Allahabad Bank offers car loans to customers with pocket-friendly interest rates and quick disbursals. The online eligibility check facility at the bank’s website enables customers to understand, in a matter of 60 seconds, if they can avail a loan. The possibility of getting 100% finance for the car purchase is an attractive element of the package as well. The Dream Car Loan scheme has given a number of customers the ability of purchasing a dream car.
Using the Car Loan EMI Calculator at the BankBazaar website, you can calculate your EMIs for various tenures. The tool is simple to use with an attractive interface. It even provides you an amortization graph that enables you to visually analyse your debt repayment schedule over a period of time.
There are a few basic details which an individual will have to provide to calculate the EMIs on their car loan. You will have to provide certain basic details to calculate your EMIs using the BankBazaar Allahabad Bank Car Loan EMI Calculator. These include:
The page will also show your loan details and amortization schedule in a graph.
Additionally, the tool provides you some insight on the loan amount and tenure with the option of prepayment and without it.
Example: Let us analyse the EMIs (for various tenures) on car loans using the BankBazaar Allahabad Bank Car Loan EMI Calculator. The lowest interest rate currently offered by the bank is 9% and processing fee is 2% of the loan amount. The example below assumes that no prepayments are made towards the loan.
|Loan amount (Rs.)||Interest rate||Processing fee||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
The Allahabad Bank Car Loan EMI Calculator comes in handy when an individual has to determine the EMI that they have to pay during the tenure of the loan. Some of the key features of this tool include:
A car loan amortization table displays the payment schedule of your loan in a tabular format. It also displays the breakup of the interest rate, principal amount, the outstanding loan balance, and the total paid amount.
The Allahabad Bank car loan is characterised by the following features:
EMI Is calculated using the following formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of installments.
This formula does not take into account the prepayments that you make towards the loan.
It is advisable to read through the loan documentation to understand the prepayment penalty levied by your lender. Alternatively, you can visit the bank branch or call up the bank’s customer service desk and request for the same. Once you get the details of the prepayment charges, you can use this information as input to the EMI Calculator tool and view the amortization schedule instantly.
No, calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. Moreover, it would be complicated to calculate the EMI when prepayments are made towards the debt. Hence, it is recommended to use the Bankbazaar Allahabad Bank Car Loan EMI Calculator for the same.
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