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.
To calculate the car loan EMI from Nainital Bank, customers will have to enter the below mentioned components of a car loan. The EMI calculator will give the customer an accurate result in seconds after the details have been entered.
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.
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.
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:
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.