IndusInd Bank is one of India's top private operated banks that offers a wide portfolio of pocket-friendly car loans to its large customer base. Their customers can avail the best possible deals which are offered on car loans depending on the make and model of the car. The interest rates which are offered by IndusInd Bank vary depending on market rates which is why it's offered as a floating interest rate.
You can use the EMI Calculator offered by BankBazaar to calculate the Equated Monthly Installments EMI which would have to be paid after taking a car loan from IndusInd Bank. This is a simple calculator to use and is easy to understand and comprehend making it a very user-friendly tool. The IndusInd Car Loan EMI Calculator also provides an amortization graph to make it easier for the user to visually analyze and understand their loan repayment procedure and timetable over the repayment tenure.
The IndusInd Car Loan EMI Calculator will require a few personal details to help with calculating the EMIs which you will have to pay. The personal details which are required are as follows:
After this, you can select the "Calculate" button which provides a detailed breakup of the total loan amount that is payable. Details of your loan amount along with the amortization table will be provided on this webpage.
Let us now analyze the EMIs (for various tenures) on car loans using the BankBazaar IndusInd Car Loan EMI Calculator. The lowest interest rate currently offered by IndusInd bank is 10.65% and the maximum rate is 15.50% and processing fee is up to 1% of the total loan amount and is non-refundable. The example below assumes that no pre-payments are made towards the loan.
|Loan amount (Rs.)||Processing fee||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 IndusInd Car Loan EMI Calculator is a very useful tool as it performs complicated calculations at the click of a button. Some of the key features of this tool include:
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.
The IndusInd Bank car loan is characterized by the following features:
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 pre-payments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar IndusInd 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 pre-payments that you make towards the loan.
It is a smart and safe move by the user if they ensure that they read the offer documents carefully. You can contact the bank’s customer care number of you can also visit the bank branch to request for the very same. You can then input these charges into the EMI Calculator like any pre-payments which have to be made after which you can view the amortization schedule almost instantly.
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