Calculate your Car Loan EMI & Total Interest Due
Monthly amount paid to your Car Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
Calculating the EMI on a car loan has been made simple and error-free with the use of a Car Loan EMI Calculator. A Car Loan EMI Calculator is a tool that helps determine the EMI that needs to be paid towards the repayment of a car loan. It helps a person decide and select a suitable car loan amount and also helps them manage their finances.
The Calculator runs on a formula which computes the information that a customer provides to help calculate the EMI which has to be paid. Most EMI Calculators will require information pertaining to the loan tenure, loan amount, interest rate, processing fee, etc. The more information that you provide helps the Car Loan EMI Calculator come to a more accurate result.
With today’s world moving fast towards modernization, people have also been striving to purchase a four-wheeler of their own to help make their travel a lot easier. A car loan can come as a relief to a lot of people who do not have the monetary resources to purchase a car on their own.
There are a number of sites which offer a Car Loan EMI Calculator to help a customer calculate the EMI that they would have to pay. The customer can visit the official website of the bank or they can even visit a banking portal like BankBazaar.
BankBazaar has a Car Loan EMI Calculator that is simple to use and is easier to understand. The calculator gives you a detailed breakup of your car loan. BankBazaar’s EMI Calculator is a very useful tool that a lot of people use to determine the EMI that needs to be paid on a car loan. You will have to input a few details pertaining to your car loan to obtain an accurate answer related to the the EMI that you would have to pay. The EMI Calculator will require your loan amount, processing fee, loan tenure, and interest rates to arrive at a result. The BankBazaar Car Loan EMI Calculator can also compute the information you have provided my considering any prepayments that you intend on making during the loan tenure.
Once you have provided the information required, you will have to click on “ Calculate ”. Once this is done, you will get the EMI that has to be paid on the car loan amount. An amortization table is also provided along with a graph which makes it easier to understand the repayment of your loan.
It is important to find out any and all information on your car loan and this includes doing ample amount of research on the loan that needs the be paid, interest rates offered by other banks, EMI amount that you need to set aside every month, and more.
How Does Car Loan EMI Calculator Analyzes Loan Repayment Structure?
Before applying for a car loan, it is advisable to know a little about the EMI that you will have to pay towards the repayment of the car loan amount to the bank. EMI or Equated Monthly Instalment is a fixed amount of money that a person will have to pay every month to repay their car loan amount. An EMI that has to be paid consists of two main components which are the interest that’s levied on the loan amount and the principal loan amount. The total interest that has to be paid on the loan amount is spread across the loan tenure. The interest that is paid on the loan makes up a large part of the EMI in the initial stages of the loan repayment tenure.
The Car Loan EMI Calculator that's available on the official website of BankBazaar is a simple and easy-to-use tool. It provides us with an abundance of comprehensive information that’s accurate and error free. The tool helps you make an informed decision on the car loan that you would want to apply for.
|Bank Name||Interest Rate (New Car)||Interest Rate (Used Car)||Maximum Loan Available||Lowest EMI per Rs.1 lakh for 7 years tenure|
|Andhra Bank||9.20% (Fixed)||B.R. + 3.25%||85% of on-road price (New Car) 60% of market value (Used Car)||Rs.1,619 (New Car) Rs.2,086 (Used Car)|
|Axis Bank||11% (Fixed)||N/A||95% of ex-showroom price||Rs.1,712|
|Bank of Maharashtra||9.20% (Floating)||9.70% (Floating)||85% of on-road price (New Car) 50% of market value (Used Car)||Rs.1,619 (New Car) Rs.2,086 (Used Car)|
|Central Bank of India||8.90% (Floating)||10% (Floating)||90% of on-road price (New Car) 75% of market value (Used Car)||Rs.1,604 (New Car) Rs.2,071 (Used Car)|
|Corporation Bank||9.15% (Floating)||N/A||85% of ex-showroom price||Rs.1,617|
|Federal Bank||9.92% (Fixed)||11.15% (Fixed)||90% of ex-showroom price (New Car) 75% of depreciated value (Used Car)||Rs.1,656 (New Car) Rs.2,121 (Usd Car)|
|HDFC Bank||9.25% (Fixed)||13% (Fixed)||100% of ex-showroom price (New Car) 80% of market value (Used Car)||Rs.1,622 (New Car) Rs.2,088 (Used Car)|
|ICICI Bank||10.75% (Fixed)||15.50% (Fixed)||100% of ex-showroom price (New Car) 80% of market value (Used Car)||Rs.1,699 (New Car) Rs.2,162 (Used Car)|
|IDBI Bank||9.95% (Fixed)||N/A||90% of ex-showroom price||Rs.1,658|
|Indian Bank||9.95% (Floating)||12.90% (Floating)||85% of on-road price (New Car) 60% of market value (Used Car)||Rs.1,658 (New Car) Rs.2,122 (Used Car)|
|IndusInd Bank||10.65% (Fixed)||N/A||85% of ex-showroom price||Rs.2,157|
|Kotak Bank||11% (Fixed)||17% (Fixed)||90% of ex-showroom price (New Car) 90% of market value (Used Car)||Rs.2,199 for both new and used cars|
|OBC||9.90% (Floating)||12.40% (Floating)||85% of on-road price (New Car) 70% of market value (Used Car)||Rs.1,655 (New Car) Rs.3,222 (Used Car)|
|PNB||9.60% (Floating)||11.20% (Floating)||85% of on road price (New Car) 70% of market value (Used Car)||Rs.1,640 (New Car) Rs.2,105 (Used Car)|
|SBI||9.60% (Floating)||13.05% (Floating)||85% of on-road price for both new and used cars||Rs.1,640 for both new and used cars|
|Tamilnad Mercantile Bank||11.30% (Floating)||11.75% (Floating)||85% of on-road price (New Car) 70% of market value (Used Car)||Rs.2,189 for both new and used cars|
|Union Bank of India||9% (Floating)||12% (Floating)||85% of on-road price (New Car) 50% of market value (Used Car)||Rs.1,609 (New Car) Rs.2,076 (Used Car)|
|United Bank of India||9.35% (Floating)||N/A||85% of on road price||Rs.1,627|
*Interest Rates and offers are subject to change according to market rates and without prior notice by the bank
A Car Loan EMI Calculator can come in handy in a number of situations. The calculator acts as the backbone in the entire process that’s involved in securing a car loan. The calculator can help in a number of ways, right from planning out your monthly budget that you will have to set aside, to the make and model of the car that you would like to purchase. Here are some of the points that you will have to keep in mind when using the online Car Loan EMI calculator:
There is some good news for people who are paying an EMI towards a car loan. EMIs which are paid towards a car loan shall see a reduction as the Reserve Bank of India reduced repo rates by 25 basis points and it now stands at 6%. This means that the cost of credit which is required by an individual who intends on making a big-ticket purchase will further decrease.
The Car Loan EMI Calculator that’s available on the official website of BankBazaar uses the mathematical formula given below to calculate the EMI:
E = P x R x (1+R)^n/((1+R)^n – 1)
E is the EMI that is payable on a car loan amount
R is the rate of interest that is levied on the car loan
P is the Car Loan Principal Amount
n is the car loan tenure (in months)
The EMI Calculator works in a very simple way. An individual will have to provide details pertaining to their car loan such as loan amount, interest rate, processing fees, and loan tenure. Enter these details into the EMI Calculator and then click the “Calculate” button.
If the borrower intends on making a prepayment towards their car loan, then the borrower can provide this information in the respective tabs on the tool. An option is provided under prepayments where you can select “Yes” or “No”. Select the appropriate option depending on your choice.
If “Yes”, you will have to provide the details related to the prepayment frequency, prepayment fee, prepayment amount, and the category to which the prepayment applies. If the borrower does not wish to make a prepayment, then select “No” and click on the “Calculate” button. Your car loan schedule along with the amortization table will be provided.
The borrower can calculate their EMIs with different rates of interest and tenures to arrive at a suitable car loan option. This would help in making sure that the borrower isn’t under any added pressure when repaying the car loan.
The EMI of a car loan depends on three major parameters – Loan Tenure, Principal Loan Amount, and Interest Rate.
There are other factors which also affect the Car Loan EMIs which are paid and these are:
Car loan can be used to purchase new or used cars of any make or model available on the market. Banks, Non-Banking Financial Companies, and other lending institutions offer easy access to funding in the form of auto loans for purchasing all types of vehicles. Any individual with a steady income and stable occupation aged between 21 to 60 years can apply for a car loan from the top banks in the country. From expensive luxury cars to economical passenger cars, you can purchase any car of your choice with a car loan.
Now that you have obtained a car loan at a low interest rate for an appropriate loan tenure, how do you repay the loan? Car loan is repaid in the form of Equated Monthly Instalments (EMI). Your loan EMI shouldn’t exceed 50% of your salary. Choose the loan amount based on your repayment capacity. To find out how much your car loan will cost you in a month, use a car loan EMI calculator.
|Car Loan EMI is calculated using the formula:|
|EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]|
Human error is inevitable in manual calculation. Therefore, it is wise to make use of the online car loan EMI calculator that is available on the bank website as well as third-party comparison portals.
State Bank of India offers car loans for new and used cars at attractive interest rates for a long tenure of up to 7 years. SBI finances up to 85% of the car price. Any self-employed or salaried person aged 21 to 65 years can apply for a car loan at State Bank of India. From passenger cars to commercial vehicles, SBI car loan can be used to purchase most makes and models of cars that are available on the Indian market. Customers prefer SBI car loan for its low EMI payments, speedy loan disbursement, minimal paperwork, and loan amount for on-road price of the car.
To calculate how much the car loan will cost you monthly, check your car loan EMI payments using the SBI Car Loan EMI Calculator online. This tool is not only easy to use but also free of cost. All you have to do is enter the chosen loan amount, loan tenure, interest rate offered by the bank, and the processing fee charged by the bank into the tool. You will get accurate and instant results in the form of an amortisation table which contains the principal loan amount, monthly EMI payments, outstanding balance after each EMI payment, and overall interest payment. Amortisation table shows the loan repayment schedule of your car loan over the chosen loan tenure.
HDFC Bank offers car loan up to 100% of the value of the car at attractive interest rates for a loan tenure ranging from 1 to 7 years. No guarantor is required to obtain a HDFC car loan. The process of applying for a car loan at HDFC Bank is customer-friendly with fast loan disbursal and minimal paperwork. With just a few clicks of your mouse, you can carry out instant and accurate car loan EMI calculation online. Just enter the chosen loan amount, tenure, interest rate, and processing fee in the car loan EMI calculator and click on the 'Calculate' button. You will get the monthly EMI and total interest due.
HDFC Car Loan can be repaid in equated monthly instalments. Choose the car loan amount depending on your repaying capacity. A high debt-to-income ratio means there is a high chance of defaulting on your loan. Delayed or skipped loan EMI payments can negatively affect your credit score which is why it is important to keep your EMI payment below 50% of your salary. With the use of HDFC Car Loan EMI Calculator, you can get instant and error-free results. The tool can be used any number of times for free of charge.
With ICICI Car Loan, you can own the car of your dreams. ICICI Bank offers car loan up to 100% of ex-showroom price of the car for a loan tenure of up to 7 years. Another advantage of choosing ICICI bank to obtain funding for purchasing a car is that existing customers can get pre-qualified car loans. ICICI Bank offers car loans for new car, pre-owned car, and loan against car. You can apply for ICICI car loan online but before that it is important to calculate your car loan EMI payments for the chosen loan amount. The interest rate varies with different types of car loans.
ICICI Car Loan EMI Calculator is pretty simple and easy to use. Just slide the slider across the scale to choose your preferred loan amount and loan tenure. Then enter the interest rate and processing fee charged by ICICI Bank. Click on the 'Calculate' button. You will get instant results containing the monthly EMI, overall interest payment, and an amortisation table. The table will show your loan repayment schedule consisting of monthly EMIs, outstanding balance after each EMI payment, principal repayment, and interest payment.
Whether you want to purchase a new car or an used car, Axis Bank offers 3 types of car loans for you - new car loan, pre-owned car loan, and loan against car. You can get up to 100% on road funding from Axis Bank for your chosen car for a loan tenure of up to 7 years. In the case of pre-owned car loan, you can borrow up to 90% of the valuation amount for a loan tenure of up to 5 years. For loan against car, you can get Rs.10 lakh onward for a maximum loan tenure of 15 years. You can apply for Axis Bank Car Loan online. Similarly, you can also carry out Axis Bank car loan EMI calculation online for free.
Use the Axis Bank Car Loan EMI Calculator to check your monthly EMI payment for the chosen car loan amount. All you have to do is enter the loan amount, loan tenure, interest rate, and processing fee in the tool. You will get a colourful amortisation table with details such as interest payment, monthly EMIs, outstanding balance after each EMI payment, and principal repayment. As the payment schedule is represented in tables and presented in colourful bars and graphs, it is easier to read.
Canara Bank offers car loans at reasonable interest rates for the purchase of any make and model of car available on the Indian market. Government employees and women can enjoy added benefits offered by Canara Bank. You can get up to 85-90% of the total price of the car from Canara Bank for a loan tenure of 5 to 8 years for new and used cars.
Canara Bank Car Loan EMI Calculator is easy to use and free of cost. EMI for different loan tenure can be calculated using the car loan EMI calculator. This tool will give you an analysis of your car loan payment schedule in the form of an amortisation table. Just enter the loan amount, interest rate, loan tenure, and processing fee in the tool and click on 'Calculate'. Just like that, with a few clicks of your mouse, you can get accurate and instant car loan EMI results.
Depending on how many units were sold in the previous fiscal year, here are the top 5 most sold cars in India:
For sample, the EMI calculation for top sold cars in India is calculated using a fixed interest rate of 11%, loan tenure of 2 years, and a 2% processing fee. Take a look at the below calculation to get an idea of how much your monthly EMI will be for a particular make and model of car:
|Make and model of car||Price of the car/Loan amount||Interest rate of car loan||Loan tenure||Processing fee||Equated Monthly Instalment (EMI)|
|Maruti Alto||Rs.5 lakh||11%||2 years||2%||Rs.23,304|
|Maruti Dzire||Rs.5.9 lakh||11%||2 years||2%||Rs.27,499|
|Maruti Swift||Rs.5.22 lakh||11%||2 years||2%||Rs.24,329|
|Maruti Wagon R||Rs.4.5 lakh||11%||2 years||2%||Rs.20,973|
|Hyundai Grand i10||Rs.5 lakh||11%||2 years||2%||Rs.23,304|
It is easy and simple to use car loan EMI calculator online. What's more? One can use the EMI calculator any number of times for free of cost.
A floating rate of interest is an interest rate which fluctuates. There are a number of factors that affect the rate of interest when it’s floating in nature. Factors like inflation, liquidity, taxes, etc. all play a vital role in the interest rate that’s levied on the car loan. There are two main areas that demand your focus when you apply for a floating rate of interest – pessimistic (inflationary) and optimistic (deflationary) scenarios.
In an inflationary scenario, the rate of interest typically increases from its current rate. When this happens, the EMI that you will have to pay will also increase. However, in a deflationary scenario, the rate of interest will reduce by a certain percentage from its current standing. This will lead to a reduction in the amount that’s paid to the lender as an EMI.
The Car Loan EMI Calculator that’s available on the official website of BankBazaar is a very helpful financial tool that assists an individual in making smart decisions on their car loans. Some of the features and benefits that are offered with the Car Loan EMI Calculator are listed below:
Secured loans like home loans and car loans, and unsecured loans like personal loans are repaid through Equated Monthly Installments (EMI). Car loan EMI is a fixed amount that the borrower pays to the lender (bank) each month towards the repayment of the car loan till the end of the loan tenure. EMI consists of the principal loan amount and interest payment.
EMI of your car loan is calculated using the below formula: E = [P x R x (1 + R) ^ N] / [(1 + R) ^N - 1], where E is the Equated Monthly Installment, P is the principal loan amount, R is the rate of interest per month, and N is the number of monthly installments. It is better to use an online car loan EMI calculator to get accurate and instant results rather than carrying out manual calculations which are time-consuming and prone to human errors.
All you have to do is enter few car loan details into the tool such as the loan amount, interest rate, loan tenure, and processing fee. Click on the 'calculate' button. Your car loan EMI results will be displayed in the form of an amortisation table, a bar graph, and a pie chart. You can also enter the prepayment details of your car loan into the tool to get revised EMI results.
The online car loan EMI calculator can be found on the bank website or a reliable third-party website. The tool is easy and simple to use. You can use it any number of times for free of cost. The results are instant and accurate whereas manual EMI calculations are prone to human error and time consuming. You can also input varying combinations of the loan amount, loan tenure, and interest rates to get revised results.
Financial experts advise borrowers to maintain a low debt-to-income ratio when taking a loan which essentially means that your EMI payment must not exceed more than 50% of your income. A high debt-to-income ratio can cause you to default on your car loan. Using the car loan EMI calculator, you can find out what is your debt-to-income ratio and adjust your loan amount accordingly. Borrow an affordable loan amount that you can repay. Defaulting on any loan repayment can have a negative effect on your credit score which in turn, can affect your future loan prospects.
Car loan amount, loan tenure, interest rate, and processing fee are the parameters required to calculate car loan EMI. In the case of car loan prepayment, you have to input the prepayment fee into the tool get a revised loan repayment schedule.
An amortisation table represents the periodic loan repayment schedule of your car loan. It consists of the breakdown of your car loan repayment details such as the principal loan amount, EMI, interest payment, and the outstanding due after each EMI payment.
Calculating your car loan EMI can help you find out how much your car loan will cost you on a monthly basis. Depending on the results, you can pick a suitable loan tenure. A short loan tenure means a higher EMI but a lower interest payment whereas a long loan tenure means a lower EMI but a higher interest payment. Therefore, use the car loan EMI calculator to choose a suitable loan tenure. You can also create a monthly budget depending on the car loan EMI results. You can decide whether opting for prepayment is beneficial or not depending on the EMI calculation.
Almost all passenger cars along with multi-utility vehicles can be financed by a car loan.
Yes, you can avail a car loan on your existing four-wheeler. You can visit the BankBazaar website to find a bank that offers a car loan for used cars that matches your needs and requirements.
Anybody who falls under the following categories can avail a car loan:
You can find out the prepayment penalty that is levied on a car loan by contacting the nearest branch of the bank which has sanctioned the car loan to you. You can also visit the official website of the bank or a financial website like BankBazaar to help address your queries.
No. The Car Loan EMI Calculator is available on the BankBazaar website for no charge at all. You do not have to make a new login ID to use the Car Loan EMI Calculator on the BankBazaar website.
Having a large amount of money in hand opens up a number of doors for an individual, especially if they have major plans like a marriage, home renovation, medical expenses, going on an international trip, buying a new two-wheeler or four-wheeler, education fees, etc. These major events in an individual’s life would require a certain amount of capital to ensure that these plans come to fruition without much hassle. In such situations, a loan from a bank can be a real lifesaver as this capital can be used to cater to the needs that arise throughout the lifespan of an individual.
Life can be unpredictable at most times but in a world that runs on money, a capital can help you get out of a sticky situation. Let us consider the life of Ms. Kumar. She has been independent her whole life and has not depended on her parents or relatives for any type of financial security. This doesn’t mean that she has had a smooth life without facing any problems.
As a young girl, Ms. Kumar always wanted to become a doctor. As we all know, the tuition fees for a medical course can be quite stressful on a person’s finances. But, Ms. Kumar didn’t have the financial capital required to finance her education. This is where an education loan from a reputed bank helped her out in a big way. The education loan offered by the bank financed her education fees apart from other benefits that were offered with the loan.
But the college which she had to attend was quite far from her place of residence. This meant that she had to figure out her own mode of travel to commute back and forth from college and her home. Lucky for Ms. Kumar, the same bank offered her a two-wheeler loan and at an affordable rate of interest. This helped her purchase a new two-wheeler to help with her commute. This helped her a lot to minimise the amount of time spent on travel thereby giving her a lot more time to study and do well in her course.
Years went by since Ms. Kumar took a loan to begin a new stage in her life. But, with time came new responsibilities. Her younger sister is getting engaged and the money that Ms. Kumar had saved has nearly depleted with the clearing of initial bills and purchases made for the engagement. Funds were running dry and Ms. Kumar and her family were beginning to panic. Luckily for her, the education loan along with the two-wheeler loan which she availed in the beginning was paid back in full and on time, without making any delays in payments. This gave her a good credit score which most banks prefer their customers to have. Thanks to the good credit score, Ms. Kumar got a personal loan approved from the bank without much hassle. She was able to use this personal loan to finance her sister’s engagement and make sure that her sister was happy and content.
Ms. Kumar loves to travel. More than anything else, she loves road-trips. With all the responsibility of her career and family falling on her head, it was time for Ms. Kumar to reward herself for all the selfless deeds she has done in her life. So, Ms. Kumar decided to purchase a four-wheeler. The car that she wanted to buy would help her travel around the country without much hassle. With a good credit score and customer history with the bank, it was simple and easy to procure a car loan from the bank that has come to her aid in the past. She was able to purchase the vehicle and also check the loan installments that she would be spending using Car Loan EMI Calculator the first thing that she did was go on a road trip with her closest friends. This is the kind of happiness that an individual cannot purchase but has to experience.
A successful doctor, a responsible sister, and a loving guardian, Ms. Kumar filled these roles in her life with ease thanks to the capital provided by various loans sanctioned by the bank. This would not have been possible if Ms. Kumar didn’t maintain a good credit score, apart from other requirements which were needed to be met to procure a loan.
BankBazaar’s car loan EMI calculator will help you make smart decisions when it comes to repayments and choosing a loan. Here are some things that will be simplified in no time when you use BankBazaar’s online car loan EMI Calculator.
BankBazaar’s car loan EMI calculator is very intuitive and is easy to use. This wizardry is designed to make a tedious task very simple - just enter the values using sliders and get instant projections on EMI and amortization schedule.
If you encounter any problem with the calculator or if you need some light on a particular aspect of the calculator, all you have to do is get in touch with BankBazaar’s friendly customer support team and they will sort the issue.
BankBazaar’s car loan EMI calculator is very simple to use - as simple as using a normal calculator.
This tool is offered for free and will help you crunch your numbers in no time!
BankBazaar’s car loan EMI calculator will display the amortization schedule and break up of amount payable in a visually appealing graphic format. It will also be easier for you to interpret and understand the data that way.
You can use BankBazaar’s car loan EMI calculator any number of times - till you arrive at the perfect combination of tenure and principal and an affordable EMI.
Use the car loan EMI Calculator to see which car loan deal suits you the best. Compare car loans based on interest rates, processing charges and prepayment penalty and use the calculator to see how these parameters affect your EMI. With BankBazaar’s car loan EMI calculator, comparing loans just got smarter and hassle free!
You can calculate the EMI for your car loan by using the Excel spreadsheet. Follow the steps given below to easily find the car loan EMI using excel.
In an Excel sheet, you can compute the EMI for your car loan using the function PMT.
The PMT function in EXcel will compute the constant periodic payments required to partially or completely pay off a loan with an interest over a tenure.
The syntax of the function is as follows :
Let us use an illustration to understand the Car Loan EMI Calculator formula.
Ex: Consider a car worth Rs. 5. 95 lakhs. For a loan to purchase the car with a down payment of Rs. 1.5 lakhs, the loan amount would come to Rs. 4. 45 lakhs. If the interest rate is 12% per annum and the tenure is 4 years, the Excel PMT formula would look like,
PMT(0.12/12, 4*12, 445,000) where the period considered is months.
This formula will give you a result of Rs. 11, 718. Also, in Excel the result will come in red or negative which denotes cash outgo.
You must add processing charges and other fees to get an accurate result.
BankBazaar’s car loan EMI calculator will let you make smart loan decisions and repayments. Here are some points which you can infer from the car loan EMI calculator that will help you make better decisions when it comes to a car loan.
BankBazaar’s car loan EMI calculator will project the instalment amount using which you can understand your loan affordability. After all expenses & other investments that you make using your salary, you must be able to comfortably afford the EMI amount.
If you are planning to make prepayments, you can use BankBazaar’s car loan EMI calculator to find out how the prepayment will affect your EMI repayment schedule and also see if you will really benefit from making a prepayment.
You can use an online car loan EMI calculator to compare different car loan products on a detailed analytical basis.
Using the results projected by the calculator, you can plan your monthly budget as well as the repayments.
The amortization calendar will help you plan the repayments. As the schedule will help you understand how the interest outgo will change over time, hence helping you to manage the finances better.
Loan parameters needed for using the Car Loan EMI calculator:
You need to know the loan amount, processing fee and the interest rate of your car loan, home loan or personal loan. If you plan to prepay your loan, then figure out the exact or approximate amount you intend to prepay and the periodicity of such payments depending on your loan agreement.
Use the sliders and input boxes provided in the calculator to key in or match these loan parameters.
The calculator will then work out the exact pattern of your loan repayment. Aspects such as the amortization table, the total interest outgo, the timelines of your loan repayment etc. will be displayed in accurate detail enabling you to make smart loan decisions!
Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar.com’s EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.
Starting Balance: The starting balance of any given period corresponds to the principal amount that is owed to the bank at the beginning of that period.
Interest Paid: This is the portion of your monthly payment that is applied towards interest.This portion will keep reducing each successive month as the car loan matures. The rest of your monthly payment is applied towards the car loan principal.
Principal Paid: This is the portion of your monthly payment that is applied towards the loan principal. This portion will keep increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
Ending Balance: The ending balance of any given period corresponds to the principal amount that is owed to the Bank at the end of that period.
You can switch to Annual view of your Car loan amortization.
Planning of foreclosing your car loan? Read on to know if it’s a good idea.
When an individual applies for a car loan to purchase their dream vehicle, they are given a tenure in which the car loan would have to be repaid. There are times when a bonus at work or a sudden surge of money comes into the applicant’s life. So what should they do with the extra money? Repaying the car loan with a big payment can surely bode well for the applicant as he/she ends up saving a lot of money that would have been paid as interest. This is called pre-closure or foreclosure of a car loan. But, is this a good idea? Know more on this page as it talks about the various advantages and disadvantages of foreclosing of a car loan. Read More
Prepaying your car loan? Read more to ensure you make the right decision.
It is a well-known fact that loans can come as a saving grace in times of financial hardship especially when you have to make a big purchase. With banking portals making it easier to apply for a car loan online, a lot of people prefer to apply for car loan rather than pay for the purchase from their own savings. During the loan repayment tenure, you may come across a large sum of disposable money and though the logical thing to do is foreclose the car loan, it is advisable that you take a step back and study your options. This page talks about the various advantages and disadvantages that come with the foreclosure of a car loan. Read on to help you make a more informed decision when it comes to the foreclosure of your car loan.Read More
What is Car Loan Transfer?
There are a number of different car loan products that offer different advantages and benefits. With so many options available, it can be difficult to come across the right car loan option. There are times when a person has applied for a car loan and has later come across a better car loan option. Car loan transfer is a route that a lot of people in this position opt for to get out of their current predicament.
It is a simple process that helps clear out the previous car loan amount that a person has initially applied for. With this feature, a car loan applicant can close their previous loan amount and make payments towards the new car loan that’s better for the applicant. This page talks about the procedure of a car loan transfer and the steps to follow to ensure that it’s done right.Read More
Cash or Car Loan? Read on to see what works out better
Car loans make it easy to purchase a car as it does not need us to dip into your savings when making the purchase. But what do you do when you do have the surplus needed to pay for the purchase? As banks end up taking a chunk of your money as interest, should you purchase the car with your own money or a car loan? There are other ways in which you could utilize this surplus of money that you have on hand. Read on to know more about how to make the purchase of your car. Read More
What does the future hold for car loans in India?
With a steady increase in the population of India, car sales have grown in India over the past couple of years. Banks and NBFCs have also begun developing car loan products to cater to the needs and requirements of the people. The future of car loans in India looks quite lucrative with the various benefits and advantages that come with it. Read on to see what’s in store for car loans in India. Read More
According to a report by A T Kearney Energy Transition Institute, a research organisation, although governments and carmakers are planning for electric vehicles, securing raw materials' supplies for battery production is a challenge. Richard Forrest, the Chairman of the research organisation says that governments, battery manufacturers, mining companies, and carmakers require practical strategies for the technological and industrial energy transition, in an effort to reduce toxic emissions. Cobalt is in short supply and the reserves are likely to deplete fully by the time 300 units of EVs are manufactured. Raw materials such as lithium, cobalt, and nickel are required for EV batteries and it is a challenge to secure supplies of these key ingredients. The global lithium production must accelerate as more than 9% a year is needed to meet the demand. Due to an increase in demand and a tight supply, the price of lithium has increased.
20 March 2018
Hyundai Motor India plans to expand its production capacity by 50,000 units. Getting assembled car parts from vendors can save time and increase production output compared to getting single components from vendors. After 2020, it aims to become a 1-million units’ carmaker in the Indian market. Hyundai also plans to invest Rs.6,500 crore and launch 9 car models over the next 3 years which includes an electric car, facelifts of a few existing models, and new models. An electric-powered SUV or sedan with charging kits imported from Korea will be launched by Hyundai sometime in the future. HMI plans to sell 7 lakh units in 2018 and 7.5 lakh units in 2019.
19 March 2018
Lyft is in partnership with Magna, an automotive supplier to build autonomous vehicle technology. The intellectual property will be shared by the two companies and Magna gets to sell the AV technology to car manufacturing companies. Magna has invested $200 million equity in Lyft. The AVs built by Lyft and Magna will be Level 4 wherein the cars are operational on their own without any human intervention. Lyft has tie-ups with Waymo and Ford Motor to bring self-driving cars to the fore. Magna is in consortium with Intel, Mobileye, and BMW to develop a self-driving vehicle platform for carmakers by 2020. Toyota, BMW, Volkswagen, and Tesla are major customers of Magna. While Lyft leads the AV technology development, Magna will be in charge of manufacturing AVs as well as contributing its expertise in vehicle safety, driver assistance, etc.
15 March 2018
Toyota Yaris was unveiled at the Auto Expo 2018. The car will be launched in mid-2018. The bookings for the Yaris model will begin in April. Toyota Yaris will compete with Honda City, Volkswagen Vento, Skoda Rapid, and Maruti Suzuki Ciaz. The Yaris will be powered by a 1.5-litre petrol engine that is mated to a 6-speed manual or a 7-speed CVT automatic gearbox. The safety features of the car include 7 airbags, ABS with EBD, vehicle stability control, hill-start assist, and a tyre pressure monitoring system.
The exterior features of the car include LED DRLs, front and rear parking sensors, electrically adjustable ORVMs, rear fog lamps, and projector headlamps. The interior features include a 7-inch infotainment system, rain-sensing wipers, 8-way adjustable driver seat, and much more. The Yaris is priced at Rs.10-12 lakh, approximately. It will be available in various colour options such as pearl white, silver metallic, wildfire red, and grey metallic.
15 March 2018
With cars like Tesla Model X and the Jaguar I-place ruling the segment of electric concept vehicles, Porsche has come up with a brilliant competitor which has the potential to take on the formers. Geneva Motor Show 2018 recently saw the unveiling of the new four-wheel drive, electric crossover utility vehicle (CUV) concept from the fleet of Porsche, the E Cross Turismo. It is the second instalment of the Porsche Mission E concept which made its debut at the Frankfurt Motor Show 2015.
Appearance wise, the E Cross Turismo resembles its older sibling, the Mission E concept, a lot. The added off-road elements like raised ground clearance and the 20-inch wheels on this car reaffirm its crossover DNA. While maintaining the archetypal, Porsche has made a futuristic cabin for the E Cross which is loaded with state of the art technology like eye-tracking which arranges the instruments on the horizontal TFT infotainment screen, recognising the movement of the driver’s eyes. The ‘smart cabin’ automatically adjusts everything according to the need of the driver or driving situation. It is equipped with all-wheel steering, air suspensions, and Porsche’s Dynamic Chassis Control.
E Cross is powered by a pair of permanent synchronous motors, just like the Mission E concept, and delivers a combined output of over 600PS. With a claimed range of 480 Kms, the CUV can clock 0-100 kmph in less than 3.5 secs and 0-200 kmph in under 12 secs.
Though there is no announcement in regards to the date when the Cross Turismo will go into production, it is expected to happen soon after its predecessor, the Mission E, hits production in 2020.
14 March 2018
The South Korean auto manufacturer, Hyundai Motors launched a portable bin with its cars in a recent auto expo. This initiative is to help the Indian government with its Swachh Bharat Abhiyan campaign. Hyundai Motor India Limited (HMIL) made the 'Swacch can' CSR initiative in response to a survey that unanimously concluded that customers prefered cleanliness inside and outside of their cars. Hyundai has seen benefits by providing better customer experience through targeted service. The carmaker has yielded benefit with regards to high enquiry tracking, less lead time, and better accessibility.
12 March 2018
Mercedes-Benz India Pvt. Ltd. is planning to hike the prices of its cars by 3.5% to 5% depending on the model and structure. The price hike will happen between March and May. The increase in car prices is because of the rise in custom duty on luxury cars that are manufactured using imported parts and assembled in India. Mercedes-Benz wants to get rid of its current stock before increasing the prices. In 2017, the luxury carmaker showed 16% growth. The BS-VI compliant S-350d which is built in India will be priced at Rs.1.33 crore. The petrol variant of the S-350d will cost Rs.1.37 crore.
12 March 2018
Some of the world’s latest and best cars that were presented during the press day at the 88th Geneva International Motor Show in Geneva are the New PAL-V Liberty, the New ICONA Nucleus Concept car, the New Toyota Aygo, the New Land Range Rover SV Coupe, the New FOMM 1.0 Concept car, the New Sin Cars Sin R1 550 Hybrid, the new Sin Cars Sin S1, the Aston Martin Lagonda Concept car, the New BMW M8 Gran Coupe, the new BMW X4, the New Volkswagen I.D. Crozz, the New Apline Legende, the new Toyota GR Supra Racing Concept car, and the New Hyundai Auto Vision Concept car.
9 March 2018
Maruti Suzuki Alto commands 1/4th of the passenger vehicles segment in India. MSI has sold 3.5 million units of Maruti Suzuki Alto so far. This hatchback from Maruti is the best-selling car in India for the past 14 years. The popularity of Alto is attributed to its affordable price, modern design, and high fuel efficiency. In 2014, Alto K10 came with a 2-pedal setup called the Auto Gear Shift (AGS). The AGS variants of Alto K10 make 18% of the sales. The hatchback has a 3% market share in the passenger vehicle segment. Maruti Suzuki Alto competes with Datsun Redi GO, Hyundai Eon, Tata Tiago, and Renault Kwid. The Alto 800 is priced at Rs.2.51 lakh and the K10 is priced at Rs.3.42 lakh.
8 March 2018
Honda Motorcycle & Scooter India Pvt. Ltd (HMSI) has announced that it will participate in the 2018 Asia Road Racing Championship (ARRC) which is the 23rd season (of ARRC). The team is called 'Idemitsu Honda Racing India by T Pro Ten10' as the team management is by HMSI, rider management is by Ten 10 Racing, and T Pro will offer technical support. It will be competing in the SuperSports 600cc and Asia Production 250cc categories. Rajive Sethu and Anish D will participate in the 250cc class and Taiga Hada will compete in the 600cc class.
Hada finished Race 1 in 8th place and Race 2 in 9th place while Rajiv Sethu finished 18th in both the races. The next race will be held in Adelaide, Australia from 19 to 22 April, then in Japan from 1 to 3 June, and in Chennai from 3 to 5 August. The penultimate round will be held in Indonesia from 12 to 14 October and the finale will be held in Thailand from 30 November to 2 December 2018.
7 March 2018
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards