Indian Overseas Bank (IOB) is one of India's top private banks with over 3,300 branches spread across the country and 6 branches operating overseas. The bank offers a pocket-friendly car loan scheme to its large customer base. The interest rates offered by Indian Overseas Bank are susceptible to market rates. If you are opting for a car loan from Indian Overseas Bank, calculate your EMIs on car loan and have an accurate estimate of the total amount you will spend on your car by using the IOB car EMI calculator.
How to use BankBazaar’s Indian Overseas Bank Car Loan EMI Calculator to understand your car loan repayment
The EMI Calculator that is available on the main website of BankBazaar can be used to calculate the EMI which an individual has to pay to clear a car loan which was taken from Indian Overseas Bank. An EMI Calculator is simple to use and understand which makes it a user-friendly tool. When an individual uses the Indian Overseas Bank Car Loan EMI Calculator, they get a detailed analysis of the EMI that has to be paid along with an amortization table. This table or graph makes it visually appealing to help the user understand the loan repayment procedure and its timetable.
IOB Car Loan EMI Calculator – How does it work?
When an individual uses the EMI Calculator available on the BankBazaar website, a few details will be have to be entered into the tool. This helps to accurately calculate the EMIs which he/she will have to pay towards the repayment of their loan:
- An individual can choose the loan amount which they require by using the cursor to select the loan amount that they are looking for
- The user will also have to provide the interest rates which are offered by Indian Overseas Bank
- The user will have to drag the pointer that is available under the “Loan Tenure” tab 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
- A loan applicant may or may not choose to make a prepayment towards their loan. The website provides two options which comes under the “Prepayment” tab:
- If you select the option "Yes", you will have to be provide the following details to ensure that you get the most accurate answer pertaining to your EMI option:
- How the prepayment applies
- Prepayment fee
- Prepayment frequency
- Prepayment amount
- If do not plan on making any prepayment towards your car loan, you can select the "No" option by clicking the "Calculate" button. 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.
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.
Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Indian Overseas Bank Car Loan EMI Calculator. Let us consider the interest rate currently offered by Indian Overseas Bank as 9.15% (floating) 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.)|
Features and Benefits of Indian Overseas Bank Car Loan EMI Calculator
The Indian Overseas 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 this tool at no extra charge
- 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
- The Indian Overseas 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
- You can use the tool a number of times until you find a suitable loan amount with an affordable EMI option
- The customer support team is very quick to respond to any queries or problems that you might face when using the Indian Overseas Bank Car Loan EMI Calculator which is available on the BankBazaar website
Indian Overseas Bank Car Loan EMI Calculator FAQs
- Where can I find the Indian Overseas Bank EMI Calculator?
- Will I get charged for using the Indian Overseas Bank EMI Calculator?
- What is the formula employed for calculating car loan EMI?
- Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
- What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
You can find the Indian Overseas Bank EMI Calculator on the “Financial Tools” tab on the official website of BankBazaar.
No. The Indian Overseas 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.
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.
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 Overseas Bank Car Loan EMI Calculator for the same.
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.