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.
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.
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.
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.
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:
1. What are the features of the Mahindra Finance car loan?
The Mahindra Finance car loan is characterised by the following features:
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.