United Bank of India is a government-owned bank that provides a variety of banking services for multiple purposes. Whether you are looking for a home loan, savings deposit, personal loan, education loan, MSME loan, fixed deposit, or a car loan, you can approach the bank for first-class products.
Are you interested in taking a car loan for funding your dream car purchase? You can get in touch with United Bank of India for a customised car loan. Before the loan application process, you can compute your loan equated monthly installments (EMIs) to have a better idea about your loan repayment process.
United Bank of India has a modern and innovative online EMI calculator that is simple and self-explanatory. The website of BankBazaar also has a spectacular EMI calculator which can be used by anybody who is interested in taking a loan.
How to use BankBazaar’s United Bank of India EMI Calculator to understand your car loan repayment
You can go to the web portal of BankBazaar and open the EMI calculator and then key in the most basic details regarding your car loan from United Bank of India. This online tool will compute your EMIs in just a few seconds. You can insert multiple loan amounts for different loan periods and then ascertain your monthly repayments. You can compare each EMI result and then finally fix your car loan amount.
When you ascertain your loan EMIs before you actually apply for the loan, you can save a lot of time and even funds. You will choose your loan amount sensibly and hence, you will not face any difficulties while making your repayment. You can also stay away from default of loans or late payment of installments.
You can utilise the United Bank of India car loan EMI calculator conveniently by dragging the slider to specify your car loan amount as well as loan tenure. Your EMI amount will chiefly entail your loan principal amount, loan interest, and a processing fee charged by United Bank of India.
When you start paying your car loan, your first few EMIs will primarily contain your interest repayments. Towards the end of your loan tenure, your EMIs will comprise principal amount repayments.
You will now get your monthly loan repayment amount. There is a tiny ‘+” icon below this result. You can click it and you will see a pie chart that shows the split between the various components of your car loan. These components include loan amount, processing fee, and total interest due. You will also be able to see the total amount that needs to be paid for your car loan.
You will get amortisation information right below this section. If you click the ‘+’ button, you will be able to view a bar graph with colourful features that highlight the principal paid, unpaid loan amount, and the interest paid. You can get details on an annual basis and monthly basis.
Example: We will now take a look at the table given below that specifies different EMIs for various loan amounts and loan tenures. This table discusses car loan EMIs for United Bank of India car loans. The bank charges a floating rate of interest for car loans. For new cars, the bank charges 9.00% p.a. for women and 9.05% p.a. for others. For used cars, the bank charges 9.85% p.a.
For the table given below, we will assume that the interest rate is 9.05% with a processing fee of 2% which will not be refunded by the bank. We will also need to assume that the loan applicant does not want to make any prepayment. This table will give you a brief understanding of how an EMI calculator works.
|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.)|
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.
Yes, you can utilise the EMI calculator by installing the BankBazaar app on your Android or iOS smartphone.
The mathematical formula used in this calculator is:
EMI (E) = [P x r x (1+r)^n]/[(1+r)^n-1]
In this case, ‘E’ stands for EMI, ‘n’ is the loan tenure, ‘P’ is the principal, and ‘r’ is the rate of interest.
Yes, female borrowers will need to pay an interest rate of only 9% for car loans offered by United Bank of India.
No, you do not have to make any payment for utilising the EMI calculator.