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.
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.
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:
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:
Indian Overseas Bank Car Loan EMI Calculator FAQs
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.