Dhanalakshmi Bank offers car loans for new cars as well as used cars at an attractive interest rate of 9.85% to 10.10% for a loan tenure of 1 to 7 years. Salaried individuals and self-employed persons with a minimum annual income of Rs.2 lakh can apply for a car loan at Dhanalakshmi Bank. You can apply for maximum loan amount of up to 85% of the on-road price or 95% of the ex-showroom price of the car. Loan repayment is done through Equated Monthly Installments (EMI).
How to use BankBazaar Dhanalakshmi Bank car loan calculator to understand your car loan repayment?
BankBazaar Dhanalakshmi Bank Car Loan EMI Calculator can be used to easily calculate the total cost of your car loan which includes the loan amount, total interest payment, and the processing fee. It is easy to use and saves you time.
- Move the slider on the scale to indicate your chosen car loan amount and loan tenure.
- Enter the interest rate of your car loan and the processing fee levied by the bank.
- Click on calculate and your Equated Monthly Installment will be displayed.
This sophisticated tool gives you the option to enter prepayments, if any. It will take the prepayments into consideration while computing your EMIs. The tool also presents you with a monthly and yearly amortisation schedule for your car loan repayment.
Dhanalakshmi Bank Car Loan EMI Calculator – How does it work?
Listed below is a sample of the EMI calculations for an average loan amount of Rs.10-40 lakh for a loan tenure of 2 to 7 years. Dhanalakshmi Bank offers car loans for an interest rate that ranges between 9.85% and 10.10% p.a. Let us consider the processing fee to be 2% and the interest rate as 9.90%.
|Loan Amount||Interest Rate||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.)|
Dhanalakshmi Bank Car Loan EMI Calculator - Features and Benefits
- Instant and accurate calculation: The BankBazaar Dhanalakshmi Bank Car Loan EMI Calculator is not only easy to use but also free. You don’t have to sign up to use the tool. You can use the tool any number of times. The results will be instant and accurate.
- Adjust loan tenure: You can use the car loan EMI calculator to adjust the loan tenure in such a way that you don’t pay too much in interest. Longer tenure ensures lower EMIs but you may end up paying more interest amount.
- Prepayment calculations: Higher interest rate equals higher EMIs. You can compare various car loan rates using the EMI Calculator and choose the one that best serves your needs. Prepayments can make a significant change in your EMI. You can enter the prepayment frequency, prepayment amount, and prepayment fees in the tool to see how it affects your car loan EMI.
- EMI formula: The formula used to calculate Equated Monthly Instalment Amount is [P x R x (1 + R) ^ N] / [ (1 + R) ^N - 1], where P is the principal loan amount, R is the rate of interest per month, and N is the number of monthly installments.
- Zero error: There is low to zero chances of human error when calculating EMI using an online car loan EMI calculator.
Dhanalakshmi Bank Car Loan Calculator FAQs
- Why use Dhanalakshmi Bank Car Loan EMI Calculator?
You can find out how prepayments will affect your car loan repayment and prepare a budget to make equated monthly installments without fail.
- What does the amortisation schedule consist of?
The amortisation table will consist of the starting balance, interest paid, principal paid, and the ending balance.
- Under which scheme does Dhanalakshmi Bank provide car loans?
Dhanalakshmi Bank offers car loans under the Auto Loan. Individuals, proprietors, partnership firms, agriculturists, trusts, societies and other legal entities except HUF and directors or employees of corporates are eligible to apply for a new car loan under this scheme.
- What is the eligibility criteria to apply for a Dhanalakshmi Bank car loan?
Salaried individuals must be 21 to 60 years of age whereas self-employed persons can be 21 to 65 years of age. The minimum annual income should be Rs.1.20 lakh.
- What are the documents required to apply for a car loan at Dhanalakshmi Bank?
Passport, PAN card, voter ID, Driving License or Aadhaar card can be provided as age proof and identity proof. For income proof, you will have to submit salary slips, income tax returns, and balance sheet in the case of self-employed persons. Telephone or electricity bill can be provided as address proof.