Whether you want to purchase a new or used car, individuals aged 21 years and above can apply for car loans at UCO Bank. The bank offers car loans of up to 85% of the on-road price for new cars and Rs.15 lakh for used cars from certified car dealers. By using the UCO Bank Car Loan EMI Calculator, you can calculate your monthly EMIs on car loan received from UCO Bank.
How to use BankBazaar UCO Bank car loan EMI calculator to understand your car loan repayment?
UCO Bank car loans can be repaid through Equated Monthly Installments (EMI). To calculate your car loan EMI, just input the loan amount, interest rate, and loan tenure in the BankBazaar UCO Bank car loan EMI calculator. Your car loan EMI will be instantly displayed on the screen. The BankBazaar car loan EMI calculator takes prepayments into consideration while calculating the EMI. The processing fee for UCO Bank car loan is 1% of the loan amount, subject to a maximum of Rs.1,500.
UCO Bank car loan EMI calculator – How does it work?
The UCO Bank car loan EMI calculator on the BankBazaar website can be used to instantly calculate the total cost of your car loan which includes the loan amount, total interest payment, and the processing fee. All you have to do is move the slider on the scale to indicate the loan amount and loan tenure. Then, enter the car loan interest rate and processing fee. Click on the Calculate button and the EMI will be displayed.
This tool also gives you the option to enter prepayment amount, frequency, and charge when computing the EMI. The tool also gives you a monthly and yearly amortisation schedule for car loan repayment. EMI is calculated using the following formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate, and N is the number of installments.
Listed below is a sample of the EMI calculations for an average loan amount of Rs.10-40 lakh for a loan tenure of 3 to 7 years. UCO Bank offers car loans for an interest rate of 8.95% p.a.
|Loan Amount||Interest Rate||EMI for 3 years||EMI for 4 years||EMI for 5 years||EMI for 6 years||EMI for 7 years|
UCO Bank Car Loan EMI calculator - Features and Benefits
UCO Bank car loan EMI calculator is simple and easy to use. Some of the special features and benefits of the tool includes:
- Free of charge: The EMI Calculator available on the BankBazaar website can be used free of cost. The tool can be used any number of times. You don’t have to sign up to use the tool.
- Instant result: The tool provides you instant EMI calculation with the click of a button.
- Accurate calculation: With the online EMI calculator, there are no chances of error.
- Compare loan rates: Higher interest rates mean higher EMIs. Using the EMI calculator, you can compare various car loan rates and choose the one that best serves your needs.
- Loan tenure adjustment: Longer loan tenure means lower EMIs. However, you may end up paying a higher interest amount. With the help of the EMI calculator, you can adjust the car loan tenure to avoid paying more interest.
- Impact of prepayment: Loan prepayments can have a significant change in your EMIs. Input the prepayment amount, frequency, and charge in the EMI calculator to find out how it affects your car loan EMI.
UCO Bank Car Loan EMI calculator - FAQs
- Why use UCO Bank car loan EMI calculator?
In addition to performing instant EMI calculations, you can also find out how prepayments will affect your car loan repayment and accordingly prepare a budget to make equated monthly installments without fail.
- What does the EMI amortisation schedule comprise of?
The car loan EMI amortisation table consists of starting balance, interest paid, principal paid, and the ending balance.
- Who are eligible to apply for a car loan at UCO Bank?
Self-employed individuals, salaried persons, farmers, agriculturalists, businessmen, pensioners, and companies can apply for UCO Bank car loans.
- What is the prepayment charge for UCO Bank car loans?
There is no prepayment charge levied for partial or full payment of the car loan before the end of the loan tenure.
- What is the maximum car loan amount offered by UCO Bank for used cars?
For used cars, lower of 70% of the cost of the used car up to 4 years old, 60% of the cost of the used car 4 to 5 years old or Rs.3.5 lakh.
- Is an online car loan EMI calculator better than an excel sheet for EMI calculation?
Car loan EMI calculator is not only easy to use but also gives your accurate and instant results whereas an excel sheet can be time consuming and inaccurate if the formula is not formatted correctly.