ex-showroom price
OBC 6.65% – 7.50% 85% of on-road price
PNB 6.65% – 7.50% 85% of on-road price
Bank of Maharashtra 6.80% – 10.30% 90% of on-road price
IT IS IMPORTANT:  Which province has cheapest car insurance?

## Which bank have less car loan interest?

Check and compare the car loan interest rates of all the banks in India in the table below.

Car Loan Interest Rates All Banks 2022.

Banks Interest Rates
Central Bank of India 7.25% – 7.70%
Federal Bank 7.65% Onwards
HDFC Bank 7.95% – 8.30%
ICICI Bank 7.90% Onwards

## How can I reduce my car loan EMI?

Simple Ways to Reduce Your Loan EMI

1. Opt for a Higher Down Payment. …
2. Choose a Loan With a Longer Repayment Tenure. …
3. Go for a Step-Down EMI Plan. …
4. Consider Taking Loans With Your Existing Bank. …
5. Negotiate With Bank For Lower Rate. …
6. Compare Before You Switch Your Lender. …
7. Full or Part Prepayment Helps Reduce Loan Burden.

## Can I increase my car loan EMI?

The Step-up option allows you to make easy and affordable EMI payments initially and gradually increase the EMI amount as your income grows over the tenure of the loan. The balloon option allows you to pay smaller EMIs throughout the loan tenure and then pay a large lump sum amount at the end of the tenure.

## How much interest is a car loan?

Compare Best Car Loan Interest Rates in India for 2022

Bank Name Car Loan Interest Rates
Bank of Baroda Car Loan 7.00% p.a. onwards
Canara Bank Car Loan 7.30% p.a. onwards
Axis Bank Car Loan 7.45% p.a. onwards
Federal Bank Car Loan 8.50% p.a. onwards