Not all of us have to luxury of a hefty paycheck that can help an individual purchase whatever they desire without worrying about their balance. For those who do not have a large pile of cash to purchase a car, the car loan offered by Dena Bank is an important product that comes to the aid of a number of people. The Dena Vehicle Loan Scheme that is offered by Dena Bank is a pocket-friendly car loan that’s offered to the bank’s large customer base. Customers can avail the best possible deals which are offered on car loans depending on the make and model of the car. The interest rates which are offered by Dena Bank vary depending on market rates which is why it's offered as a floating interest rate.
How to use BankBazaar Dena Bank Car Loan EMI Calculator to understand your car loan repayment
The EMI Calculator that’s available on the official website of BankBazaar can be used to calculate the Equated Monthly Installments EMI which would have to be paid after taking a car loan from Dena Bank. This is a simple calculator to use and is easy to understand and comprehend making it a very user-friendly tool. The Dena Bank Car Loan EMI Calculator also provides an amortization graph to make it easier for the user to visually analyze and understand their loan repayment procedure and timetable over the repayment tenure.
The Dena Bank Car Loan EMI Calculator will require a few personal details to help with calculating the EMIs which you will have to pay. The personal details which are required are as follows:
Example: Let us now analyze the EMIs (for various tenures) on car loans using the BankBazaar Dena Bank Car Loan EMI Calculator. The interest rate currently offered by Dena Bank to general customers ranges between 9.15% and 9.30%. Let us consider the interest rate to be 9.20% and let us consider the processing fee to be 2% of the total loan amount which is non-refundable. The example below assumes that no pre-payments 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.)|
*Interest rates are subject to change following the inclusion of GST from July 1, 2017.
The Dena Bank Car Loan EMI Calculator is a very useful tool as it performs complicated calculations at the click of a button. Some of the key features of this tool include:
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.
The information that you will have to provide has been given below:
The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.
No, you should always make sure to use the EMI calculator before you actually apply for a loan. This will help you ascertain your loan repayment ability and affordability.
You will need to enter your prepayment frequency, prepayment fee, prepayment amount, and what your prepayment applies to.