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.
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.
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:
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.)|
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 Central Bank Of India car loan is characterised by the following features:
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.
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.
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.
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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