Tamilnad Mercantile Bank is a top-notch bank that offers an extensive assortment of banking products and services. Whether you are looking for savings deposits, recurring deposits, fixed deposits, corporate banking products, loans, or cards, you can rely on the bank to give you the ideal product at an economical price.
If you are planning to purchase a new or used car, you can reach out to the bank for great car loan options. Whether you need a car for personal or commercial use, the bank will have customised loan products just for you. The documentation process for this bank’s loans is very simple and quick.
It is always advisable to decide your loan amount after proper forecasting. You can forecast your expenses and repayment schedule by computing your equated monthly installments (EMIs). You can make these calculations by using Tamilnad Mercantile Bank car loan EMI calculator. You may also check out the EMI Calculator available on the BankBazaar website. It can be used to compute EMIs for any bank.
How to use BankBazaar’s Tamilnad Mercantile Bank EMI Calculator to understand your car loan repayment
The BankBazaar website has an advanced EMI calculator which can be accessed by anybody. You do not need any professional assistance in order to make use of this calculator. You only need to key in your loan details and then prompt the tool to calculate your monthly repayments.
You can experiment with this online tool by entering several loan amounts for multiple loan tenures. This will allow you to compare multiple EMIs and then you will be able to make a wise and sensible decision regarding your car loan amount. This will ensure that you do not suffer to repay your loan. You can also avoid missing of repayment deadlines when you are aware of your EMIs.
If you have avoided taking any kind of loan due to the calculations involved while computing your repayments, you need not worry anymore. You can make use of the BankBazaar EMI calculator to get a clear picture about your loan repayment schedule.
Tamilnad Mercantile Bank Car Loan EMI Calculator – How does it work?
- The Tamilnad Mercantile Bank Car Loan EMI Calculator can be used by simply moving the slider on the calculator. You can drag it from one side to another to choose your loan amount and loan tenure.
- Next, you need to use the slider to select your loan period in years and months.
- Next, you have to enter the interest rate for your car loan. This will depend on the interest rate charged by Tamilnad Mercantile Bank.
- You will then need to key in the processing fee charged by the bank in the next field. This will be specified by your bank as a percentage of your loan amount or as a fee amount.
- In the next field, you will have to specify if you would be interested in prepaying your car loan amount or not. To specify this, you can select the ‘Yes’ or ‘No’ option. Next, you can click ‘Calculate’.
Now, you will get your monthly car loan EMI below these fields. If you click the ‘+’ button below this EMI amount, you will get to see a colourful pie chart with a proper break-up about the amount that you have to pay for your loan.
You can also check out the amortisation details about your car loan specifically for different years and for different months. It will be given in the form of a bar diagram and it will consist of interest paid, principal paid, and outstanding loan balance.
Example: Let us now check out the illustration given below to get an idea about how an EMI calculator works. Tamilnad Mercantile Bank charges Base Rate + 1.00% (11.10% p.a.) for a loan tenure of up to 36 months. The bank charges Base Rate + 1.25% (11.35% p.a.) for a loan period of over 36 months and up to 60 months. The present Base Rate is 10.10% p.a.
For the illustration given below, we have used multiple loan amounts and loan tenures to understand the functioning of EMIs. Let us assume that the interest rate is 11.10% and that the processing fee is 2% which will not be refunded. We will also assume that the borrower will not be interested in prepaying his or her car loan.
|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.)|
Tamilnad Mercantile Bank Car Loan EMI Calculator - Features and benefits
The BankBazaar Tamilnad Mercantile Bank Car Loan EMI Calculator is very beneficial to customers as it simplifies the loan application process.
- You will get a good idea about your monthly repayments by using this calculator and hence, you can allocate your funds for different purposes appropriately.
- You can avoid struggling to repay your car loan. You will not be under pressure to clear your loan with high outstanding amounts. This is because the EMI calculator will give you an estimate even before you apply for a loan. This will help you be careful about all your expenses.
- You can utilise this calculator for free without paying any fee.
- You can comprehend your EMIs, principal amount, and outstanding interest skilfully with the help of interactive bar diagrams and pie charts.
- This calculator eliminates errors that could be committed when you calculate your EMIs manually.
- This calculator can be used from anywhere as it is available online.
- If you have any queries about how to use the calculator, you can reach out to the BankBazaar support team for immediate support.
Tamilnad Mercantile Bank Car Loan EMI Calculator FAQs
1. Will I need to create an account on the website of BankBazaar to use the EMI calculator?
No, you do not have to sign up or create on account on the BankBazaar website. You can directly use the EMI calculator.
2. Where will I see the EMI calculator on the BankBazaar web portal?
You will have to click on the main menu on the BankBazaar web portal and then click on the ‘Finance Tools’ section. Under this, you will have to choose ‘EMI Calculator’ and then make your computations.
3. If I want to make a prepayment for my car loan, what components will I need to specify for this on the Tamilnad Mercantile Bank EMI calculator?
You will need to enter your prepayment frequency, prepayment fee, prepayment amount, and what your prepayment applies to.
4. What are the options under the ‘prepayment applies to’ option in the prepayment field on the Tamilnad Mercantile Bank EMI calculator?
The options include ‘final prepayment made’, ‘sum of prepayments made in last year of loan’, and ‘sum of all prepayments’.
5. Could you tell me the formula for computing a car loan EMI?
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.