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Car Loan EMI Calculator

Calculate your Car Loan EMI & Total Interest Due

Loan Amount
100000
Tenure
12
Loan Amount:
Tenure:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Car Loan EMI: Sprite 4,402

Monthly amount paid to your Car Loan provider

Break-up of all total amount payable
Loan Amount
25000Sprite
Total Interest Due
756Sprite
Processing Fee
500Sprite
Loan Amount Via EMI
500Sprite
Loan Amount Prepaid
500Sprite
Total Interest
500Sprite
Processing Fee
500Sprite
Pre-payment Fee
500Sprite
Total Amount Payable
26252Sprite
Your loan details as specified by you
Loan Amount
25000Sprite
Tenure
6 Months
Interest Rate
10%
Processing Fee
2%
Pre-payment
25000Sprite
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Is your Credit Score good enough for getting a loan or card?

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Tab amortization
Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee 47,87,42610 yrs
With Pre-payment Rupee 45,33,7238years 4months
YOU SAVE Sprite 0 YOUR TENURE REDUCED BY 1 years 8 months
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Car Loan EMI Calculator

Lowest Car Loan EMI 2019
Name of Bank Loan Amount (Rs.) Rate of Interest (% p.a.) EMI for 7 years (Rs.)
Axis Bank 2 lakh 9.25% 3,243
Bank of Maharashtra 2 lakh 8.95% 3,213
Corporation Bank 2 lakh 9.60% 3,279
ICICI Bank 2 lakh 9.30% 3,248
IDBI Bank 2 lakh 9.30% 3,248
IndusInd Bank 2 lakh 10.65% 3,388
State Bank of India 2 lakh 9.30% 3,248
Tamilnad Mercantile Bank 2 lakh 10.45% 3,367
Punjab National Bank 2 lakh 9.40% 3,259
Union Bank of India 2 lakh 9.20% 3,238
*EMI as per the interest rates mentioned below:
Lowest Car Loan Interest Rates from Top Banks 2019
Bank Name Interest Rate (New Car) Interest Rate (Used Car)
Andhra Bank 1-year MCLR + 0.70% 1-year MCLR + 3.45%
Axis Bank 9.25% to 11.50% 15% to 17%
Bank of Maharashtra 8.95% -
Central Bank of India MCLR + 0.40% MCLR + 1.50%
Corporation Bank 9.60% to 11.30% -
Federal Bank Spread over MCLR – 9.20% p.a. Spread over MCLR – 15% p.a.
HDFC Bank Rack interest rate – 9.25% to 10.25% Rack interest rate – 13.75% to 16%
ICICI Bank 9.30% to 12.85% 14.25%
IDBI Bank 9.30% to 9.90% -
IndusInd Bank 10.65% to 15.50% 14.00% to 21.00%
Oriental Bank of Commerce (OBC)
  • For male borrowers: 1-year MCLR + 0.50%
  • For female borrowers: 1-year MCLR + 0.40%
-
State Bank of India 9.30% to 9.80% 11.05% to 12.05%
Punjab National Bank 1-year MCLR + 0.60% to 1-year MCLR + 1.05% (floating) and 1-year MCLR + 0.95% (fixed) -
Tamilnad Mercantile Bank 10.45% to 11.70% -
Union Bank of India 1-year MCLR + 0.50% = 9.20% 1-year MCLR + 3.50% = 12.20%
United Bank of India 1-year MCLR + 0.30% = 9.15% p.a. for male applicants and 1-year MCLR + 0.25% = 9.10% p.a. for female applicants 1-year MCLR + 1.05% = 9.90% p.a.

How does an EMI Calculator work?

Car Loan EMI Calculator has made it relatively easy for people to calculate the EMI payment which is applicable to their car loan. It is basically a tool that aids in ascertaining the EMI amounts for the repayment of the loan. It enables an individual to decide and choose the right amount to borrow while ensuring that his/her finances are well-managed. A Car Loan EMI Calculator operates on a formula created to compute EMIs. This formula calculates the data entered by an individual and generates results based on it. Most of the EMI Calculators out there need details regarding the loan, such as its tenure, the amount borrowed, the processing fee, the interest rate, etc. The accuracy of an EMI Calculator will depend on the depth of the information provided by a customer. The more the data, the more accurate the results.

Thanks to advancements in technology and the rapid rate at which the use of four-wheelers is rising, an increasing number of people across India strive to buy their own cars so that travel becomes easier. Since not everyone can afford to purchase a car on his/her savings alone, car loans have been growing in popularity with each passing year. A wide variety of websites across the internet offer car loans, and they also have a Car Loan EMI Calculator that enables interested individuals to get a good idea regarding the repayment of the loan. BankBazaar also offers the Car Loan EMI Calculator facility for individuals who would like to know how much they will have to pay at regular intervals of time.

A Car Loan EMI Calculator operates in a fairly simple manner. All you have to do is enter the details related to your car loan, like the amount borrowed, the rate of interest, the tenure of the loan, and the processing fees before clicking on ‘Calculate’.

In case you wish to prepay your car loan, you can intimate the tool by simply choosing ‘Yes’ or ‘No’ from the option present in the ‘prepayments’ section. In case you choose ‘Yes’, information regarding the prepayment amount, the frequency, the prepayment fee, etc., will have to be provided. In case you do not wish to prepay your car loan, you can choose ‘No’ before hitting the ‘Calculate’ button. The online calculator will then determine the EMI payable on your car loan and provide a loan schedule in addition to an amortization table.

EMI calculations can be done for different tenures and interest rates. You can choose different options and calculate the EMI on each option to find out which one best suits your repayment capacity. Doing so will ensure that you are under no pressure to repay your loan, and you will also have better control over your finances, thus ensuring that you will only be repaying an amount that you can afford.

Formula for Calculating Car Loan EMI

E = P x R x (1+R)^n / {(1+R)^n – 1}

‘E’ stands for the EMI you owe on your car loan amount;

‘P’ stands for the principal amount;

‘R’ stands for the interest rate applicable to your car loan;

And ‘n’ stands for the tenure of the car loan (in months).

  • EMI calculations for your car loan can also be done offline using Microsoft Excel. To generate a Car Loan EMI Calculator on the tool, the following function can be used:

PMT (rate, nper, pv)

‘rate’ is the fixed rate of interest applicable to your car loan;

‘nper’ is the number of instalments in which the loan will be repaid;

‘pv’ is the principal amount.

Factors Affecting Car Loan EMI

There are three main parameters that determine the EMI of a car loan, viz. the principal amount, the tenure, and the rate of interest.

  • Principal amount: The principal amount on a car loan is the overall amount of money sanctioned by a lender to a borrower. The higher the principal amount, the higher the EMIs associated with the car loan.
  • Tenure: It is the period of time taken to repay the loan. The borrower will have to make a payment every month until the loan is completely repaid. The longer the tenure of a car loan, the smaller the EMIs.
  • Rate of Interest: The rate of interest is the amount you pay in addition to the principal amount. The interest rate charged on car loans differs from individual to individual. Parameters such as your loan history and your credit score, among others, play a crucial role in getting a favourable rate of interest. The higher the interest rate applicable to your car loan, the higher the EMIs.

The EMIs applicable to a car loan can also be determined by a few other factors such as changes in base rates, changes in market rates, pre-closure, and prepayments.

Benefits of Car Loan EMI Calculator

The following are some of the main features and benefits of a car loan EMI calculator:

  • Immediate results: A car loan EMI calculator makes complicated calculations and offers accurate results with the mere click of a button. You can check the EMI amount applicable to your car loan by entering the required data and get the results instantly. Using the car loan EMI calculator tool can help you get an idea about the amount you will have to pay on a monthly basis, thereby ensuring that you can repay the loan without any added pressure.
  • Accuracy: Calculating the EMI payments on a car loan manually can take a lot of time and can also lead to erroneous results. A car loan EMI calculator, however, ensures that the results provided are accurate and instant, thereby helping you save time and effort.
  • Free of cost: A car loan EMI calculator can be used for free of cost on BankBazaar.com. You can use the calculator as many times as you like, with different interest rates and tenures, to find the option that best suits your needs.
  • Prepayments: In case you wish to prepay your car loan, you can feed in the same data into the tool and it will calculate your repayment structure based on the information provided.
  • Analytical comparison: Using a car loan EMI calculator can help you compare the loans made available by different banks. You can enter the tenure, the loan amount and the interest rates of different banks and check which bank will work out the cheapest for you.
How to Calculate your Car Loan EMI
Car Loan EMI Calculator

Repayment Structure on Car Loan EMI Calculator

It is important to get a good idea regarding the EMI payments you will be required to make before you apply for a loan. EMIs are fixed amounts that must be paid on a monthly basis, and they comprise two major components, viz. the principal amount and the interest. The overall interest applicable to a car loan is spread across the tenure of the loan. A significant part of the EMI is taken up by the interest. The Car Loan EMI Calculator on BankBazaar.com enables borrowers to make an informed choice regarding car loans. Here’s how:

  • The process to find out the EMI is hassle-free.
  • It enables you to determine whether or not you can afford to repay the loan before you even apply for it.
  • The process of finding out your EMIs is quick.
  • The tool offers an amortization table along with the EMI amount so that you have comprehensive information regarding the repayment of the loan.
  • The tool is easy to navigate, with fields clearly marked for different details such as the loan amount, interest rate, tenure, etc.

Ways to Compute Car Loan Interest Rate and Its Effects on Car Loan EMI

Prior to applying for a car loan, it is important to carry out proper research to make sure you find the most affordable options. There are three methods to compute the interest applicable to your car loan, viz. fixed rate of interest, 0% financing scheme, and reducing balance method.

  • Fixed rate of interest: As suggested by the term itself, the rate of interest in this method will be the same regardless of whether or not the debt is repaid. The interest amount that has to be paid is computed on the overall loan amount. The overall amount of interest is then spread evenly across the whole loan tenure. Here is an example to help you better understand how this method works: If the principal amount of your car loan is Rs.5 lakh, and the rate of interest applicable is 10%, and the tenure of the loan is five years, the calculation of EMIs through the fixed rate of interest method will be done as follows:

    Interest amount to be paid per annum: Rs.5 lakh x (10 / 100) = Rs.50,000. The overall interest amount payable over the tenure of the loan = Rs.50,000 x 5 = Rs.2.5 lakh. The debt payable per annum will be Rs.5 lakh / 5 = Rs.1 lakh. The EMI amount payable = (Rs.1 lakh + Rs.50,000) / 12 = Rs.12,500.

  • 0% financing scheme: Also called the zero interest scheme, the 0% financing scheme is offered only by a few lenders. Make sure you check with the lender if there are any other charges associated with the amount you borrow. Usually, lenders charge an upfront fee via a subvention scheme.
  • Reducing balance method: Under the reducing balance method, the rate of interest is levied on the outstanding principal amount. While the interest rate levied in this process is usually higher in comparison with the fixed rate of interest method, this method is relatively cheaper in the long run. The overall amount you pay as interest under this method is lower in comparison with the fixed rate of interest method as the principal amount slowly and steadily goes down over a period of time. Here’s an example to help you better understand the reducing balance method:

If the car loan amount you have borrowed is Rs.5 lakh, the reducing rate of interest is set at 10% per annum, and the tenure of the loan is five years, the EMI amount payable each month will come down with each payment you make. In the first year of the tenure, the interest rate applicable to your car loan will be Rs.50,000. The interest applicable in the second year of the tenure will be 10% of (Rs.5 lakh – Rs.50,000), i.e. 10% of Rs.4.5 lakh = Rs.45,000.

Car Loan EMI – Increase in Repo Rate

Those who are making EMI payments towards their car loan are expected to know that the repo rate has been increased by the Reserve Bank of India on the 1st of August, 2019. This marks the second time over the past two months that the repo rate has been raised. The repo rate now stands at 6.50%.

Car Loan offered by Major Banks in India

Car loans are offered at both fixed as well as floating interest rates. While the fixed rate will remain unchanged for the tenure of the loan, the floating rate is subject to change from time to time. The different factors that can affect interest rates include taxes, liquidity, inflation, etc. It is important to take into consideration all possible factors to make the right choice when taking a car loan.

  1. What is Equated Monthly Installment?

    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.

  2. How is car loan EMI Calculated?

    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.

  3. How to use a Car Loan EMI Calculator Tool?

    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.

  4. What are the Benefits of Using an Online Car Loan EMI Calculator?

    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.

  5. What is a low debt-to-income ratio?

    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.

  6. What are the parameters required to calculate car loan EMI?

    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.

  7. What is a Car Loan Amortisation Table?

    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.

  8. What are the benefits of using an online car loan EMI calculator?

    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.

  9. Can all types of cars get financed by a car loan?

    Almost all passenger cars along with multi-utility vehicles can be financed by a car loan.

  10. Can I avail a car loan on my existing four-wheeler?

    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.

  11. Who can avail a car loan?

    Anybody who falls under the following categories can avail a car loan:

    • Self-employed individuals
    • Salaried individuals
    • Partnership firms
    • HUFs and Trusts
    • Partnership firms
  12. How do I find out what the prepayment penalty is on my 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.

  13. Do I need to pay a subscription fee or do I have to make an account with BankBazaar?

    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 :

    • PMT ( rate, period, pv, [fv], [type] ) where rate is the interest rate per period, period is the number of periods over which the loan has to be repaid, pv is the present value of the loan, fv is the future value of loan and type specifies if the payment is made at start or end of the period. Last two arguments can be safely omitted.

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.

Interesting Articles on Car Loan EMI Calculator

  • Prepayment Conditions for Car Loans

    Car loans are the best way for individuals to meet their financial requirements while purchasing a new or old vehicle in order to fulfil their car-buying dream without having to exhaust their valued savings. However, when the finances are looking up, it is advisable that the borrower repays his or her car loan before the original repayment tenure. This might not only reduce the burden of the debt, but can also lead to long-term savings in terms of the interest paid to the lender. Loan prepayment can also help the individual borrow another loan while increasing his or her credit score. However, it is important to consider all the aspects of the loan prepayment before deciding to opt for the facility. If not done so, there are chances that a borrower might end up paying more than the original debt by availing this benefit. Take a look at the prepayment conditions for a car loan before you decide to invest your hard-earned money and find out whether this option is best suited for you or not.
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  • Steps to Transfer Car Registration From One City to Another

    Shifting from one city to another is no easy feat in itself due to a number of reasons. This becomes even more difficult when you have to transfer your car registration from one city to another. In order to make this process smooth and quick, you should arm yourself beforehand with the knowledge regarding the process of moving your car registration to another city. There are a number of steps that should be followed before a car registration is transferred. If all the required documents are in place, it is not difficult to transfer a car’s registration from one place to another. Before moving from one city to another, the car owner has to get the required documents. The first and foremost step to getting your car registration transferred is getting a No-objection certificate (NOC) from the bank and Regional Transport Office (RTO) where the car was originally registered from. Thereafter, you will have to get your car re-registered in the new city and get a refund of road tax if applicable. In case you decide not to move your car, you will also have to get your NOC cancelled. Read further in order to gain a detailed picture of how to transfer the registration of your car.
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  • Car Loan Foreclosure Procedure

    Car loans are a great way to meet one’s financial need while purchasing a car since they can provide the freedom of buying the car of one’s choice without having to worry about paying a lump sum amount during the purchase. Once a customer avails a car loan, the amount should be repaid within a predetermined period along with an interest that is mutually decided by the borrower and lender. However, a customer might decide to repay the entire loan before the loan tenure owing to a sudden influx of cash and relieve himself or herself from the debt. Numerous banks and non-banking financing companies (NBFCs) offers its customers the option to foreclose a car loan before its original tenure. While many lenders charge a small percentage of the outstanding principal loan as a penalty for foreclosing a loan, repaying your loan using this option can help you save on the interest in the long run. However, it is advisable that the customer reads the terms of the lender along with the advantages and disadvantages of a car loan foreclosure before opting for this feature.
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News About Car Loan EMI Calculator

  • New City variant launched by Honda Cars India, priced at Rs.12.75 lakh

    Honda Cars India has now launched an all-new variant of Honda City, one of the most popular cars launched by the company. The new car is expected to be priced at around Rs.12.75 lakh (ex-showroom Delhi). The new variant, called the ZX MT will be powered by a 1.5 litre petrol powertrain. The engine comes with manual transmission and comes with features such as rear parking sensors. The new model was launched by the company in order to cope up with the increasing demand for the petrol variant in manual transmission with the best specifications. Honda has also been selling an automatic variant of the same model for now. The company believes that the addition of features such as parking sensors will help improve the sales of the popular sedan. Honda has also added a number of new colours for the car. The new model will boast features such as automatic headlights, electric sun roof, rain sensing wipers, and six airbags. The City was launched by Honda Cars in India in the year 1988 and has managed to sell close to 7.5 lakh units.

    16 January 2019

  • RBI may be forced to soften policy stance due to WPI inflation

    With the country facing a slowdown in manufacturing, many economists believe that the central bank would ease its monetary policy stance due to December 2018’s wholesale inflation easing to an eight-month low. Government data showed that the annual wholesale price was down to 3.80% last month, as increase in fuel cost almost halved and there was hardly a rise in food prices.

    Chief economist, India Ratings and Research, Devindra Kumar Pant said that he expects a softening of the monetary stance by RBI at the next meeting due to the wholesale and retail inflation easing.

    15 January 2019

  • Hyundai Creta’s 2019 model gets new features

    Hyundai Motors has announced that it’s MY 2019 Creta will come with several new features and updates to its equipment list. Speed Alert System, passenger seat-belt reminder system, and Eco-Coating are the additional features that it comes with. These features will be a standard across all variants.

    Creta will also come with a new variant called the SX(O) Executive, which will have ventilated front seats. The new variant will be available in petrol and diesel options. Both variants will be 1.6-litre. The petrol engine will produce 123hp and 151Nm of torque, while the diesel engine will produce 128hp and 260Nm of torque.

    14 January 2019

  • HDFC Raises Interest Rate by 5 Basis Points

    HDFC Bank has hiked its MLCR by 5 basis points. The new interest rates are 8.75%, 8.90% and 9.05% for 1, 2, and 3-year tenures respectively. The increase in the interest rate was triggered by the fall in the bank’s savings and current accounts. The increase in interest rates has been consistent with the bank's pattern over the last 4 months.

    Additionally, the bank’s benchmark bond closed at 7.51% and was up by 6 basis points. The bank’s changes have resulted in Rs.7.8 lakh crore in advances. The deposits grew by 22% year-on-year based on data from 31 December 2018.

    10 January 2019

  • Sukanya Samriddhi and PPF interest rates to remain unchanged, post office time deposits hiked

    Post office time deposits for a duration of 1 year has a higher interest rate now. The interest rate of the small savings scheme has now been increased by 10 basis points for January to March 2019 quarter. The interest rates for savings schemes like Sukanya Samriddhi Yojana and Public Provident Fund has not been changed according to a circular that was issued by the Finance Ministry. Post office time deposits will now come with an interest of 7 percent which is an increase from the 6.9 percent that was there in the previous quarter. The interest for post office time deposits with a three year duration has now been reduced by 20 bps and now stands at 7 percent. The interest rates for two year and five year post office time deposits has been kept unchanged at 7 percent and 7.8 percent respectively. The interest rates on other small schemes such as Kisan Vikas Patra and Senior Citizen Savings Scheme continues to remain unchanged and will have an interest rate of 8.7 percent and 7.7 percent respectively.

    7 January 2019

  • EMI cards to be launched by Mswipe in partnership with Cashe

    Mswipe, the card payment company, has partnered with Cashe, digital lending startup, to launch EMI cards. This will provide credit that is instant and pre-approved upto Rs.10,000 with a payment plan of 3 Equated Monthly Instalments (EMIs). With these Mcards, consumers can transact at any merchant outlet which has an Mswipe terminal. They can do transactions starting at Rs.2500 and going up to Rs.10,000. With the Cashe application, customers can also get to know the list of merchants who accept the Mcard. Multiple transactions can be done, totalling up to Rs.10,000, on a single day which will then be converted into a single loan to be repaid with the 3-part EMI. The Cashe mobile application also provides tracking of the repayments. Currently there are 3.5 lakh Mswipe terminals across the country.

    20 December 2018

  • Deposit rates of United Bank of India hiked by 0.25%

    United Bank of India has hiked the deposit rates across selected tenures on Wednesday 28 November 2018. The state-owned bank has raised the rates by 0.25%. As a result of this raise, while the fixed deposit rate for a tenure of 1 year has increased to 6.5% from 6.35%, the interest rates for fixed deposits coming with tenures of 1 to 3 years has also increased to 6.25%, which was 6% earlier. The revised rate of interest of UBI is applicable to the domestic term deposits which are less than Rs.1 crore from 14 December 2018. As a matter of fact, ICICI Bank, HDFC Bank, and SBI are among the other popular Indian banks which has also hiked their interest rates recently.

    18 December 2018

  • Olx India partnered with Germany's Frontier Car Group for the transaction of used car

    Olx India recently launched an offline channel for directly purchasing and selling used cars via a platform named Cash My Car. The company has partnered with Frontier Car Group (FCG) based out of Berlin for this venture. This online-to-offline model developed for the transaction of used cars will be operated by Olx India directly. This model is not similar to the other listing-based models of this company which are operating in several other verticals, one being the Olx Auto. With the launch of this unique channel, Olx India has begun its first transaction-based business. In this model, Cash My Car will function as a full-stack model for the transaction of used cars under Olx Auto. As a matter of fact, the used car business under Olx Auto is the biggest revenue-earning segment of this company in the country. It accounts for more than 25% of the overall revenue of Olx India.

    30 November 2018

  • Mahindra expecting a faster flow of Formula E EV technology to road cars

    As per the chairman of Mahindra Group, Mr. Anand Mahindra, the company is expecting the technology from Formula E, the world electric car racing series, to flow at a quicker speed to its e-road cars. This group in which Mahindra Racing is one of the 10 founding teams in the FIA Formula E Championship has used the technology from PF-Zero which is the series for the forthcoming electric hypercar concept crafted by the Italian design house Pininfarina. Mr. Anand also said that though a huge amount of technology is flowing from Formula E he is expecting this to be even better the current year as the M5 Electro car, the fresh Formula E car, needn't change a battery in the middle of the race and the same car will be able to complete the full race.

    29 November 2018

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