Making EMI calculations is imperative before availing a car loan and through the Mahindra Finance Car Loan EMI Calculator customers can make accurate EMI calculations. With the Mahindra Finance Car Loan EMI Calculator, customers will be certain of how much a car loan would cost them for the months through the tenure. Customers can also check their eligibility for a car loan on the BankBazaar website.
How to use BankBazaar Mahindra Finance EMI calculator to understand your car loan repayment
With the EMI calculator on the BankBazaar website, customers will understand how much the EMI will cost them every month and can assess their debt-to-income ratio even before availing the car loan. On the BankBazaar website, the EMI calculator gives customers EMI results in seconds. Along with the EMI calculation, the BankBazaar website also displays the amortisation table - that will help customers understand the EMI breakup and progress of the loan easily.
Mahindra Finance EMI Calculator – How does it work?
To calculate the car loan EMI from Mahindra Finance, customers will have to enter the below mentioned details - components of a car loan. Once the details have been entered, the EMI Calculator will give the customer an accurate result.
- Loan amount - To change the loan amount as per their need, customers have to drag the pointer on a scale to arrive at the loan amount you are requesting. For example, Rs.2 lakh, Rs.5 lakh, Rs.10 lakh.
- Tenure - With the help of the pointer, choose the loan tenure.
- Interest rate - Enter the interest rate that is offered by Mahindra Finance on car loans.
- Processing fee - Enter the processing fee charged by Mahindra Finance.
Pre-payment - Customers can choose whether they want to make the EMI calculation with or without the prepayment.
- Customers can directly click on “calculate” if they do not want to include the prepayment charges in the EMI calculation.
- If the customer chooses to make pre-payments, he/she will have to provide the information listed below:
- Prepayment fee
- Prepayment frequency
- Prepayment amount
- How the prepayment applies
Click on the ‘Calculate’ once the information has been entered to get a detailed breakup of the total amount payable. In addition, the page will display the amortisation graph.
Assuming that the rate of interest on car loans is 9.25% let us calculate the EMIs a customer would be required to pay for different tenures. We will also assume that the processing fee is 2%.
|Loan amount (Rs.)||Interest rate||Processing fee||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.)|
*Interest rates are subject to change following the inclusion of GST from July 1, 2017.
Features and benefits of Mahindra Finance Car Loan EMI Calculator
The Mahindra Finance car loan EMI calculator performs complicated calculation in seconds, giving customers an idea of how much they would need to set aside towards the car loan each month and simultaneously calculate their debt-to-income ratio of the month. Some of the key features of the tool are listed below:
- Using BankBazaar’s user-friendly EMI calculator, customers will have EMI results in seconds.
- Customers can contact the support team of BankBazaar if they have any issues or queries regarding the tool.
- The BankBazaar EMI calculator is completely free of cost at no point will the customer be charged, for how many ever calculations he/she makes.
- The tool also displays the amortisation table - enabling customers to understand the progress and breakup of the loan easily.
- The tool can be used multiple times - with different interest rates, processing fees, tenure and so on.
- If you wish to make a pre-payment towards the car loan, the tool gives you the option to calculate that as well.
Mahindra Finance EMI car loan calculator FAQs
1. What are the features of the Mahindra Finance car loan?
The Mahindra Finance car loan is characterised by the following features:
- Flexible repayment tenure that can range between 12 months and 60 months.
- 100% finance for the purchase of several models of cars and multiutility vehicles.
- No hidden charges.
- Best interest rates on car loans.
- The bank also offers special benefits and innovative loyalty schemes for its car loan customers.
2. What is an amortization table?
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
3. How is the EMI car loan calculated?
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 on a monthly basis, and N is the number of installments.
This formula does not take into account the pre-payments that you make towards the loan.
4. Is it possible to calculate the EMI manually rather than use the EMI tool?
Calculating the EMI manually would be time-consuming and error-prone. It would be complicated to calculate the EMI when pre-payments are made towards the debt.
5. Will there be an error if I make EMI calculations without the prepayment charges?
Including the prepayment charges will be make the result accurate - allowing you to plan your finances to point. If not, you can still make the calculations and have a rough estimate.