For those looking to buy cars and looking for the best car loan deal out there, State Bank of Hyderabad, now under State Bank of India, offers car loans at some of the best possible rates. Interested customers can check their eligibility in seconds and can choose the EMI they wish to take out to repay the loan. Knowing the EMI will help customers plan their finances in advance.
Using the EMI calculator on the BankBazaar website will help customers understand how much they will have to shell out each month towards the EMI. The BankBazaar EMI calculator is a simple interface that gives customers EMI results in seconds. Apart from giving out the EMI calculation, customers can understand the loan breakup and progress with the help of the car loan amortisation table.
To calculate the EMI on a car loan from State Bank of Hyderabad, customers will have to enter the details mentioned below. Once the details have been entered, the EMI calculator will give the user an accurate result.
Once the information had been entered, click on the ‘Calculate’ button to get a detailed breakup of the total amount payable.
Example: Taking into consideration the interest rate offered by State Bank of Hyderabad, using the BankBazaar State Bank of India EMI car loan calculator, let us calculate the EMIs a customer would be required to pay for different tenures. Assuming that the processing fee is 2%, listed below is the EMI calculation with the current State Bank of Hyderabad interest rate of 9.25% per annum.
|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 State Bank of Hyderabad car loan EMI calculator performs complicated calculations in seconds, giving customers a clear cut idea of how much they would need to set aside towards the car loan each month. Some of the key features of the tool are listed below:
The State Bank of Hyderabad car loan is characterised by the following features:
A car loan amortization table shows the payment schedule of your debt in a tabular format. In addition, it displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
Using the following formula, EMI is calculated:
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 installments.
This formula does not take into account the pre-payments that you make towards the loan.
Calculating the EMI using the formula or an excel sheet would be time-consuming and errors are bound to surface. It is recommended to use the Bankbazaar State Bank of Hyderabad Car Loan EMI Calculator for the same.
You can visit the bank branch or call up the bank’s customer service desk and request for the prepayment charges. Once you get the details of the pre-payment charges, you can use this information as input to the EMI Calculator tool and get an accurate result.
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