Making EMI calculations is an important step to follow when availing a car loan through Bank of Maharashtra. The Bank of Maharashtra Car Loan EMI Calculator customers can make accurate EMI calculations. With this calculator, an individual can check for certain their eligibility and the EMI that they are required to pay to repay a car loan. Customers can also check their eligibility for a car loan on the BankBazaar website.
How to use BankBazaar Bank of Maharashtra Car Loan EMI Calculator to understand your car loan repayment
The EMI Calculator that is available on the BankBazaar website can be used to understand the EMI that an individual has to pay to repay a car loan taken from Bank of Maharashtra. The individual who has taken a car loan can assess their debt-to-income ratio even before availing the car loan. The website also displays the amortisation table which can help a customer to get a better understanding of their repayment procedure.
Bank of Maharashtra Car Loan EMI Calculator – How does it work?
An individual will have to follow the following steps to calculate their EMI:
- Loan amount - To change the loan amount as per their need, customers have to drag the pointer on a scale to arrive at the loan amount you are requesting. For example, Rs.2 lakh, Rs.5 lakh, Rs.10 lakh.
- Tenure - With the help of the pointer, choose the loan tenure.
- Interest rate - Enter the interest rate that is offered by Bank of Maharashtra on car loans.
- Processing fee - Enter the processing fee charged by Bank of Maharashtra.
- Pre-payment - Customers can choose whether they want to make the EMI calculation with or without the prepayment.
- Customers can directly click on “calculate” if they do not want to include the prepayment charges in the EMI calculation.
- If the customer chooses to make pre-payments, he/she will have to provide the information listed below:
- Prepayment fee
- Prepayment frequency
- Prepayment amount
- How the prepayment applies
Click on the ‘Calculate’ once the information has been entered to get a detailed breakup of the total amount payable. In addition, the page will display the amortisation graph.
Example: Assuming that the rate of interest on car loans is 9.70% let us calculate the EMIs a customer would be required to pay for different tenures. We will also assume that the processing fee is 2%.
|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.)|
*Interest rates are subject to change following the inclusion of GST from July 1, 2017.
Bank of Maharashtra Car Loan EMI Calculator - Features and Benefits
The Bank of Maharashtra Car Loan EMI Calculator performs complicated calculation in seconds, giving customers an idea of how much they would need to set aside towards the car loan each month and simultaneously calculate their debt-to-income ratio of the month. Some of the key features of the tool are listed below:
- Using BankBazaar’s user-friendly EMI calculator, customers will have EMI results in seconds.
- Customers can contact the support team of BankBazaar if they have any issues or queries regarding the tool.
- The BankBazaar EMI calculator is completely free of cost at no point will the customer be charged, for how many ever calculations he/she makes.
- The tool also displays the amortisation table - enabling customers to understand the progress and breakup of the loan easily.
- The tool can be used multiple times to obtain a better result by changing the loan amount, the interest rates, processing fees, tenure and so on.
- If you wish to make a pre-payment towards the car loan, the tool gives you the option to calculate that as well.
Bank of Maharashtra Car Loan EMI Calculator FAQs
- What are the features of the Bank of Maharashtra Car Loan EMI Calculator?
The Bank of Maharashtra car loan is characterised by the following features:
- Flexible repayment tenure that can range between 12 months and 60 months.
- 100% finance for the purchase of several models of cars and multiutility vehicles.
- No hidden charges.
- Best interest rates on car loans.
- The bank also offers special benefits and innovative loyalty schemes for its car loan customers.
- What is an amortization table?
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
- How is the EMI car loan calculated?
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 pre-payments that you make towards the loan.
- Is it possible to calculate the EMI manually rather than use the EMI tool?
Calculating the EMI manually would be time-consuming and error-prone. It would be complicated to calculate the EMI when pre-payments are made towards the debt.
- Will there be an error if I make EMI calculations without the prepayment charges?
Including the prepayment charges will be make the result accurate - allowing you to plan your finances to point. If not, you can still make the calculations and have a rough estimate.