There are a lot of people who tend to go to bank to avail car loan which can be used to finance the purchase of their dream car. It is imperative that any individual who intends on purchasing a car loan should use an EMI Calculator to determine the breakup of their loan and the EMI that needs to be paid every month. The Catholic Syrian Bank Car Loan EMI Calculator that’s available on the official website of BankBazaar can help an individual make an informed decision when it comes to choosing the loan that they require.
How to use BankBazaar Catholic Syrian Bank Car Loan EMI Calculator to understand your car loan repayment
The Equated Monthly Instalment which an individual will have to make to repay a car loan can be calculated using the EMI Calculator offered by BankBazaar. This calculator is simple and easy to use after providing a few details about the loan which you have applied for. This is the primary reason why people choose to use the user-friendly EMI Calculator. The Catholic Syrian Bank Car Loan EMI Calculator also provides an amortization graph to make it easier for the user to visually analyse and understand their loan repayment procedure and timetable over the repayment tenure.
Catholic Syrian Bank Car Loan EMI Calculator – How does it work?
The EMI Calculator provided by BankBazaar will require a few personal details required to calculate the EMI on a car loan which was availed from Catholic Syrian Bank. The personal details which are required are as follows:
- Loan Amount: Drag the pointer which is available on the “Loan Amount” tab to select the loan amount which you have applied for or planning to apply for
- Processing Fee: Enter the processing fee that is charged by a bank on your loan amount
- Interest Rate: Once you have entered the loan amount and processing fee, you will have to enter the interest rate which has been levied on your loan amount by Catholic Syrian Bank
- Tenure: Select the tenure of the loan amount by dragging the pointer under the "Loan Tenure" tab
- Prepayment: Another unique feature of the EMI Calculator offered by BankBazaar is that the calculator also considers any prepayments which you may or may not make during the tenure of your loan. There are two options under the "Prepayment" tab:
- If you select "Yes", the following details will be required to give you a better idea of the repayment of your loan:
- Prepayment frequency
- How the prepayment applies
- Prepayment fee
- Prepayment amount
- If you do not intend on making any prepayments towards your car loan, you can select "No" and then click the "Calculate" button. which is available. Once this is done, you will be given a page which gives you the breakup of the total loan amount which you will have to repay. The webpage will also show your amortization table apart from your car loan details.
- If you select "Yes", the following details will be required to give you a better idea of the repayment of your loan:
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Example: Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Catholic Syrian Bank Car Loan EMI Calculator. The interest rate currently offered by Catholic Syrian Bank varies from 10.20% to 10.75%. Let us consider the non-refundable processing fee as 2% of the total loan amount. The example below assumes that no prepayments are made towards the loan.
| Loan amount (Rs.) | Processing fee | Interest rate (Mean) | 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 | 2% | 10.20% | 46,237 | 32,361 | 25,459 | 21,346 | 18,627 | 16,705 |
| 15 Lakh | 2% | 10.20% | 69,356 | 48,542 | 38,188 | 32,018 | 27,940 | 25,057 |
| 20 Lakh | 2% | 10.20% | 92,475 | 64,722 | 50,917 | 42,691 | 37,254 | 33,409 |
| 25 Lakh | 2% | 10.20% | 1,15,593 | 80,903 | 63,647 | 53,364 | 53,364 | 46,567 |
| 30 Lakh | 2% | 10.20% | 1,38,712 | 97,084 | 76,376 | 64,037 | 55,881 | 50,114 |
| 35 Lakh | 2% | 10.20% | 1,61,831 | 1,13,264 | 89,106 | 74,710 | 65,194 | 58,466 |
Catholic Syrian Bank Car Loan EMI Calculator - Features and Benefits
The Catholic Syrian Bank Car Loan EMI Calculator is a user-friendly tool that performs complicated calculations at the click of a button. Some of the key features of this tool include:
- The tool is very simple to use as it requires a few basic details to calculate the EMI that an individual has to repay.
- The tool also helps with calculating the EMI that an individual has to pay towards a car loan taken from Catholic Syrian Bank.
- BankBazaar has a well-trained customer support team whose main duty is to make sure that every query and problem that’s faced by a customer when using the Catholic Syrian Bank Car Loan EMI Calculator is addressed and solved as soon as possible.
- The EMI Calculator that’s available on the BankBazaar website can be used at no extra charge. The tool can be used multiple number of times to arrive at a right combination of loan tenure and principle.
- The BankBazaar Catholic Syrian Bank Car Loan EMI Calculator shows the complete breakup of the car loan that has been purchased by an individual. The calculator displays the amortisation table along with the complete breakup of the car loan
Catholic Syrian Bank Car Loan EMI Calculator FAQs
- What is the amortization table that’s provided when using the EMI Calculator available on the BankBazaar website?
The amortisation table that’s displayed on the BankBazaar website after using the EMI Calculator is basically a breakup of the car loan that you will have to repay throughout the tenure of the loan. The amortisation table also provides other details such as the interest paid, EMI which has to be paid every month, total paid amount, etc.
- What is the formula employed for calculating car loan EMI?
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 instalments.
This formula does not take into account the prepayments that you make towards the loan.
- When calculating the EMI on a car loan, is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when prepayments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar Catholic Syrian Bank Car Loan EMI Calculator for the same.
- What is the cost of using the EMI Calculator on the BankBazaar website?
The EMI Calculator that’s offered on the BankBazaar website is available at no extra charge and can be used a number of times by the user to determine the best loan amount that can meet all of the individual’s needs.
- Will there be an error in the calculations made by the EMI Calculator if I make EMI calculations without the prepayment charges?
If you include the prepayment charges while calculating the breakup of your loan, the result that you will receive will be a lot more accurate. This helps plans your finances to ensure that you do not miss out on any payments or fall short on any dues that you have to pay.
