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Indian Bank provides flexible loan tenures along with higher loan amounts and at affordable interest rates. The Indian Bank Car Loan EMI Calculator makes life simple when calculating the EMI that needs to be paid to repay a loan. The calculator can help an individual to decide on a loan amount that would be suitable for them without causing a lot of hindrance to their daily life. Interest rates that are offered by Indian Bank are susceptible to market rates.
How to use BankBazaar’s Indian Bank Car Loan EMI Calculator to understand your car loan repayment
The EMI Calculator that is available on the BankBazaar website can be used to calculate the EMI which an individual has to pay to clear a car/vehicle loan that was taken from Indian Bank. The EMI Calculator is simple to use and understand which makes it a user-friendly tool. An individual gets a detailed analysis of the EMI which they have to repay when they used the Indian Bank Car Loan EMI Calculator. An amortization table is also provide and this table or graph makes it visually appealing to help the user understand the loan repayment procedure and its timetable.
This helps in calculating the EMIs which they will have to pay towards the repayment of their loan:
After this, you have to select the "Calculate" button which provides a detailed breakup of the total loan amount which is payable. Details of your loan amount along with the amortization table will be provided on this webpage.
Example: Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Indian Bank Car Loan EMI Calculator. Let us consider the interest rate currently offered by Indian Bank as 9.95% and a non-refundable processing fee as 2% of the total loan amount. The example below assumes that no prepayments are made towards the loan.
|Loan amount (Rs.)||Processing Fee (Rs.)||Interest rate (Mean)||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 Indian Bank Car Loan EMI Calculator performs complicated calculations in a matter of seconds and this is the primary reason why this tool is so helpful. Some of the key features include:
No. The Indian Bank EMI Calculator available on the BankBazaar website is free of charge and you can use it any number of times until you find an affordable loan.
You can find the Indian Bank EMI Calculator on the “Financial Tools” tab on the official website of BankBazaar.
Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when prepayments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar Indian Bank Car Loan EMI Calculator for the same.
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 instalments.
This formula does not take into account the prepayments that you make towards the loan.
A car loan amortization table shows the user the payment schedule of your debt in a tabular format which is easy to read and understand. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.