The Mobi Loan that’s offered by South Indian Bank can be availed by an individual who intends to purchase a vehicle. The car loan is available at pocket-friendly interest rates with added benefits. The bank offers car loans which cover 80% to 90% of the total cost of the car which includes charges levied on insurance premiums, registrations charges, invoice value, and other necessary accessories. This loan that’s offered by South Indian Bank can be used to easily finance the purchase of an individual’s dream vehicle.
How to use BankBazaar South Indian Bank Car Loan EMI Calculator to understand your car loan repayment
This is a simple and easy-to-use EMI Calculator and is offered on the official website of BankBazaar. This Calculator can be used to calculate the EMI that an individual will have to pay towards the repayment of their car loan that has been sanctioned by South Indian Bank. The EMI for various tenures can be calculated using this EMI Calculator.
This tool offers an in-depth analysis of an EMI. An amortization table is also provided to give the user a visual analysis of the EMI that needs to be repaid.
South Indian Bank Car Loan EMI Calculator – How does it work?
There are certain primary details which an individual will have to provide to ensure that they come up with an accurate result when calculating their EMI while using a South Indian Bank Car Loan EMI Calculator:
- To select the loan amount that a customer requires, he/she will have to drag the pointer that is available over the “Loan Amount” tab that is available on the EMI Calculator.
- After selecting the loan amount that’s required, the customer will have to select the loan tenure by dragging the pointer that’s available under the “Tenure scale”.
- Type in the interest rate offered by South Indian Bank into the EMI Calculator on the BankBazaar website.
- Enter the processing fees, if any, that’s levied by South Indian Bank on the car loan.
- Customers who avail a car loan from South Indian Bank will have to make a choice to either make a prepayment on the car loan or not. There are two options which a customer can choose from:
- If a customer does not wish to make a prepayment towards their car loan, they can directly select the “Calculate” button. Once this is done, the customer will be provided with a page that shows the breakup of the total amount which they would have to pay. The page provided will also have the amortization graph and a breakup of the car loan that has to be repaid.
- If a customer does choose to make a prepayment, they would have to click the button that says “Yes” next to the prepayment tab. The customer will have to provide the information asked for in the following tabs:
- Prepayment fee
- Prepayment amount
- Prepayment frequency
- How the prepayment applies
After the customer has provided all the details required by the South Indian Bank Car Loan EMI Calculator, click on the “Calculate” button to start the calculation process. This will take a fraction of a second and the amount which is payable will be displayed on the screen.
Example: The interest rate that is offered by South Indian Bank on a car loan as 9.15% to 10.10% with a processing fee of 2%. Let us consider the Interest rate as 9.20%. Using the EMI Calculator available on the BankBazaar website, the table below shows the calculations made for varied tenures and for different loan amounts.
|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 GST rollout on July 1, 2017.
South Indian Bank Car Loan EMI Calculator – Features and Benefits
The South Indian Bank Car Loan EMI Calculator proves time and again to be a very useful tool that performs complicated calculations with a click of a button. Some of the key features of this tool include:
- This is a user-friendly tool that helps a customer analyse his/her EMI that they would have to pay towards a car loan. The EMI Calculator also displays the amortization details along with the EMI that needs to be paid.
- The EMI Calculator is available free of charge and requires no subscription fees.
- The tool can be used a number of times until you arrive at the right combination of tenure and principal, and an EMI which you can afford.
- You can plan your repayment process methodically as you will be aware of your EMIs well in advance.
- The BankBazaar South Indian Bank Car Loan EMI Calculator displays the breakup of the amount payable and the amortization schedule in an attractive graphical format. Hence, it is very easy to understand as well.
- BankBazaar has a dedicated customer support team which ensures that all problems and queries of a customer are resolved as soon as possible.
- You can understand the level of significance of each aspect of your car loan by viewing the bar diagram and pie chart offered by the EMI calculator.
South Indian Bank Car Loan EMI Calculator FAQs
- Do I have to register myself on the BankBazaar website to utilise the EMI calculator for South Indian Bank car loans?
- What is the formula for calculating car loan EMI?
- What is a car loan amortization table?
- Who are eligible to apply for a car loan at South Indian Bank?
- Will I need to pay any charge to make use of the BankBazaar South Indian Bank Car Loan EMI Calculator?
No, you do not need to register on the website. You only need to key in your loan details and you are good to go.
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 instalments.
This formula does not take into account the prepayments that you make towards the loan.
A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
Self-employed individuals, salaried persons, farmers, agriculturalists, businessmen, pensioners, and companies can apply for UCO Bank car loans.
No, you do not have to make any payment for utilising the EMI calculator