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  • Central Bank of India Car Loan EMI Calculator is Rated as "Blown Away!" by 20 Users

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    Central Bank of India Car Loan EMI Calculator

    Central Bank of India offers car loans to customers with pocket-friendly interest rates and quick disbursals. Using an EMI Calculator to determine the amount that needs to be paid every month in the form of EMIs would help come to a better understanding of your loan. The Central Bank of India Car Loan EMI Calculator gives a detailed breakup of the loan that needs to paid. The possibility of getting 100% finance for the car purchase is an attractive element of the package as well.

    How to use BankBazaar Central Bank of India Car Loan EMI Calculator to understand your car loan repayment

    Using the Car Loan EMI Calculator that’s available on the BankBazaar website, an individual can calculate the EMI that has to be paid for various tenures. The tool is simple to use with an attractive interface and even provides an amortization graph that helps the individual to visually analyze their debt repayment schedule over a period of time.

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

    The Central Bank of India Car Loan EMI Calculator that’s available on the BankBazaar website will require a few basic details that are required to calculate the EMI on a car loan. Given below are the steps that have to be followed to ensure that the EMI Calculator give your the most accurate result possible:

    • The individual will have to drag the pointer to the amount of loan that you’re requesting. This pointer is available on the scale that’s present under the “Loan Amount” tab.
    • Drag the pointer to and enter the loan tenure.
    • Enter the interest rate that is offered by Central Bank of India on a car loan.
    • Enter the processing fee charged by the bank.
    • There are two prepayment options that you can choose:
      • If the individual does not want to make a prepayment, they can simply select the appropriate option and click on the “Calculate” button. Once this is done, they will get a page with a breakup of the total amount that they would have to pay. The page will also have all the details pertaining to the car loan that has been issued along with the amortization table.
      • If you choose to make prepayments, you will have to provide additional information, such as:
        • Prepayment amount
        • How the prepayment applies
        • Prepayment fee
        • Prepayment frequency

    Additionally, the tool provides some insight into the loan amount and tenure with or without the option of making a prepayment.

    Example: Let us analyse the EMIs (for various tenures) on car loans using the BankBazaar Central Bank of India Car Loan EMI Calculator. The lowest interest rate currently offered by the bank is 9.90% and processing fee is 2% of the loan amount. The example below assumes that no prepayments are made towards the loan.

    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.)
    10 lakh 9.90% 2% 46,099 32,220 25,315 21,198 18,475 16,550
    15 lakh 9.90% 2% 69,148 48,330 37,972 31,797 27,713 24,824
    20 lakh 9.90% 2% 92,198 64,441 50,629 42,396 36,951 33,099
    25 lakh 9.90% 2% 1,15,247 80,551 63,286 52,995 46,189 41,374
    30 lakh 9.90% 2% 1,38,296 96,661 75,944 63,594 55,426 49,649
    35 lakh 9.90% 2% 1,61,346 1,12,771 88,601 74,193 64,664 57,923
    40 lakh 9.90% 2% 1,84,395 1,28,881 1,01,258 84,791 73,902 66,198
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    Central Bank of India Car Loan EMI Calculator – Features and Benefits

    The Central Bank of India Car Loan EMI Calculator performs complicated calculations for various values like loan amount, tenure, etc. at the click of a button. Some of the key features of this tool are:

    • The tool displays the amount that is payable towards a car loan and the amortization table along with all the graphs almost instantly.
    • The tool is very user-friendly.
    • The tool is available absolutely free of cost.
    • In case you face any issues while using the tool, you can get in touch with the customer support team of BankBazaar to resolve the problem.
    • The tool can be used multiple times till you arrive at the right combination of tenure and principal, and an EMI that can be afforded.
    • The tool also takes into consideration any prepayments that the customer plans on making during. This allows the calculator to give a more detailed and accurate result when calculating the EMI that’s payable.

    Central Bank Of India Car Loan EMI Calculator FAQs

    1. What are the significant features of the Central Bank Of India car loan?

      The Central Bank Of India car loan is characterised by the following features:

      • Flexible repayment tenure that can range between 12 months and 84 months.
      • The bank offers competitive interest rates and this comes with no hidden charges.
      • The “Cent Vehicle” service that enables you to find details about cars that are best suited for your needs. You can research about the new vehicles in the market, compare cars, and read reviews.
      • The bank also offers a number of special benefits and innovative loyalty schemes to the bank’s large customer base.
    2. What is the formula for calculating car loan EMI?

      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 prepayments that you make towards the loan.

    3. 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.

    4. What is a car loan amortization table?

      A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.

    5. 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.

    Car Loan Reviews

    • Central Bank of India Car Loan
      "Quick and fast service"
      0.5 5.0/5 "Blown Away!"
      Central bank of India approved my car loan within a hour time and they a have disbursed my loan amount on the same day. I have got the required loan amount. The rate of interest is low with Central bank of India when compared with other banks and I am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 10, 2017
    • Central Bank of India Car Loan
      "Friendly Service"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason to take car loan from Central Bank of India, that bank Manager is close to my spouse. Hence they done a quick loan process. Central Bank interest was also good it was around 14%, they sanctioned 80% of loan at on road price of the car.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 10, 2017
    • Central Bank of India Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the Central bank of India and the interest rate is around 8.7%. The loan amount got disbursed by very next week. Response is very excellent one for the car loan , which I have got it from them.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 09, 2017
    • Central Bank of India Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I approached Central bank of India for my car loan when I did not receive a proper response from HDFC bank. Central bank promptly supported me for my car loan and they offered the interest rate of 8.7% which is the lowest interest rate among any other bank. I am totally satisfied with Central bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 26, 2017
    • Central Bank of India Car Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      The central bank of India taken around 4 to 5 days to approve and disburse my car loan amount. The rate of interest is very low when compared with others banks. The customer service is very good with Central bank of India . Central Bank of India Manager took care of my car loan application . They gave good response as I am holding the salaried account with CBI.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Sep 06, 2017
    • Central Bank of India Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of Central Bank of India, they have done a car loan process within three working days. I have purchased Maruthi Suzuki Ertiga worth Rs. Rs. 11 lakhs but I took the loan of Rs. 8 Lakhs. I am very much happy to purchase the car with my existing bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 31, 2017
    • Central Bank of India Car Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      Got a car loan with central bank of India . The rate of interest which was offered by central bank was high, when compared with others. I am happy about the loan amount, still they can reduce their interest in future. They took around 4 days to process my loan and disbursed the loan within a week time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 13, 2017
    • Central Bank of India Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My company arranged car loan from Central bank of India, because I am getting salary from the same bank. I have requested the loan of 85% on road, but they ready to sanction more than 85% of loan. I am very happy about it but at present I have postponed the plan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 03, 2017
    • Central Bank of India Car Loan
      "Good deal. Need to improve on services"
      0.5 4.0/5 "Great!"
      Since I got a good deal on the rate of interest and processing charges I went ahead with Central bank of India for the car loan. But they had a very slow process and the documentation was also much. The bank needs an improvement on the services and response.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 05, 2017
    • Central Bank of India Car Loan
      "Happy with Central Bank"
      0.5 5.0/5 "Blown Away!"
      I approached Central bank of India for my car loan when I did not receive a proper response from HDFC bank. Central bank promptly supported me for my car loan and they offered the interest rate of 7.1% which is the lowest interest rate among any other bank. I am totally satisfied with Central bank.
      Was this review helpful? 0
      , kota
      Reviewed on Apr 17, 2017
    • Central Bank of India Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I went to Central Bank of India and inquired about Car Loan and expected time taken by them to get the loan amount disbursed. To my amaze they just checked my CIBIL Score and given an authority letter to Vehile Dealer to deliver the car in my name. I got a new car in just 5 Mins after signing a few documents. There was no hidden charges Central Bank of India is recommended
      Was this review helpful? 1
      , ludhiana
      Reviewed on Aug 13, 2016
    • Central Bank of India Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      Central bank of India hardly took two days to disburse the car loan. Begin a Nationalized bank the process was completed very soon. I spoke with the Manager and got a very good response.They charged nearly 10.5% as interest rate and there was no hidden cost nor any processing fee charged for the same.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 04, 2016
    • Central Bank of India Car Loan
      "Fast process"
      0.5 4.5/5 "Excellent!"
      It was a good loan process with Central Bank when I applied for a car loan.They are very quick than the expected time.They have procesed the application within a days time.The interest rate applied for the loan was around 9.25% as a floating rate for the loan.
      Was this review helpful? 0
      , solan
      Reviewed on Dec 16, 2015
    • Central Bank of India Car Loan
      "Excellent.."
      0.5 5.0/5 "Blown Away!"
      Central bank provided me Rs 11.75 Lakhs when I applied for a Car Loan. I am happy with services which they provide. The offer is really good and the interest rate is 9.09% its a reasonable one. The tenure period is 5 years and it is good that it has part payment options. They are fast in responding, I got my loan amount in just 2 days.
      Was this review helpful? 3
      , vadodara
      Reviewed on Jul 17, 2015
    • Central Bank of India Car Loan
      "Easy and Satisfied car Loan"
      0.5 4.5/5 "Excellent!"
      I availed a car loan with Central Bank and the customer service provided was really good.The interest rate offered was very good and they do collect a fee around 2000 for processing.I had a very good loan experience and I will surely recommend to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2015
    • Central Bank of India Car Loan
      "Very good "
      0.5 5.0/5 "Blown Away!"
      I availed a car loan with Central Bank and the customer service provided was really good.The interest rate offered was very good and they do collect a fee around 2000 for processing.I had a very good loan experience and I will surely recommend to others.
      Was this review helpful? 1
      , goa
      Reviewed on May 27, 2015
    • Central Bank of India Car Loan
      "Good!!!"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from Central bank of India. I had good experience and the process went on smooth . The paper works were really quick. The interest rate offered to me was little competitive it was around 10.75%. The charges applied was nil. Basically I would like to say that the bank has to improve the quality of the customer service in branch.
      Was this review helpful? 0
      , goa
      Reviewed on May 07, 2015
    • Central Bank of India Car Loan
      "Good no issues!!!!!"
      0.5 5.0/5 "Blown Away!"
      I applied the car loan with Central bank of India where to have one nationalised bank relationship with lesser interest rates. Its still under process . So far I dont have any issues with them in terms of customer service and response. Overall it was good .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Aug 20, 2014
    • Central Bank of India Car Loan
      "Satisfied with Service"
      0.5 5.0/5 "Blown Away!"
      Central Bank of India Car Loan the .05% was the processing fee the charges was nominal, with in 2 days i got loan approval and cheque in hand i applied through on line, interest rate 10.65% its quite less when compare to other banks, i got loan for 7 years, EMI also quite manageable, overall i am satisfied.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 08, 2014
    • Central Bank of India Car Loan
      "Overall Good Service"
      0.5 4.0/5 "Great!"
      Central bank of India CL they did great job service level is great, my only suggestion is they force me to take policy for bajaj alliance and need guarantee some one which is not necessary i feel, best thing was approval process was so fast i got loan with in 3 days and compare to nationalized banks CBI was great, they are taking guarantee, interest rate was good, overall response and customer service is good, formalities are more for the loans.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 10, 2014
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