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.
How to use BankBazaar State Bank of Mysore Car Loan EMI Calculator to understand your car loan repayment
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.
State Bank of Mysore Car Loan EMI Calculator – How does it work?
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:
- You will have to use a cursor to select the loan amount that you are looking for on the State Bank of Mysore Car Loan EMI Calculator offered on the BankBazaar website
- After providing the loan amount, you will have to enter the processing fee which is charged by the bank
- Enter the interest rate which is offered by State Bank of Mysore on a car loan
- After this, you will have to select the tenure of the loan amount by dragging the pointer under the "Loan Tenure" tab
- An individual can make a pre-payment towards their loan by selecting the appropriate option that’s available next to the “Pre-payment’ tab.
- If you select "Yes", the following details will be required to give you a better idea of the repayment of your loan:
- Pre-payment frequency
- How the pre-payment applies
- Pre-payment fee
- Pre-payment amount
- If you do not intend on making any pre-payments towards your car loan, you can select "No" and then click the "Calculate" button which is available. Once this is done, you will be given a page which gives you the breakup of the total loan amount which you will have to repay. The webpage will also show your amortization table apart from your car loan details.
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.
State Bank of Mysore Car Loan EMI Calculator – Features and Benefits
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:
- The tool comes in handy when an individual is confused about the loan amount that they need to apply for. The EMI Calculator gives you a sense of far-sight when it comes to the EMIs that you will have to pay towards your loan.
- BankBazaar has a very reliable customer support team who ensure that every customer’s query and problem is addressed and resolved.
- No charge is levied on a user for using the tool.
- The BankBazaar State Bank of Mysore 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.
- This tool can be used a number of times until the customer arrives at the desired value that they are looking for.
- The tool helps to calculate your EMI that you have to pay for a car loan even if you intend of making any pre-payments on your loan.
State Bank of Mysore Car Loan EMI Calculator FAQs
- Do I have to register myself on the BankBazaar website to utilise the EMI calculator for State Bank of Mysore car loans?
- Could you tell me the formula for computing a car loan EMI?
- Is there any limit for the EMI ratio?
- When I use the BankBazaar State Bank of Mysore Car Loan EMI Calculator, can I enter the number of months for my loan period?
- Will State Bank of Mysore return my processing fee if my car loan application is denied after I apply for a car loan by calculating my EMIs?
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.