Bank of Maharashtra Car Loan EMI Calculator

Bank of Maharashtra Car Loan EMI Calculator – How does it work?

An individual will have to follow the following steps to calculate their EMI:

1. 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.
2. Tenure - With the help of the pointer, choose the loan tenure.
3. Interest rate - Enter the interest rate that is offered by Bank of Maharashtra on car loans.
4. Processing fee - Enter the processing fee charged by Bank of Maharashtra.
5. Pre-payment - Customers can choose whether they want to make the EMI calculation with or without the prepayment.
   1. Customers can directly click on “calculate” if they do not want to include the prepayment charges in the EMI calculation.
   2. If the customer chooses to make pre-payments, he/she will have to provide the information listed below:
      1. Prepayment fee
      2. Prepayment frequency
      3. Prepayment amount
      4. 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%.

*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:

1. Using BankBazaar’s user-friendly EMI calculator, customers will have EMI results in seconds.
2. Customers can contact the support team of BankBazaar if they have any issues or queries regarding the tool.
3. 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.
4. The tool also displays the amortisation table - enabling customers to understand the progress and breakup of the loan easily.
5. 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.
6. If you wish to make a pre-payment towards the car loan, the tool gives you the option to calculate that as well.

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