Central Bank of India Car Loan EMI Calculator

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:

1. 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.
2. Drag the pointer to and enter the loan tenure.
3. Enter the interest rate that is offered by Central Bank of India on a car loan.
4. Enter the processing fee charged by the bank.
5. There are two prepayment options that you can choose:
   1. 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.
   2. If you choose to make prepayments, you will have to provide additional information, such as:
      1. Prepayment amount
      2. How the prepayment applies
      3. Prepayment fee
      4. 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.

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:

1. The tool displays the amount that is payable towards a car loan and the amortization table along with all the graphs almost instantly.
2. The tool is very user-friendly.
3. The tool is available absolutely free of cost.
4. 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.
5. 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.
6. 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.

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