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.
How to use BankBazaar Corporation Bank EMI calculator to understand your car loan repayment
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.
Corporation Bank EMI Calculator – How does it work?
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.
- Loan amount - Drag the pointer on a scale to arrive at the loan amount you are requesting. For example, Rs.2 lakh, Rs.5 lakh, Rs.10 lakh.
- Tenure - Choose the loan tenure with the help of the pointer.
- Interest rate - Enter the interest rate that is offered by Corporation Bank on car loans.
- Processing fee - Enter the processing fee charged by Corporation Bank.
- Pre-payment - Customers can choose whether they want to make the EMI calculation with or without the prepayment.
- If the customer does not want to make the calculation with the pre-payment, he/she can directly click on “calculate”.
- If the customer chooses to make pre-payments, he/she will have to provide the information listed below:
- Prepayment frequency
- Prepayment amount
- Prepayment fee
- How the prepayment applies
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.)|
Corporation Bank Car Loan EMI Calculator – Features and Benefits
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:
- In a few seconds, the customer will have an accurate calculation using BankBazaar’s user-friendly EMI calculator.
- For those facing issues with the tool or have a few doubts with regard to the calculations, they can contact the support team of BankBazaar.
- The BankBazaar EMI calculator is completely free of cost at no point will the customer be charged, for how many ever calculations he/she makes.
- In addition to the EMI breakup, the tool also displays the amortisation table - enabling customers to understand the progress and breakup of the loan easily.
- The tool can be used multiple times - with different interest rates, processing fees, tenure and so on. Customers can make calculation to choose the best option for them.
- If you wish to make a pre-payment towards the car loan, the tool gives you the option to calculate that as well.
Corporation Bank Car Loan EMI calculator FAQs
- What are the significant features of the Corporation Bank car loan?
The Corporation Bank car loan is characterised by the following features:
- Flexible repayment tenure that can range between 12 months and 60 months.
- The possibility of getting 100% finance for the purchase of several models of cars and multiutility vehicles.
- No hidden charges.
- Best interest rates on car loans.
- Corporation Bank promises disbursal within 7 working days, with minimal documentation and high transparency.
- The bank also offers special benefits and innovative loyalty schemes for its car loan customers.
- Can you tell me what an amortization table?
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
- 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 pre-payments that you make towards the loan.
- Is it easier to calculate the EMI manually on an excel sheet in comparison to the EMI Calculator tool?
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.
- Is it possible to get an accurate EMI calculation without knowing the prepayment charges?
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.