An outstanding bank that operates in India, Jammu and Kashmir Bank has been serving the people of India with excellent banking solutions. A customer can count on the bank to provide a prompt and precise service. The bank offers home loan and car loan products which cater to the needs and requirements of the customer.
Jammu and Kashmir Bank is the place to go to if a customer is looking to finance the purchase of their dream car. The Jammu and Kashmir Car Finance Scheme (Fresh Cars) for Individuals/Proprietorship Concerns is offered at an affordable interest rate with added benefits for women borrowers.
A borrower can use the car loan EMI Calculator that's available on BankBazaar's official website. The calculator will help in computing the borrower's car loan EMIs and will also help in planning their monthly expenses carefully. The borrower will then be aware of how much they need to spend on each aspect of their life to avoid an unpleasant financial situation.
The official website of BankBazaar has a great online tool that can be used to calculate the EMI that needs to be paid to repay a car loan. The EMI Calculator that is available on the BankBazaar website is very easy to use and provides visual aids to help you understand your loan better. It gives you the information that you are looking for in a clear manner which can help you understand your loan better. It is self explanatory and can be easily used without the guidance of a professional or customer support.
Moreover, it gives you an amortisation table along with a graph which can help explain every element of your repayment schedule.
The car loan EMI calculator of Jammu and Kashmir Bank that is available on official website of BankBazaar is an innovative tool that can save a lot of time when calculating the EMI that needs to be paid on a car loan. The steps for using this online tool are self-explanatory.
Example: The interest rate offered on a car loan taken from Jammu and Kashmir Bank is 11.25% (Fixed) while the floating rate is B.R + 1%. Women borrowers are offered a rebate of 0.25% on the interest rate. In the following table, we can consider that the interest rate provided by Jammu and Kashmir Bank is 11.25% with a processing fee of 2% which cannot be refunded. The example below assumes that no pre-payments 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.) |
| 10 Lakh | 2% | 11.25% | 46,724 | 32,857 | 25,967 | 21,867 | 19,162 | 17,254 |
| 15 Lakh | 2% | 11.25% | 70,086 | 49,286 | 38,951 | 32,801 | 28,744 | 25,881 |
| 20 Lakh | 2% | 11.25% | 93,448 | 65,714 | 51,934 | 43,735 | 38,325 | 34,508 |
| 25 Lakh | 2% | 11.25% | 1,16,810 | 82,143 | 64,918 | 54,668 | 47,906 | 43,135 |
| 30 Lakh | 2% | 11.25% | 1,40,172 | 98,572 | 77,901 | 65,602 | 57,487 | 51,763 |
| 35 Lakh | 2% | 11.25% | 1,63,534 | 1,15,000 | 90,885 | 76,536 | 67,068 | 60,390 |
| 40 Lakh | 2% | 11.25% | 1,86,896 | 1,31,429 | 1,03,868 | 87,469 | 76,649 | 69,017 |
The Jammu and Kashmir Bank Car Loan EMI Calculator comes with a number of various features and benefits that are made available for a customer of the bank. Enter your car loan details into the EMI Calculator to get the EMI that you have to pay towards a loan amount.
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Yes, the tool is available on the BankBazaar app and is also available on iOS and Android as well.
The results that you receive after using the car loan EMI Calculator will be a lot more accurate if you provide the years and months of the loan tenure.
The BankBazaar Car Loan EMI Calculator can be used at anytime, 24/7.
The EMI Calculator is free of cost and does not require any sort of payment to be made to use it. All you have to do is open the official website of BankBazaar and enter the loan details of your car loan to calculate the EMI that you will have to pay.
The EMI Calculator that's available on the BankBazaar website is simple and easy to use and does not require a financial consultant to help you. All you have to do is ensure that you enter the correct loan details pertaining to your loan such as tenure, processing fee, and interest rate.
You will have to visit the main page and click on the main menu of BankBazaar. Select the “Finance Tools” option where you will find the EMI Calculator option.
The amortization table helps explain every element of your car loan and therefore, you can view your outstanding amount for each month, loan principal amount, outstanding total loan amount, interest rate for your loan, amount paid till a certain date, etc.
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