A Car Loan EMI is the Equated Monthly Instalments that the borrower is liable to pay on a stipulated date every month during the entire tenure of the loan. The calculation is the summation of the principal amount and the interest amount repayable by the borrower to the lender.
At HDFC Bank, they offer you multiple options for paying your Car Loan EMI. You can select the one which suits you best:
If you have an HDFC Bank Savings Account, Salary Account or Current Account, you can provide one-time standing instructions to directly debit your account for the specific EMI amount every month.
It is a traditional means to repay your loan. You can submit post-dated cheques to HDFC Bank for the entire tenure of the loan with the exact monthly EMI amount.
Yes, the loan tenure affects your EMI for the car loan. The longer the tenure of the car loan, the lower the repayable amount for EMI. he shorter the loan tenure, the higher the repayable amount for EMI for the car loan.
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