Before you avail a car loan from Mahindra Finance, you should calculate the amount you need to pay as equated monthly instalments (EMIs) each month by using the EMI Calculator tool. This tool is easy to use and delivers accurate, quick results. You can use the Mahindra Finance Car Loan EMI Calculator to help you plan your finances better as it lets you assess if you can afford repaying the loan.
- Receive monthly installment at a nominal rate of Rs.1,322 per lakh.
- The lowest car loan interest rate currently offered by Mahindra Finance is 10%.
- For a loan tenure of 6 years, get an optimum EMI of Rs.1,853 per lakh.
- For a loan tenure of 5 years, get an optimum EMI of Rs.2.125 per lakh.
- The factors determining a car loan EMI are interest rate, loan tenure, and quantum of loan.
- The EMI for various tenures can be checked using the Bankbazaar EMI calculator.
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.
When availing a car loan from Mahindra Finance, it is important to calculate the EMI you will be required to pay. This can be done easily at the BankBazaar website, using the EMI calculator tool. All you have to do to calculate your monthly EMI is input details like your loan amount, loan tenure, interest rate, and the processing fee into the calculator.
What is a Car Loan EMI Calculator?
When you avail a car loan from a lender, you will need to repay the borrowed sum in the form of Equated Monthly Installments or EMIs. Fortunately, you don’t have to wait till you apply for a car loan to know how much you will need to pay on a monthly basis. You can use a car loan EMI calculator, which will give you the exact monthly EMI for the loan term, interest rate, and loan amount that you enter.
Most car loan providers and third-party financial services websites like BankBazaar offer car loan EMI calculators on their websites.
- This tool is easy to use and free of cost.
- In addition to displaying the monthly EMI, car loan EMI calculators may also display the total repayment amount and the amortisation details for the loan repayment term.
Car Loan EMI Calculator for New Cars and Used Cars
Mahindra Finance offers funding for both new and used cars. There is also a separate EMI calculator for new car loans and pre-owned car loans at the official website of Mahindra Finance.
The difference between a new car loan EMI calculator and a pre-owned car loan EMI calculator is that the interest rate charged and the maximum loan amount offered for the two types of loans will be different.
For example, if the lender allows individuals to apply for a loan of up to Rs.35 lakh in the case of a new car loan and a loan amount of up to Rs.10 lakh in the case of a pre-owned car loan, the details that you will need to enter into the EMI calculator will vary. Thus, make sure to use the correct type of car loan EMI calculator to ensure that the details that are displayed are accurate.
EMI Calculator Tool – How to Use It?
Let’ look at the 4 simple steps that you will need to follow to check your payable EMI through BankBazaar:
Step 1 - Visit the BankBazaar car loan EMI calculator webpage.
Step 2 - Enter your loan amount, tenure, interest rate, and processing fee.
Step 3 - You will also have to indicate whether you would like to make pre-payments during the loan repayment term. If yes, you will have to also enter your pre-payment fee, pre-payment frequency, pre-payment amount, and what the prepayment applies to.
Step 4 - Click on ‘Calculate’ once the information has been entered to get a detailed breakup of the EMI payable. In addition, the page will display the amortisation graph.
You can also calculate EMIs using the car loan EMI calculator tool on Mahindra Finance’s official website. To use this tool, customers will need to do as follows:
Step 1 - Visit the lender’s website (www.mahindrafinance.com).
Step 2 - Click on ‘Get A Loan’ and then click on ‘Vehicle Loans’, after which you will need to click on ‘Car Loans’.
Step 3 - Next, click on ‘Car Loan Calculator’ on the right side of the website.
Step 4 - In the following page, you will need to key in the loan amount, the rate of interest, and the tenure of the loan, after which the payable EMI will be displayed on the screen.
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To understand the type of details that will be displayed when you use BankBazaar’s EMI calculator, let’s consider a scenario, wherein Ajay is looking to take a car loan from Mahindra Finance for Rs.2 lakh. He intends to repay the loan amount in 1 year. Let’s assume that Mahindra Finance charges him an interest rate of 14% p.a. and a processing fee of 1% of the loan amount.
Ajay will, thus, have to pay a monthly EMI of Rs.17,957. He will be paying a total interest of Rs.15,489 over the course of the loan repayment term and a processing fee of Rs.2,000. The total amount that he will have to pay, which includes the principal borrowed, payable interest, and the processing fee, is Rs.2,17,489. The amortisation details are as follows:
|Month||Principal Paid||Interest Paid||Total Payment||Outstanding Loan Balance|
How to Pay EMI Online Using QuickPay
The ‘QuickPay’ facility offered by Mahindra Finance enables you to pay your EMIs through debit card, netbanking, ATM pin, and digital wallets. All these transactions are processed via payment gateways that are secure and trustworthy. Once you make a payment using any of the above-mentioned methods, the EMI amount will get credited to your loan account within 2 business days.
Some of the features of the QuickPay facility offered by Mahindra Finance are given below:
- The minimum amount that customers can pay as EMIs through QuickPay should be at least Rs.100.
- The QuickPay facility is available 24/7 and you can make your EMI payments even on days when banks are closed.
- To pay your EMIs using netbanking, you need to select the ‘Netbanking’ option on the QuickPay page. Similarly, you can choose the ‘Debit Card’ ‘ATM Pin’ and ‘Mobile Wallets’ options as a payment mode on the QuickPay page.
- After you make a payment using any of the above options, you will receive an acknowledgement receipt from Mahindra Finance.
How Does Your Payable EMI Change When You Make Prepayments?
The primary factors that are taken into consideration when calculating the payable EMI are:
- Loan tenure
- Loan amount, and,
- Interest rate
When you make a prepayment, your outstanding loan amount decreases, which causes your payable EMI to also decrease. You can also choose to prepay the entire outstanding loan amount and close the loan, in which case you will not have to pay any further EMIs.
The Mahindra Finance car loan EMI calculator helps customers view how much they will need to repay to the lender on a monthly basis and assess their debt-to-income ratio even before availing a car loan. Thus, ensure that you use an EMI calculator and check your EMIs before borrowing a car loan from Mahindra Finance.
FAQs on Mahindra Finance EMI car loan calculator
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.
A car loan amortization table displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
Car loan EMIs are 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. You can also use an online EMI calculator to calculate your payable EMIs.
Yes. However,calculating the EMI manually would be time-consuming andprone to human error. Further, It would be complicated to calculate the EMI when pre-payments are made towards the debt.
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.