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.
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:
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.
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:
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