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.
How to use BankBazaar State Bank of Hyderabad EMI calculator to understand your car loan repayment
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.
State Bank of Hyderabad EMI Calculator – How does it work?
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.
- Loan amount - Drag the pointer on the scale to arrive at the loan amount you wish to avail.
- Tenure - Choose the loan tenure with the help of the pointer.
- Interest rate - Enter the interest rate that is offered by State Bank of Hyderabad on car loans.
- Processing fee - Enter the processing fee charged by State Bank of Hyderabad.
- Prepayment - Customers can choose whether they want to make the EMI calculation with or without the prepayment.
- If the customer does not want to make the calculation with the pre-payment, he/she can enter the other details and click on “calculate”.
- If you choose to make pre-payments, the customer will have to provide the information listed below:
- Prepayment frequency
- Prepayment amount
- Pre-payment fee
- How the pre-payment applies
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.
State Bank of Hyderabad Car Loan EMI Calculator – Feature and Benefits
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 user-friendly tool displays the results immediately once all the details have been entered. In a few seconds, the customer will have an accurate calculation.
- For those facing issues with the tool or have a few doubts with regard to the calculations, they can contact the support team of BankBazaar.
- The BankBazaar EMI calculator is completely free of cost.
- In addition to the EMI breakup, the tool also displays the amortisation table - enabling customers to understand the progress of the loan easily.
- The tool can be used multiple times - with different interest rates, processing fees, tenure and so on. Customers can make calculation to choose the best option for them.
- If you wish to make a pre-payment towards the car loan, the tool gives you the option to calculate that as well.
State Bank of Hyderabad EMI Car Loan Calculator - FAQs
- What are the significant features of the State Bank of Hyderabad car loan?
The State Bank of Hyderabad car loan is characterised by the following features:
- Loan tenures can range between 12 months and 84 months.
- Customers have the possibility of getting 100% finance for the purchase of several models of cars and multiutility vehicles.
- Competitive interest rates with no hidden charges.
- State Bank of Hyderabad promises disbursal within 7 working days - with minimal documentation and high transparency.
- The bank also offers special benefits and innovative loyalty schemes for its car loan customers.
- What is a car loan amortization table?
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.
- What is the formula for calculating car loan EMI?
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.
- Is using the EMI Calculator tool easier than making the calculations on an excel sheet?
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.
- Without knowing the prepayment charges, how can I make the EMI calculations?
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.