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The car loan offered by Oriental Bank of Commerce meets the needs and requirements of every new car owner. But calculating your EMI for various interest rates can be taxing at times. The Oriental Car Loan EMI Calculator is a user-friendly tool that can be used to calculate the EMI that an individual would have to pay towards the repayment of their car loan. With the use of this calculator, a customer can accurately calculate the amount they have to pay during the term of the loan. The Oriental Car Loan EMI Calculator available on the BankBazaar website provides a customer with a lot of information pertaining to their car loan including an amortization table.
To get EMI results, all that the customer has to do is enter the components of the car loan - loan amount, tenure, interest rate, processing fee and prepayment charges (if any). Once the EMI calculation has been made, the BankBazaar website displays the amortisation table. The amortisation table graphically represents the loan breakup and its progress.
To calculate the car loan EMI from Oriental Bank, customers have to enter the below mentioned components of a car loan.
Click on the “Calculate” once the information has been entered to get a detailed breakup of the total amount payable.
Given that the current rate of interest on car loans from Oriental Bank is 9.50% (fixed) let us calculate the EMI a customer would be required to pay for different tenures. We will 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.
In seconds, the Oriental Bank car loan EMI calculator performs complicated EMI calculation, giving customers a clear idea of how much the EMI would cost them every month. Some of the key features of the tool are listed below:
1.What is the formula employed for calculating car loan EMI?
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 instalments.
This formula does not take into account the prepayments that you make towards the loan.
2. What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
A car loan amortization table shows the user the payment schedule of your debt in a tabular format which is easy to read and understand. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
3. How much is the subscription fee that I need to pay to use the EMI Calculator on the BankBazaar website?
This EMI Calculator offered on the BankBazaar website is free of cost and you do not have to pay any subscription fees.
4. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when prepayments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar Oriental Bank Car Loan EMI Calculator for the same.
5. I know there is a prepayment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?
It is a smart and safe move by the user if they ensure that they read the offer documents carefully. You can contact the bank’s customer care number of you can also visit the bank branch to request for the very same. You can then input these charges into the EMI Calculator like any prepayments which have to be made after which you can view the amortization schedule almost instantly.