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If it wasn’t for car loans, purchasing a car would’ve remained nothing but a dream for most of us. Almost all banks offer car loan schemes tailor made to suit the needs of its customers. Punjab & Sind Bank is one of the leading banks in India that offers car loan schemes along with various other financial services and products. The bank also offers a tool that helps the customer calculate the EMI for their car loan without any hassle. The Punjab & Sind Car Loan EMI calculator gives accurate EMI results within seconds for free of cost.
Customers can calculate the EMI on their car loan with the Punjab & Sind Car Loan EMI calculator available on the BankBazaar website. The customer has to enter a few details pertaining to their car loan in order avail the desired results. Once the customer provides the relevant details, the EMI Calculator gives out the accurate EMI along with a breakup of the car loan in the form of an amortization table.
The Punjab & Sind EMI calculator available on the BankBazaar website is quite easy to use and the customer can avail the results in no time. As mentioned earlier, the customer has to enter details of their car loan in order to obtain the EMI of the loan:
Example: Listed below is a sample of the EMI calculations for an average loan amount of Rs.10-40 lakh for a loan tenure of 3 to 7 years. Punjab & Sind Bank offers car loans for an interest rate of 10.25% p.a. for a new vehicle.
|Loan Amount||Interest Rate||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.)|
There are many benefits to using the Punjab & Sind Bank Car Loan EMI Calculator than calculating the EMI manually. Read on to know some of the features and benefits of this tool:
The EMI amortization table consists of the following- the principal loan amount, interest paid, starting balance, and ending balance.
The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.
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 pre-payments that you make towards the loan.
You can find the car loan EMI Calculator by clicking on the "Finance Tools" option on the main page on the BankBazaar website. You can then select the EMI Calculator option to calculate your EMI.
No, you should always make sure to use the EMI calculator before you actually apply for a loan. This will help you ascertain your loan repayment ability and affordability.