Car loan is one of the many financial services offered by Ratnakar Bank. The car loan option offered by the banks comes with a competitive rate of interest and a flexible tenure. It is important to know the EMI of your car loan before finalizing on a particular loan option. Ratnakar bank has partnered up with BankBazaar to offer an easier way of calculating EMI with the online EMI calculator. Read on to know more about Ratnakar Bank Car Loan EMI Calculator.
How to use BankBazaar Ratnakar Car Loan Calculator to understand your Car Loan Repayment
The EMI calculator available on Bankbazaar website can be used to calculate accurate EMI for your Ratnakar Bank car loan scheme. As a customer, you will have to enter basic details of your car loan in order to get the right results. The tool will also display a detailed breakup of your car loan which will help you understand the scheme much better.
The Ratnakar Bank Car Loan EMI Calculator available on the BankBazaar website provides accurate EMI results for your car loan. In order to get accurate EMI results along with a detailed breakup of the loan, the customer will have to provide a few details pertaining to their car loan. The customer can get the accurate results by following the below mentioned steps.
Example: Let us take a look at the following table to check out the EMIs you will need to pay if you take a certain car loan amount for a particular period. The interest rate for a car loan offered by Ratnakar Bank ranges between 10.35% to 10.85%. Let us consider the interest rate to be 10.75%. Let us consider the processing fee for any Ratnakar Bank car loan is 2% of the loan amount. This table only gives an illustration of the EMIs that you will need to pay for different loan amounts and interest rates.
|Loan Amount||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.)|
1. Is there a particular formula for the calculation of car loan EMI?
Yes, there is a formula for calculating the EMI. It is:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Here, P is the principal amount, N refers to the number of installments, and R is the rate of interest for each month.
The formula can be different for a car loan depending on the parameters that are involved in a car loan.
2. What details should the customer provide in case they want to make prepayments on the loan?
The customer will have to provide the following details while calculating the EMI in case they want to make prepayments on the loan:
3. What is an amortization table?
The amortization table gives a clear breakup of the loan along with a pie chart explaining the progress of the loan.
4. How many times can I use the calculator and how much does BankBazaar charge for the services of the EMI calculator?
The customer can use the EMI calculator numerous times for no additional cost.
5. What does the EMI of a car loan depend on?
The EMI of a car loan depends on several parameters such as the loan amount, tenure, and rate of interest.