If you really think about it, it's easier getting a loan for a car than a loan for bus fare!

Mahindra Finance Car Loan 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.

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.)
10 lakh 9.25% 2% 45,800 31,916 25,004 20,880 18,150 16,216
15 lakh 9.25% 2% 68,699 47,874 37,506 31,320 27,225 24,324
20 lakh 9.25% 2% 91,599 63,832 50,008 41,760 36,300 32,432
25 lakh 9.25% 2% 1,14,499 79,791 62,510 52,200 45,375 40,541
30 lakh 9.25% 2% 1,37,399 95,749 75,012 62,640 54,450 48,649
35 lakh 9.25% 2% 1,60,298 1,11,707 87,514 73,080 63,525 56,757
40 lakh 9.25% 2% 1,83,198 1,27,665 1,00,016 83,520 72,599 64,865

*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.

News About Mahindra Finance Car Loan

  • Finger vibration-based systems to help in accessing cars

    Researchers have recently developed a system that will help car owners access their vehicles with the help of finger vibrations. The system is called "VibWrite". It is a low-cost security system that could be used beyond the auto industry like in homes, apartment buildings, etc. Yingying Chen, a professor at the Rutgers University of New Brunswick, New Jersey, USA, stated that the human finger is unique, having its own bone structure and using different amounts of pressure. The sensors in the system detect these subtle behavioral and psychological differences. Today's security systems rely mainly on traditional techniques such as cameras, cards, intercoms or fingerprint readers. "VibWrite" can help in eliminating the traditional security system as it generally requires a lot of complex hardware as well as maintenance.

    31 October, 2017

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