State Bank of Patiala is a leading bank in India that belongs to the esteemed SBI (State Bank of India) group. The bank provides prompt and advanced banking solutions for several purposes. Whether you are looking for loans, deposits, funds transfer facilities, bill payment features, or tax payment facilities, you can count on the bank for reliable services.
State Bank of Patiala has excellent car loan options that will assist you in purchasing your dream car without any difficulty. You can repay your car loan from State Bank of Patiala in the form of EMIs. Before you decide your car loan amount, you will need to calculate these EMIs by utilising the online EMI Calculator provided by the bank. The website of BankBazaar has an EMI calculator which will help you understand your monthly repayment amounts easily.
How to use BankBazaar’s State Bank of Patiala Car Loan EMI Calculator to understand your car loan repayment
BankBazaar’s State Bank of Patiala Car Loan EMI Calculator is an attractive online tool that can be used by anybody with basic loan details. You will not need any professional assistance for utilising this calculator. You will first have to find out the interest rate for car loans offered by State Bank of Patiala and then key in this rate in the calculator.
It makes a car loan application and repayment process hassle-free and quick. You can apply for a car loan by checking your loan EMIs quickly and then choosing an appropriate loan amount. You can enter different loan amounts for multiple loan tenures and you will get your EMIs accordingly. You can then plan your monthly expenses competently.
State Bank of Patiala Car Loan EMI Calculator – How does it work?
The State Bank of Patiala Car Loan EMI Calculator helps you in calculating and recalculating your car loan EMIs as well as total interest in a jiffy. You only need to use the slider to enter your particular car loan information. The calculator will tell you about the fixed amounts that you need to pay on a monthly basis. Your EMI amount will comprise the interest on your loan amount and your loan principal amount.
You will need to note that in the beginning phases of your loan period, your EMIs will mostly consist of your interest. As you pay each installment, your interest repayment will come down and then your remaining repayment amounts will consist more of the principal amount.
- Firstly, you will need to select your car loan amount by using the slider available on the BankBazaar EMI calculator.
- Next, you will need to choose your loan tenure in number of years and months to be fully precise.
- In the next field, you will need to enter the interest rate in percentage. Before you apply for a loan, you can discuss with your lender regarding your financial conditions in order to get a good interest rate.
- In the next field, you will have to key in the processing fee. This will be a certain percentage of your auto loan amount.
- Next, you will need to mention if you want to make prepayments with your loan. If you want prepayments, you can click ‘Yes’ and if you do not to make them prepayments, you can click ‘No’. After this, you will need to click ‘Calculate’.
- You will now get your monthly car loan EMI in Rs. You can also view a pie chart by clicking the ‘+’ symbol. The pie chart will have loan amount, processing fee, and total interest due. You can also view your total loan amount payable.
- The BankBazaar EMI calculator also provides amortisation details annually as well as monthly in a neat bar diagram specifying your debt repayment schedule.
Example: Let us now check out a table with a clear illustration to comprehend how the BankBazaar State Bank of Patiala EMI calculator works. State Bank of Patiala applies the marginal cost based lending rate (MCLR) to fix the interest rate for car loans offered to its customers. The benchmark MCLR is 9.5% and the floating rate of interest is 9.95% p.a.
For this table, let us assume that the interest rate charged by State Bank of Patiala is 9.95% along with a processing fee of 2% which will not be refunded. While computing EMIs for particulars under this table, we will also assume that the customer does not want to go for pre-payments.
|Loan amount (Rs.)||Processing Fee (Rs.)||Interest rate (Mean)||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.)|
State Bank of Patiala Car Loan EMI Calculator - Features and benefits
The State Bank of Patiala Car Loan EMI Calculator available on the BankBazaar web portal provides a host of advantages for every loan borrower. You can get your car loan EMIs calculated in just a few seconds.
- It can take care of your complicated loan EMI calculations in a few minutes. It avoids unnecessary errors that can arise from manual EMI Calculations .
- It has an interactive layout that explains EMIs very accurately and appealingly. It does not have any complex Excel sheet with unclear details.
- You can use this calculator online from your home without having to visit any bank or an office of a financial consultant.
- You can use this online calculator for free without paying any charge.
- You can take help from the BankBazaar customer care centre when you need any advice or assistance for using the EMI calculator available on the website.
- You can even take a look at the pie chart and bar diagram provided by the BankBazaar EMI calculator that offer an interesting and distinct view of your EMIs.
State Bank of Patiala Car Loan EMI Calculator FAQs
1. Can I apply for a car loan from State Bank of Patiala online?
Yes, you can apply online for a car loan from State Bank of Patiala by visiting the official website of the bank or by visiting the website of BankBazaar.
2. Can I use my smartphone to compute EMIs for my car loan using the BankBazaar State Bank of Patiala Car Loan EMI Calculator?
Yes, the BankBazaar State Bank of Patiala Car Loan EMI Calculator can be accessed on your phone with the BankBazaar app which can be found on both Android and iOS phones.
3. While calculating my EMIs, can I reset different loan amounts and loan tenures?
Yes, while using the BankBazaar State Bank of Patiala Car Loan EMI Calculator, you are free to experiment. You can keep entering different loan amounts and loan tenures and then compare the different EMIs before you actually decide your car loan amount.
4. How do I find the EMI calculator on the BankBazaar website?
You will have to go the main menu of the BankBazaar website and then you will have to select ‘Finance Tools’ from the dropdown options. Under this, you will have to choose EMI Calculator.
5. Will State Bank of Patiala return my processing fee if my car loan application is denied after I apply for a car loan by calculating my EMIs?
No, a processing fee is generally non-refundable. You will not get it back even if your loan application is rejected.
6. Is there any specific time period during which the BankBazaar EMI calculator can be accessed?
The BankBazaar EMI calculator is accessible 24/7. You can go to the BankBazaar portal any time and use the calculator.