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.
How to use BankBazaar IndusInd Car Loan EMI Calculator to understand your car loan repayment
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.
IndusInd Car Loan EMI Calculator – How does it work?
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:
- Loan amount: Using your cursor, you can select the loan amount that you are looking for on the IndusInd Car Loan EMI Calculator offered on the BankBazaar website
- Processing fee: You will have to enter the processing fee which is charged by the bank
- Interest rate: Enter the interest rate which is offered by IndusInd Bank on a car loan
- Tenure: Select the tenure of the loan amount by dragging the pointer under the "Loan Tenure" tab
- Pre-payment: There are two options under the "Pre-payment" tab:
- If you do not intend on making any pre-payments towards your car loan, you can select "No" and then click the "Calculate" button which is available. Once this is done, you will be given a page which gives you the breakup of the total loan amount which you will have to repay. The webpage will also show your amortization table apart from your car loan details.
- If you select "Yes", the following details will be required to give you a better idea of the repayment of your loan:
- Pre-payment frequency
- How the pre-payment applies
- Pre-payment fee
- Pre-payment amount
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.)|
IndusInd Car Loan EMI Calculator – Feature and Benefits
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:
- It is a very helpful tool which is very user-friendly and this displays the EMI and amortization details instantly
- The customer support team of BankBazaar is trained and capable of solving any of your queries or problems that you might face while using the EMI Calculator
- No charge is levied on a user for using the tool
- The BankBazaar IndusInd Car Loan EMI Calculator displays the breakup of the amount payable and the amortization schedule in an attractive graphical format. Hence, it is very easy to understand as well
- A user can use the tool a number of times until you arrive at the right combination of principle and tenure
- The tool helps with calculating your EMI that you have to pay for a car loan even if you intend of making any pre-payments on your loan
IndusInd Car Loan EMI Calculator - FAQs
- What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
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.
- What are the main features of the IndusInd Car Loan?
The IndusInd Bank car loan is characterized by the following features:
- Competitive interest rates with no hidden charges
- The IndusInd Car Loan is easy to apply and avail
- The car loan application is processed and the loan amount is disbursed in a very short time span
- There are special benefits offered by the bank along with innovative loyalty schemes for its car loan customers
- Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
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.
- What is the formula employed for calculating car loan EMI?
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.
- I know there is a pre-payment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?
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.