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.
Indian Bank Car Loan EMI Calculator – How does it work?
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.)|
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
- Will I get charged for using the Indian Bank EMI Calculator?
- Where can I find the Indian Bank EMI Calculator?
- Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
- What is the formula employed for calculating car loan EMI?
- What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
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.