Customers who wish to avail a car loan from Nainital Bank should use the Car Loan EMI Calculator to get a good preview of the EMIs that they would have to pay during the tenure of the loan. Nainital Bank offers the Suhana Safar Scheme to help in the financing of a car. With the Nainital Bank Car Loan EMI Calculator customers can calculate the EMI they would have to pay in a few seconds. Customers who wish to avail this car loan can also check their eligibility for a car loan on the BankBazaar website.
How to use BankBazaar Nainital Bank EMI calculator to understand your car loan repayment
Customers can visit the web portal of BankBazaar to be certain of their debt-to-income ratio. The Nainital Bank Car Loan EMI Calculator on the BankBazaar website gives customers EMI calculations in seconds and in addition displays the amortisation table - a graphical representation of the loan breakup and the progress of the loan. A customer can save a lot of time if they determine the EMIs that they have to pay before applying for a car loan. The customer can make an informed decision on the car loan of their choice without having any regrets when it comes to repaying the loan amount.
Nainital Bank EMI Calculator – How does it work?
To calculate the car loan EMI from Nainital Bank, customers will have to enter the below mentioned components of a car loan. The online EMI Calculator will give the customer an accurate result in seconds after the details have been entered.
- You will have to select the loan amount that you require by dragging the pointer and selecting the amount that you require. For example, Rs.1 lakh, Rs.5 lakh, Rs.10 lakh.
- After this is done, you will have to choose the loan tenure with the help of the pointer.
- Enter the interest rate that is offered by Nainital Bank on car loans.
- In the adjacent field, you will have to enter the processing fee which is usually a certain percentage of the full car loan amount.
- You will then need to specify if you would like to prepay your car loan or not. This can be done by choosing ‘Yes’ or ‘No’ by clicking the buttons on the calculator.
- You can then click ‘Calculate’ to receive your results.
Example: Currently, the rate of interest on car loans offered by Nainital Bank is 9.20% (floating). 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.
Nainital Bank Car Loan EMI Calculator – Features and Benefits
The Nainital Bank Car Loan EMI Calculator helps customers plan their finances well in advance by giving them accurate results in seconds. Apart from this, listed below are some of the features and benefits of the Nainital Bank Car Loan EMI Calculator.
- The BankBazaar Nainital Bank Car Loan EMI Calculator is unique and advanced as it offers clear and interactive results. There are a few other online EMI calculators that give results in the form of Excel sheets that cannot be comprehended by everybody.
- You do not have to make any payment for utilising the BankBazaar Nainital Bank Car Loan EMI Calculator.
- Once the calculation has been made, the BankBazaar website displays the amortisation table - a graphical representation of the loan breakup and progress.
- On this financial tool, customers can enter different interest rates, processing fees, tenure and so on, to decide which tenure and loan amount will suit their current financial situation.
- When you need help with using the calculator, you can approach the BankBazaar customer care centre for instant assistance.
Nainital Bank car loan EMI calculator FAQs
1. Can I change the tenure and interest rate using the Nainital Bank EMI car loan calculator?
Yes you can change the interest rate and tenure any number of times using the Nainital Bank EMI car loan calculator.
2. Can you explain what an is 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. It basically a graphical representation of the loan breakup and the loan progress.
3. What information is required when making pre-payments using the BankBazaar Car Loan EMI Calculator?
The information that you will have to provide has been given below:
- How the prepayment applies
- Prepayment fee
- Prepayment amount
- Prepayment frequency
4. What is the formula used to make EMI calculations?
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.
5. What is the subscription fee for the BankBazaar EMI calculator?
The BankBazaar EMI calculator is completely free of cost. At no point will customers be charged to use this tool.
6. Is it faster to make EMI calculations manually?
No, it’s not possible to make EMI calculations faster manually than the EMI calculator. Also, making such calculations manually will lead to errors.