HDFC Credit Card EMI Interest Rate Calculator Car

EMI Calculation Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

EMI Amount:

Total Payment:

Total Interest:

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1. What is EMI Calculation?

The EMI (Equated Monthly Installment) calculation determines your fixed monthly payment for repaying credit card debt used for car purchases. It includes both principal and interest components.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

\( P \) — Principal loan amount (INR)
\( R \) — Monthly interest rate (APR/12 as decimal)
\( N \) — Loan tenure in months
\( EMI \) — Equated monthly installment (INR)

Explanation: The formula calculates the fixed payment amount that includes both principal repayment and interest charges each month.

3. Importance of EMI Calculation

Details: Knowing your EMI helps in budgeting and understanding the total cost of your car purchase using credit card debt. It shows how much interest you'll pay over the loan term.

4. Using the Calculator

Tips: Enter the principal amount in INR, annual interest rate (APR) in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is typical APR for HDFC credit card car loans?
A: APR typically ranges from 14% to 36% depending on credit score and loan terms.

Q2: How does tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q3: Are there prepayment charges?
A: HDFC may charge 2-5% of outstanding amount for prepayment, check your specific terms.

Q4: Can I change tenure after EMI starts?
A: Generally no, unless you refinance or get approval for restructuring.

Q5: Does EMI include insurance or other charges?
A: No, this calculates only principal + interest. Additional charges may apply.