When a person does not have the finances to purchase a new car of their own, the best possible step to take to obtain the finances required is to approach a bank or lender for a car loan. State Bank of Mysore is one of India's top private operated banks that offers a wide portfolio of pocket-friendly car loans to its large customer base. The interest rates which are offered by State Bank of Mysore vary depending on market rates which is why it's offered as a floating interest rate. Their customers can avail the best possible deals which are offered on car loans depending on the make and model of the car.
A customer can visit the official website of BankBazaar and they can use the EMI Calculator that’s offered by BankBazaar to calculate the Equated Monthly Installments EMI which would have to be paid after taking a car loan from State Bank of Mysore. This is a simple calculator to use and is easy to understand and comprehend making it a very user-friendly tool. The State Bank of Mysore Car Loan EMI Calculator also provides an amortization graph to make it easier for the user to visually analyze and understand their loan repayment procedure and timetable over the repayment tenure.
The State Bank of Mysore Car Loan EMI Calculator will require a few details pertaining to your car loan to come to a better conclusion on the EMI that you will have to pay towards your loan. The details which are required are as follows:
After this, you can select the "Calculate" button which provides a detailed breakup of the total loan amount that is payable. Details of your loan amount along with the amortization table will be provided on this webpage.
Example: Let us now analyze the EMIs (for various tenures) on car loans using the BankBazaar State Bank of Mysore Car Loan EMI Calculator. The interest rate currently offered by State Bank of Mysore is 9.70% and processing fee is up to 2% of the total loan amount and is non-refundable. The example below assumes that no pre-payments are made towards the loan.
|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 inclusion of GST from July 1, 2017.
The State Bank of Mysore Car Loan EMI Calculator is a very useful tool as it performs complicated calculations at the 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.
Given below is the formula for computing EMI:
EMI (E) = [P x r x (1+r)^n]/[(1+r)^n-1]
Here, ‘E’ stands for EMI, ‘r’ is the rate of interest, ‘P’ is the principal, and ‘n’ is the loan tenure.
For State Bank of Mysore car loans, the EMI ratio should not go above 50% for a normal car loan. A normal car loan is one with a loan amount lower than Rs.10 lakh.
Yes, you can enter the exact number of months and years as your loan tenure. This will help you get the exact EMI amount for the loan that you plan to take.
No, a processing fee is generally non-refundable. You will not get it back even if your loan application is rejected.
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