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.
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:
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.)|
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 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.
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.
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.
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.
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.