Customers of Federal Bank are offered a car loans at pocket-friendly prices and affordable interest rates. The car loan offered by Federal Bank can help customers purchase their dream vehicles without having to go through financial hassles. With effect from September 2018, Federal Bank offers car loans for new cars at an interest rate ranging between 8.65% and 9.20%. Car loans for used cars are offered by the bank at an interest rate of 13.75%.
It is very important for prospective borrowers to do their research before applying for a car loan. To this end, individuals who are looking to apply for loans can use a car loan EMI calculator tool to get a complete breakup of the loan. The EMI calculator is designed to ensure that prospective borrowers understand the breakup of their loan repayment.
How to use BankBazaar Federal Bank Car Loan EMI Calculator to understand your car loan repayment
To calculate your car loan EMI for various tenures, you can use the EMI calculator tool that is available on the BankBazaar website, an individual can calculate the EMIs for various tenures. This tool is easy-to-use and works on an attractive interface. It even provides you an amortization graph that enables you to visually analyse your debt repayment schedule over a period of time.
If a person wants to calculate the details of their car loan, they would simply have to input the details pertaining to their loan into the EMI Calculator tool. The steps mentioned below will have to be followed to ensure that the customer gets the most accurate results on their car loan:
Additionally, the tool provides an insight on the loan amount and tenure with the option of prepayment and without it.
Example: Let us imagine a scenario in which the interest rate offered by the bank is 9.75% and the processing fee is 2% of the loan. The example assumes that no prepayments are made towards the loan. Let us analyse the EMIs (for various tenures) on car loans using the BankBazaar Federal Bank Car Loan EMI Calculator.
|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 car loan EMI calculator is a handy tool to use when an individual wants to apply for a car loan. Some of the key features and benefits of the BankBazaar EMI calculator are as follows:
Some of the key features and benefits of car loans offered by Federal Bank are as follows:
A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
Car loan EMIs are 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.
No, calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. Moreover, it would be complicated to calculate the EMI when prepayments are made towards the debt. Hence, it is recommended to use the Bankbazaar Federal Bank Car Loan EMI Calculator for the same.
It is advisable to read through the loan documentation to understand if the bank will levy a penalty for the same. Alternatively, you can visit the nearest branch of the lender or call the bank’s customer service desk for information about prepayment charges.
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