The calculator is a device which helps the man to make the calculations fast and gives apt answers. It is one of the most helpful devices when it comes to calculating the amount of installment that one is supposed to pay.

The HDFC car loan calculator is one such device which gives the answer to all such queries which come in the borrower’s mind. There are two types of calculator basically which can calculate all the requirements that are needed by the customers.

The two type of calculator includes the Eligibility calculator and EMI Calculator. The eligibility criteria are set up by the banks for the customers who wants to avail the loan products. It is one of the important factors that are necessary for all the applicant to fulfill as the bank provides the loan on the basis of it. The determination of the loan amount and the interest rate depend on this factors.

The eligibility that is required by the bank for availing the car loan are mentioned below:

SALARIED INDIVIDUAL-

- The applicant should be in the age bracket of 21 years at the time of filing the application and the age of 60 years at the time of loan maturity.
- The minimum work experience required is 2 years and at least 1 year with the current employer
- The minimum annual income should be ₹1,80,000 including the income of spouse or co-applicant.
- A postpaid mobile or telephone is required.

SELF-EMPLOYED (Sole Proprietorship)

- The minimum age of the applicant is 21 years at the time of application and the maximum age of 65 at the time of loan maturity.
- The work experience in the business should be at least 2 years.
- Minimum income should be at least ₹60,000 per annum for a standard car and for mid-sized and premium cars it should be ₹1,00,000.
- A telephone line or postpaid mobile connection is required.

SELF-EMPLOYED ( Partnership Firm)

- Minimum income should be at least ₹60,000 per annum for a standard car and for mid-sized and premium cars it should be ₹1,50,000.
- The minimum turnover of ₹4,50,000 per annum.
- A telephone line or postpaid mobile connection is required.

SELF-EMPLOYED ( Private Limited Company)

- Minimum income should be at least ₹60,000 per annum for a standard car and for mid-sized and premium cars it should be ₹1,50,000.
- The minimum turnover of ₹4,50,000 per annum.
- A telephone line or postpaid mobile connection is required.

SELF-EMPLOYED ( Public Limited Company)

- Minimum income should be at least ₹60,000 per annum for a standard car and for mid-sized and premium cars it should be ₹1,50,000.
- The minimum turnover of ₹4,50,000 per annum.
- A telephone line or postpaid mobile connection is required.

The Car loan eligibility calculator considers all the information provided by the applicant and calculates the chances of getting the loan. It determines whether the applicant is suitable to get the loan or not. Thus, the eligibility calculator is one of the devices which gives you the correct information on the chances to avail the car loan.

The other and most important device are called as the EMI calculator. The applicant uses it to know the exact monthly installment they need to pay to the bank for it. The applicant needs to feed the few pieces of information like the tenure, loan amount and interest rate to get the overall idea regarding the repayment. It calculates the monthly installment, total interest outgo and the overall amount payable to the bank.

To give the total clarity on how the calculator works here is an example mentioned. Suppose Mr. Ashok Nayak, age 32, who is a software engineer working in Gurgaon. He earns around ₹ 70,000 and has no previous loan or credits. He wants the loan of ₹ 5,00,000 for 5 years to buy a new car for himself. He gets the loan at 12.50% p.a.

Now he feeds all the information to check the eligibility calculator to see whether or not he is eligible. Next step is to find out the EMI. The EMI calculator requires the certain information which has to be provided by the applicant to find out the calculation. With the help of this tool, we can calculate not only the monthly installments but also the total interest payable and the total amount to be paid.

In this case, the EMI is₹ 11,249, the interest payable is ₹ 1,74,938 and the total amount outgo is ₹ 6,74,938.

Thus, it gives the exact figures and helps the applicant with apt details and based on which they can make the decision to go with the loan or not. Thus, HDFC car loan calculator is a very useful device.