Karur Vysya Bank is an outstanding bank that has been serving masses across the country with excellent banking solutions. You can count on the bank to provide you with prompt and precise services in areas such as deposits, cards, loans, gold, etc. Whether you are looking for a home loan or a car loan, you can approach the bank for reliable products.
If you are wondering how to finance the purchase of your dream car, you need not worry anymore. You can get great car loans from Karur Vysya Bank.
Apart from the car loan product, the bank also has an advanced car loan EMI calculator. This will assist you in computing your loan EMIs and help you in planning your monthly expenses carefully. You will be aware of how much you can spend on each aspect of your life and avoid unpleasant financial situations. You will also get to know your loan affordability for a specific amount.
How to use BankBazaar’s Karur Vysya Bank Car Loan EMI Calculator to understand your car loan repayment
The website of BankBazaar has a great online tool which is an EMI Calculator. It is assigned for each bank's products.
When you choose Karur Vysya Bank as lender for your car loan, you will have to enter that bank's details in the car loan calculator. The EMI calculator on the web portal of BankBazaar is very easy to use and very attractive in nature. It gives clear information in a clear manner that can be understood by anyone. You will not have to rely on any form of professional support for understanding the results of this calculator.
Moreover, it gives an amortisation table with a well-designed graph that explains each element of your repayment schedule extensively.
Karur Vysya Bank Car Loan EMI Calculator – How does it work?
The car loan EMI calculator of Karur Vysya Bank which is available on BankBazaar website is innovative and creative. It is appealing to the eye and conveys the message very clearly. The steps for using this online tool are self-explanatory.
- You will need to first select your car loan amount by simply dragging the cursor on your screen.
- Next, you need to choose your loan tenure against the ‘Tenure’ tab. You will need to repay your full loan within this period.
- After this, you will need to enter the interest rate for car loans offered by Karur Vysya Bank.
- In the next row, you will need to key in processing fee details. This will be different for each bank. You will need to find out the processing fee charged by Karur Vysya Bank and enter it here.
- You have the option to make a prepayment when you take a car loan. If you think you want to go for prepayment, you will have to select 'Yes’ among the options. You will then have to enter your prepayment details such as frequency of repayment, prepayment fee, and your prepayment amount.
- If you do not want to go for prepayment, you can select 'No’ and then choose 'Calculate’. This will give you your final car loan EMI amounts. Your screen will give you a clear picture of your EMI amounts along with an amortisation table and a graph. This will enable you to organise your other payments and you can plan your finances efficiently by viewing these EMIs.
Example: We will now compute the EMIs for multiple loan periods on car loans by utilising the BankBazaar Karur Vysya Bank Car Loan EMI Calculator. The interest rate for car loans offered by Karur Vysya Bank is 9.35% p.a.(One year MCLR + 0.25%). The margin for new cars is 15% and for old cars is 25%. In the following table, we can assume that the interest rate provided by Karur Vysya Bank is 9.35% with a processing fee of 2% which cannot be refunded.
|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.)|
Karur Vysya Bank Car Loan EMI Calculator – Features and Benefits
The Karur Vysya Bank Car Loan EMI Calculator comes with a wide variety of benefits and features. All you need to do is enter your loan details and the rest will be handled by this online calculator.
- You need not do EMI calculations manually. You can rely on this calculator to do the most complex calculations without any error. It reduces errors and minimises time consumption.
- This calculator can be utilised online at your own convenience.
- The BankBazaar EMI loan calculator has a trustworthy customer care centre team that will help you when you are in need of support.
- You can use this online tool without making any payment. You will not be asked to pay any fee.
- This calculator does not have any Excel sheet. It gives results clearly in a well-defined way.
- It also provides a colourful graph in a bar diagram format to help you understand your repayment schedule for each month accurately.
- It makes the entire lending process easy and approachable. Sometimes, a few people may tend to avoid taking a loan due to the element of uncertainty in loans. This calculator makes things certain in a loan by telling you how much you will have to spend each month for a particular car loan.
Karur Vysya Bank Car Loan EMI Calculator FAQs
- In the BankBazaar EMI calculator, do I have to enter the loan tenure in months or years?
- Do I need to hire any financial consultant to use the BankBazaar EMI calculator?
- Can I use the BankBazaar EMI calculator at any point of time?
- Do I have to pay any fee to use the BankBazaar EMI calculator?
- Where can I use the car loan EMI calculator on the website of BankBazaar?
- How is the amortisation table provided in the BankBazaar EMI calculator helpful?
- Can I use the EMI calculator on the BankBazaar app?
You will need to enter your loan tenure in years and months as this will help in accurately calculating your monthly installments for repayment.
No, you do not need any financial consultant for support. You can use this calculator on your own. You only to keep your loan details such as tenure, interest rate and processing fee before you sit down to use the calculator.
Yes, it is an online calculator and is up and running 24/7. You can utilise it at any point of time.
No, it is free of cost. You only need to open the site and start the computation process.
You will have to go the main menu of BankBazaar and then click on the ‘Finance Tools’ segment. Here, you will need to choose EMI Calculator and then enter your car loan values.
It will explain each element of your car loan and hence, you can view your loan principal amount, outstanding amount for each month, interest rate for your loan, amount paid till a certain date, outstanding total loan amount, etc.
Yes, you can utilise the EMI calculator on the BankBazaar app which is available on Android as well as iOS.