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.
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.
An individual will have to follow the following steps to calculate their EMI:
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.
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:
The Bank of Maharashtra car loan is characterised by the following features:
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
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.
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.
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.
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