Not everyone of us is blessed a large surplus of money that can be dipped into at any point of time. So, what does an individual do when they want to purchase a car but they do not have the finances required to make the purchase? They go to a bank or lender and apply for a car loan. Individuals aged 21 years and above can apply for car loans at Magma if they wish to purchase a new or used car. The bank offers car loans of up to 100% of the on-road price for a car. By using the Magma Car Loan EMI Calculator, you can calculate your monthly EMIs on car loan received from Magma.
How to use BankBazaar Magma Car Loan EMI Calculator to understand your car loan repayment?
Magma car loans can be repaid through Equated Monthly Installments (EMI). To calculate your car loan EMI, just input the loan amount, interest rate, and loan tenure in the BankBazaar Magma Car Loan EMI Calculator. Your car loan EMI will be instantly displayed on the screen. The BankBazaar car loan EMI calculator takes prepayments into consideration while calculating the EMI.
Magma Car Loan EMI Calculator – How does it work?
The Magma Car Loan EMI Calculator on the BankBazaar website can be used to instantly calculate the total cost of your car loan which includes the loan amount, total interest payment, and the processing fee. All you have to do is move the slider on the scale to indicate the loan amount and loan tenure. Then, enter the car loan interest rate and processing fee. Click on the Calculate button and the EMI will be displayed.
This tool also gives you the option to enter prepayment amount, frequency, and charge when computing the EMI. The tool also gives you a monthly and yearly amortisation schedule for car loan repayment. EMI is calculated using the following formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate, and N is the number of installments.
Example: Listed below is a sample of the EMI calculations for an average loan amount of Rs.10-40 lakh for a loan tenure of 3 to 7 years. Magma offers car loans for an interest rate which ranges between 12% to 16% depending on a number of factors. Let us consider the interest rate as 12%
|Loan amount (Rs.)||Processing fee||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.)|
Magma Car Loan EMI Calculator – Features and Benefits
Magma Car Loan EMI Calculator is simple and easy to use. Some of the special features and benefits of the tool includes:
- Free of charge: The EMI calculator available on the BankBazaar website can be used free of cost. The tool can be used any number of times. You don’t have to sign up to use the tool.
- Instant result: The tool provides you instant EMI calculation with the click of a button.
- Accurate calculation: With the online EMI Calculator, there are no chances of error.
- Compare loan rates: Higher interest rates mean higher EMIs. Using the EMI calculator, you can compare various car loan rates and choose the one that best serves your needs.
- Loan tenure adjustment: Longer loan tenure means lower EMIs. However, you may end up paying a higher interest amount. With the help of the EMI calculator, you can adjust the car loan tenure to avoid paying more interest.
- Impact of prepayment: Loan prepayments can have a significant change in your EMIs. Input the prepayment amount, frequency, and charge in the EMI calculator to find out how it affects your car loan EMI.
Magma car loan EMI calculator FAQs
- Why use Magma Car Loan EMI Calculator?
- What does the EMI amortisation schedule comprise of?
- Who are eligible to apply for a car loan at Magma?
- What is the prepayment charge for Magma car loans?
- What is the maximum car loan amount offered by Magma for used cars?
- Is an online car loan EMI calculator better than an excel sheet for EMI calculation?
In addition to performing instant EMI calculations, you can also find out how prepayments will affect your car loan repayment and accordingly prepare a budget to make equated monthly installments without fail.
The car loan EMI amortisation table consists of starting balance, interest paid, principal paid, and the ending balance.
Self-employed individuals, salaried persons, farmers, agriculturalists, businessmen, pensioners, and companies can apply for Magma car loans.
There is no prepayment charge levied for partial or full payment of the car loan before the end of the loan tenure.
For used cars, lower of 70% of the cost of the used car up to 4 years old, 60% of the cost of the used car 4 to 5 years old or Rs.3.5 lakh.
Car loan EMI calculator is not only easy to use but also gives your accurate and instant results whereas an excel sheet can be time consuming and inaccurate if the formula is not formatted correctly.