• Allahabad Bank Car Loan EMI Calculator

    • You can visit the BankBazaar’s official website and use the car loan EMI calculator tool to calculate the monthly EMI payable.
    • The lowest rate of interest charged by Allahabad Bank is 8.8%.
    • You can receive a monthly installment at a reasonable rate of Rs.799.
    • For a tenure of 4 years, the optimum EMI payable is Rs.1,240.
    • For a tenure of 2 years, the optimum EMI payable is Rs.2,280.
    • The EMI payable depends on factors such as the loan amount, repayment tenure, interest rate, credit score, etc.

    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.

    How to use BankBazaar Allahabad Bank Car Loan EMI Calculator to understand your car loan repayment

    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.

    Allahabad Bank Car Loan EMI Calculator – How does it work?

    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:

    • Loan amount - The pointer can be dragged on the scale to arrive at a loan amount which you require.
    • Tenure - Drag the pointer to rest at the loan tenure.
    • Interest rate - Enter the interest rate that is offered by Allahabad Bank on car loan.
    • Processing fee - Enter the processing fee charged by the bank.
    • Prepayment - There are two options which the customer is presented with when it comes to prepayment:
      • If you choose to make prepayments, you will have to provide additional information, such as:
        • Prepayment amount
        • Prepayment fee
        • Prepayment frequency
        • How the prepayment applies
      • If you do not want to make any prepayment, you can select the appropriate option and click on the ‘Calculate’ button. You will get a page with a breakup of the total amount that you will be paying.

    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.)
    10 lakh 9% 2% 45,685 31,800 24,885 20,831 20,758 18,026
    15 lakh 9% 2% 68,527 47,700 37,328 31,138 27,038 24,134
    20 lakh 9% 2% 91,369 63,599 49,770 41,517 36,051 32,178
    25 lakh 9% 2% 1,14,212 79,499 62,213 51,896 45,064 40,223
    30 lakh 9% 2% 1,37,054 95,399 74,655 62.275 54,077 48,267
    35 lakh 9% 2% 1,59,897 1,11,299 87,098 72,654 63,089 56,312
    40 lakh 9% 2% 1,82,739 1,27,199 99,540 83,033 72,102 64.356

    Allahabad Bank Car Loan EMI Calculator - Features and Benefits

    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:

    • This is a very user-friendly tool which displays the EMI and amortization table.
    • The customer support team at BankBazaar is trained to address and solve any problem or query that a customer may have.
    • The tool is available absolutely free of cost.
    • A breakup of the amortization table and the amount that’s payable will be displayed when you use the BankBazaar Allahabad Bank Car Loan EMI Calculator. The amortization is displayed graphically to ensure that the customer is able to understand the loan easily
    • The tool can be used multiple times till you arrive at the right combination of tenure and principal, and an EMI that can be afforded.
    • An individual can consider any prepayments that they intend on making towards a car loan.

    Allahabad Bank Car Loan EMI Calculator FAQs

    1. What is a car loan amortization table?

      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.

    2. What are the significant features of the Allahabad Bank car loan?

      The Allahabad Bank car loan is characterised by the following features:

      • An individual can choose to opt for a loan tenure that’s offered between 12 months and 84 months.
      • Competitive interest rates with no hidden charges.
      • The car loan application is processed and disbursed within 7 working days, with minimal documentation and high transparency.
      • The “Dream Car Loan” scheme enables you to find details about cars that are best suited for your needs. You can research about the new vehicles in the market, compare cars, and read reviews.
      • The bank also offers special benefits and innovative loyalty schemes for its car loan customers.
    3. What is the formula for calculating car loan EMI?

      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.

    4. I know there is a prepayment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?

      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.

    5. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison of the EMI Calculator tool?

      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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