A top leading bank in India, Lakshmi Vilas Bank offers a number of helpful banking solutions which can be used to solve a number of problems that a person could face is his/her life. An individual can avail a number of services from Lakshmi Vilas Bank like NRI services, loans, Forex services, debit and credit cards, etc. A superb online banking service is also provided to the bank’s customer base. An individual can avail a car loan from Lakshmi Vilas Bank to fund the purchase of their dream car.
A car loan from Lakshmi Vilas Bank can be purchased at affordable interest rates. The Lakshmi Personal Vehicle Loan offered by Lakshmi Vilas Bank can be easily purchased from the bank. This loan can be used to fund the purchase of a new car, a new two-wheeler, and a used car. An individual can repay the loan through EMIs. The car loan EMI Calculator which is available on the official website of BankBazaar can be used to calculate the EMI’s which have to be paid. It is user-friendly and provides accurate results.
How to use BankBazaar’s Lakshmi Vilas Bank Car Loan EMI Calculator to understand your car loan repayment
You will get a clear picture on the car loan that you have availed at Lakshmi Vilas Bank by using the car loan EMI Calculator that’s available on the BankBazaar website. The EMI Calculator is easy to use and you do not require any technical or financial knowledge to utilise the calculator. The calculator requires a few basic details pertaining to your car loan to help calculate your EMI.
Lakshmi Vilas Bank Car Loan EMI Calculator – How does it work?
The EMI Calculator available on the BankBazaar website has an excellent EMI Calculator that can help you get a clearer picture on your car loan which you have to repay to Lakshmi Vilas Bank. If you plan on availing a car loan from Lakshmi Vilas Bank, you can simply visit the EMI Calculator for Lakshmi Vilas Bank that’s available on the BankBazaar website.
- You will have to first choose the loan amount by moving your cursor on the calculator.
- Next, you need to enter the interest rate in the respective field. You can negotiate the rate with the bank before calculating your EMIs.
- After this, you will need to choose your loan tenure within which you will repay the full loan.
- Following this, you will be required to enter your processing fee details by using the cursor accurately.
- If you want to make a prepayment, you can go ahead. You will have to select 'Yes’ from the options seen on the site. You will also have to specify your prepayment details such as prepayment frequency, prepayment fee, prepayment amount, and more.
- If you are not interested in making a prepayment, you can select 'No’ and click 'Calculate’ on the website.
- Now, you will get the results for the information that you would have entered. You will get the EMI amounts that you need to pay within your entire loan period. You will also be able to see clear amortisation details on the screen of this portal.
Example: Let us use an example to understand how the BankBazaar Lakshmi Vilas Bank EMI calculator works. Let us assume that the interest rate provided by Lakshmi Vilas Bank for car loans is 9.80% with a non-refundable processing fee of 2% which is charged on the entire car loan amount. We will also assume that the borrower does not want to make any prepayments. Let us take a look at the table below to get a clear understanding of the EMIs.
|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.)|
Lakshmi Vilas Bank Car Loan EMI Calculator – Features and Benefits
The Lakshmi Vilas Bank Car Loan EMI Calculator offers a plethora of benefits to help you have a smooth lending process. It performs the most complex EMI computations in very little time.
- This tool can be used online while sitting at home on your couch without having to stand in any long line.
- This online tool will provide you with precise loan EMI details for any amount that you enter. If you enter prepayment details also, you will get accurate results on your screen and this will avoid any confusion for you.
- While using the online car loan calculator on the BankBazaar portal, if you come across any difficulties, you can immediately get in touch with the customer care centre. They will offer instant assistance to you and you can continue with the process.
- This online calculator is available for free.
- Apart from figures and data, you can also check out a graph provided by the BankBazaar Lakshmi Vilas Bank EMI calculator. It is easy to understand and gives an interesting overview about your repayment schedule. It is more interactive and engaging.
Lakshmi Vilas Bank Car Loan EMI Calculator FAQs
No. The Lakshmi Vilas 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.
You can find the Lakshmi Vilas Bank EMI Calculator on the “Financial Tools” tab on the official website of BankBazaar.
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 Lakshmi Vilas Bank Car Loan EMI Calculator for the same.
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.
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.