How much EMI should I pay if I take a car loan of ₹8 lakh from HDFC Bank?
Everyone dreams of owning their own car. However, buying a car is not an easy task. Buying a car costs lakhs of rupees. This can be considered a huge amount for the middle class people. Many people take a loan from a bank to buy a car. However, if you take a loan and buy a car, you end up paying more than the actual price of the car. That is, you pay extra money in the form of interest. Therefore, before taking a car loan, you should choose a bank that offers loans at low interest rates. This will reduce the EMI burden. In addition, the amount to be paid in the form of interest will also be reduced. In this article, what is the interest rate to get a car loan from HDFC Bank, one of the largest private banks in the country? How much will the EMI be? Here is all this information.
HDFC Bank Car Loan Interest Rate
As for the interest rates of HDFC Bank car loans, this bank offers car loans to its customers at an initial interest rate of 9.40%. These interest rates may vary depending on your CIBIL score.
How much is the EMI of a ₹8 lakh car loan?
If you take a ₹8 lakh car loan from HDFC Bank for a period of 5 years, you will have to pay an EMI of Rs 16,792 every month at an interest rate of 9.40%. In this case, in the entire 5 years, you will pay a total of Rs 10,05,745 to the bank. Out of this, Rs 2,05,745 will be paid as interest.
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