Corporation Bank offers car loans at attractive rates for customers looking to purchase the car of their dreams. Using the Corporation Bank EMI calculator, customers can check their monthly EMIs on car loan. In addition, on the BankBazaar website, customers can check their eligibility for car loans from Corporation Bank.
Using the EMI Calculator on the BankBazaar website will help customers understand how much the EMIs will cost them every month. Apart from giving out the EMI calculation, the BankBazaar website also displays the amortisation table - that will help customers understand the EMI breakup easily.
To calculate the car loan EMI from Corporation Bank, customers will have to enter the below mentioned details. Once the details have been entered, the EMI calculator will give the customer an accurate result.
Once the information has been entered, click on the ‘Calculate’ button to get a detailed breakup of the total amount payable. In addition, the page will display the amortisation graph.
Taking into consideration the interest rate offered by Corporation Bank, using the BankBazaar Corporation Bank EMI car loan calculator, let us calculate the EMIs a customer would be required to pay for different tenures. Assuming that the processing fee is 2%, listed below is the EMI calculation with the current Corporation Bank interest rate of 9.25% per annum.
|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 Corporation Bank car loan EMI calculator performs complicated calculation in seconds, giving customers a clear cut idea of how much they would need to set aside towards the car loan each month. Some of the key features of the tool are listed below:
The Corporation Bank car loan is characterised by the following features:
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
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 pre-payments that you make towards the loan.
Calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. It would be complicated to calculate the EMI when pre-payments are made towards the debt.
It is advisable to read through the loan documentation to understand the prepayment penalty levied by your lender. Once you get the details of the pre-payment charges, you can use this information as input to the EMI Calculator tool to get an accurate result.
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