Union Bank offers the "Union Miles" car loan scheme which can be availed by any individual who's seeking financial help in the form of a car loan. The car loan is available at reasonable interest rates. Union Bank offers finances up to 85% of the ex-showroom price of the vehicle which includes vehicle cost, car insurance, registration charges, and road tax. Car loans from union bank are offered at an affordable interest rate of 8.90%. Loan tenures range from 1 year to 7 years. Individuals who are over the age of 18 years and with sound credit history are eligible to avail a car loan from Union Bank.
BankBazaar offers a simple and easy-to-use EMI Calculator which can be used to calculate the EMI that you will have to pay towards the repayment of a car loan that has been disbursed by Union Bank. EMI for various tenures can be calculated using the EMI Calculator. This is simple tool offers an in-depth analysis of an EMI which has to be paid. An amortization table is also provided to give the user a visually analysis of the EMI that needs to be repaid.
There are certain primary details which you will have to provide to ensure that you come up with an accurate result when calculating your EMI while using a Union Bank Car Loan EMI Calculator and these are listed below:
After the customer has provided all the details required by the Union Bank Car Loan EMI Calculator, click on the “Calculate” button to start the calculation process. This will take a fraction of a second and the amount which is payable will be displayed on the screen.
Example: Let us consider the interest rate that is offered by Union Bank on a car loan as 8.90% with a processing fee of 0.15%. Using the EMI Calculator available on the BankBazaar website, the table below shows the calculations made for varied tenures and for different loan amounts.
|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 GST rollout on July 1, 2017.
The Union Bank Car Loan EMI Calculator that’s available on the official website of BankBazaar helps minimise any time that’s unnecessarily wasted on calculating the EMI which has to be paid towards the repayment of a car loan:
The Union Bank car loan is characterised by the following features:
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 on a monthly basis, and N is the number of instalments.
This formula does not take into account the prepayments that you make towards the loan.
No, calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. Moreover, it would be complicated to calculate the EMI when prepayments are made towards the debt. Hence, it is recommended to use the Bankbazaar Union Bank Car Loan EMI Calculator for the same.
A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
It is advisable to read through the loan documentation to understand the prepayment penalty levied by your lender. Alternatively, you can visit the bank branch or call up the bank’s customer service desk and request for the same. Once you get the details of the prepayment charges, you can use this information as input to the EMI Calculator tool and view the amortization schedule instantly.
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