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    Indian Bank Car Loan EMI Calculator

    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.

    Calculate your Car Loan EMI

    Indian Bank Car Loan EMI Calculator – How does it work?

    The EMI Calculator that’s available on the BankBazaar website provides a certain perspective to the EMIs which you need to pay to a bank when you borrow a car loan.

    This helps in calculating the EMIs which they will have to pay towards the repayment of their loan:

    • An individual will have to choose the loan amount which they require by dragging the cursor to select the loan amount
    • Once the individual has selected the loan amount that’s required, they will also have to provide the interest rate that they have negotiated and agreed upon with Indian Bank
    • Under the “Loan Tenure” tab, the individual will have to select the repayment period of the loan amount
    • A user will also have to enter particular details like the processing fees levied on the car loan by the bank
    • The individual applying for a loan amount can choose to make a prepayment towards the loan. The website provides two options which comes under the “Prepayment” tab:
    • If the individual selects the option “Yes”, they will have to be provide the following details to ensure that they get the most accurate answer pertaining to their EMI option:
    • Prepayment fee
    • Prepayment frequency
    • Prepayment amount
    • How the prepayment applies
    • If the user does not plan on making any prepayment towards their car loan, they can select the "No" option and then click the “Calculate” button. Once this is done, a page which gives you the breakup of the total loan amount which you will have to repay will be displayed on your screen. The webpage will also show the amortization table apart from the car loan details.

    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.)
    10 Lakh 2% 9.95% 46,122 32,244 25,339 21,222 18,501 16,575
    15 Lakh 2% 9.95% 69,183 48,366 38,008 31,834 27,751 24,863
    20 Lakh 2% 9.95% 92,244 64,487 50,677 42,445 37,001 33,151
    25 Lakh 2% 9.95% 1,15,305 80,609 63,346 53,056 46,252 41,438
    30 Lakh 2% 9.95% 1,38,366 96,731 76,016 63,667 55,502 49,726
    35 Lakh 2% 9.95% 1,61,426 1,12,853 88,685 74,279 64,752 58,014
    40 Lakh 2% 9.95% 1,84,487 1,28,975 1,01,354 84,890 74,003 66,301

    Indian Bank Car Loan EMI Calculator – Features and Benefits

    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:

    • You can use the tool to calculate the EMI which you will have to repay during the loan repayment tenure even after considering any prepayments which you will make
    • You can use the tool a number of times until you find a suitable loan amount with an affordable EMI option
    • You can use this tool at no extra charge
    • The Indian Bank Car Loan EMI Calculator which is available on the BankBazaar website is easy to understand as it displays the breakup of the amortization schedule and the amount payable in an attractive graphical format
    • The customer support team is very quick to respond to any queries or problems that you might face when using the Indian Bank Car Loan EMI Calculator which is available on the BankBazaar website

    Indian Bank Car Loan EMI Calculator FAQs

    1. Will I get charged for using the Indian Bank EMI Calculator?
    2. 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.

    3. Where can I find the Indian Bank EMI Calculator?
    4. You can find the Indian Bank EMI Calculator on the “Financial Tools” tab on the official website of BankBazaar.

    5. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
    6. 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.

    7. What is the formula employed for calculating car loan EMI?
    8. 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.

    9. What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
    10. 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.

    Car Loan Reviews

    • Indian Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my car loan from Indian bank , where the rate of interest is high of promising one They took few days for approval and documentation. Where i use to pay monthly through ECS for 5 years . They issued the Demand draft after that only they asked for sign for the approval . And there are no processing fees.Overall, I am satisfied with CAR loan from Indian bank.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 18, 2018
    • Indian Bank Car Loan
      "Parameters are very rigid"
      0.5 1.0/5 "Really Bad"
      Parameters are very rigid as Indian bank does not deviate from its norms. They always want to to be on the safer side,even though i hold my salaried account with them they are not considering my profile which is unfair they are not giving a chance to me. They simply stated that credit score is not good there by refused to offer the loan
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 30, 2017
    • Indian Bank Car Loan
      "Very good services"
      0.5 4.0/5 "Great!"
      I have taken a car loan from Indian Bank and the services are good. The process was quick and the documentation was not much and manageable. The interest rate and processing charges was also pretty reasonable. I got the loan on time and the after loan process is good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 26, 2017
    • Indian Bank Car Loan
      "Excellent service"
      0.5 3.5/5 "Pretty good"
      I got the car loan with the interest rate of 9.4% and I have submitted all my required documents, within a day time I got the loan from Indian bank. My friend is employed in Indian bank through his referral, I got the loan with INDIAN Bank. The rate of interest is very much nominal with INDIAN Bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 07, 2017
    • Indian Bank Car Loan
      "Very good service "
      0.5 4.0/5 "Great!"
      It was a good experience with Indian Bank related to the car loan application process.They have processed the loan within a days time.The interest rate applied was quite common.They have not applied any additional charges in the loan process.
      Was this review helpful? 3
      , chennai
      Reviewed on Mar 15, 2016
    • Indian Bank Car Loan
      "Perfect Bank"
      0.5 5.0/5 "Blown Away!"
      Indian Bank was perfect for my car loan. Though the process was long. It took 15 days. But I was given what they have promised. There was no hidden charges or a increase in rate of interest. It was a excellent experience.
      Was this review helpful? 4
      , chennai
      Reviewed on Nov 06, 2015
    • Indian Bank Car Loan
      "Better service"
      0.5 4.0/5 "Great!"
      My car loan was approved from INDIAN bank in the month of July, 2015. Since I am holding my savings account with them they were really helpful. They have offered me 10.50% interest rate for my car loan with zero processing fee. Their customer service team are really supportive.
      Was this review helpful? 2
      , pune
      Reviewed on Aug 28, 2015
    • Indian Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      Interest rate and processing fee charged were very good enough.The car loan disbursement was done within 10 days as the bank manger was my friend. Documentation was good but all the process was completed by myself by visiting the bank directly. No customer service is given by the bank. Only the eligible enough customers can approach the bank for the process.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Jun 29, 2015
    • Indian Bank Car Loan
      "Very friendly. "
      0.5 5.0/5 "Blown Away!"
      I never thought that a government bank would be so friendly. The staff were very kind and they assisted me in all the documentation procedures and the processing was very fast. I took my loan in a branch in Vellalore and the branch was pretty new. The premise was very neat.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Nov 25, 2014
    • Indian Bank Car Loan
      "Very friendly. "
      0.5 5.0/5 "Blown Away!"
      I never thought that a government bank would be so friendly. The staff were very kind and they assisted me in all the documentation procedures and the processing was very fast. I took my loan in a branch in Vellalore and the branch was pretty new. The premise was very neat.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Nov 25, 2014
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