Considering that EMI calculations is imperative before availing a car loan, the City Union Bank Car Loan EMI Calculator enables customers to make accurate EMI calculations. With the City Union Bank Car Loan EMI Calculator, customers will be certain of how much a car loan would cost every month and how much they would be required to keep aside to pay the EMIs. In addition, customers can also check their eligibility for a car loan on the BankBazaar website.
On the BankBazaar website, the EMI Calculator gives customers EMI results in seconds. All that the customer has to do is enter the components of the car loan - loan amount, tenure, interest rate, processing fee and prepayment charges (if any). Along with the EMI calculation, the BankBazaar website also displays the amortisation table once the EMI calculation has been made. The amortisation table helps customers understand the EMI breakup and progress of the loan easily with its graphical representation.
A customer has to simply follow the steps mentioned below to determine their EMIs using the City Union Bank EMI Calculator that’s available on the official website of BankBazaar. The EMI Calculator requires a few basic details to give the customer an accurate result along with the amortisation table:
Click on the “Calculate” once the information has been entered to get a detailed breakup of the total amount payable.
Example: Given that the current rate of interest on car loans from City Union Bank is 17.5% let us calculate the EMI a customer would be required to pay for different tenures. To negate confusion, we will assume that the processing fee is 2%.
|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.)|
*Interest rates are subject to change following the inclusion of GST from July 1, 2017.
In seconds, the City Union Bank Car Loan EMI Calculator performs complicated calculation giving customers an idea of how much they would need to set aside towards the car loan repayment. Some of the key features of the tool are listed below:
Calculating the EMI manually would be time-consuming and errors might surface.
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance. It basically is a graphical representation of the breakup of your car loan and its progress.
The City Union Bank 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.
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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