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Car Loan EMI Calculator
Car is no longer a luxury when you consider the work pressure, long hours in the office and, unpredictable public transport. To buy a car with your savings makes little sense, instead, take a loan and repay in fractions with monthly manageable EMIs. Use a car loan EMI calculator to know the exact amount you can repay comfortably. Understand the calculation process and all that you should know about EMI calculations.
Car Loan Amortization Schedule
If you are planning to buy a car, using a car loan amortization schedule shows foresight being an EMI chart for car loan. Whether a new car or a used one, the EMI car loan calculator can help you make an informed decision. The calculator will provide pertinent information related to yearly repayment during the loan tenure. The interest rate, and the total cost of the car, including the fee and the taxes, can be calculated with the help of the car loan EMI calculator online. Try out different loan term combinations in 7 years to ascertain how much in down payment will ease your monthly repayment.
Must Read: Car Loan Tenure: Know the Minimum & Maximum Tenure
How is Car Loan EMI Calculated?
The Equated Monthly Instalment (EMI) includes the principal amount and interest. Follow the formula EMI-principal amount + interest. The EMI is fixed through the loan tenure and repaid monthly.
You can use the car loan EMI calculator online or calculate manually using the following formula.
P x R x (1+R) ^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments
Verify your calculations from the car loan EMI calculator.
Features & Benefits of Bank of Baroda Car Loan EMI Calculator
EMI calculator for car loan Bank of Baroda is attractive and affordable.
- The interest rate is the low
- Low-interest rates enable affordable EMI
- You can complete the repayment within 5-years
- The bank offers to finance for up to 90%
- Keeps documentation process to a minimal
- Foreclosure charges are nil
- Loan processing time is minimal
- Quick disbursal of the loan amount
How to use the Bank of Baroda Car Loan EMI Calculator Online?
The online car loan EMI calculator is quite simple. Aiding quick calculation, you will find three scroll bars if you are using the car loan EMI calculator on the BOB website. Once you have decided on the car model, you know the exact amount that you are targeting. The three bars include the Amount, Rate of Interest and the Loan Term starting from 12-84 months. Scroll the bar on the principal, interest offered by your bank and the tenure you find most comfortable for repayment. You can make a lump sum down payment to reduce your EMI tenure. The shorter the loan tenure, the less interest you will need to count.
What is a car loan EMI?
Purchasing a car is a dream for most people as it can be expensive. One option is EMI on a car loan to ease the purchasing process. The banks and financial institutions provide car loan EMI to the buyers basis on their financial requirements. Through EMI, one pays the borrowed amount (car loan amount) in EMIs with interest across the tenure of the loan. To make the process more approachable, the Bank of Baroda offers car loans a high loan amount at an attractive interest rate payable through easy EMI options for your convenience.
How is EMI calculated for a car loan?
The tool calculates it for you! The EMI due each month on your car loan is ascertained with a mathematical formula:
EMI Amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], wherein P in principle, R is the rate of interest, and N is the number of instalments.
Make calculations easier with the use of the Car Loan EMI Calculator offered by the Bank of Baroda.
How does a Home Loan Eligibility Calculator work?
Home Loan Eligibility Calculators work based on a mathematical formula that helps evaluate the loan amount you are eligible for. It considers several factors to conduct the calculations. The Bank of Baroda Home Loan Eligibility Calculator requires you to enter basic details like loan amount, tenure, and interest rate.
How does a car loan EMI calculator work?
The calculations are generated after one adds the details of their car loan. Since it is computer-based, the results are accurate and show the real-time EMI amounts.
How to use a car loan EMI calculator?
Using a car loan EMI calculator is very straightforward. All you have to do is enter the pertinent details required, and the EMI amount will be displayed to you. Or you can slide the toggle in front of the fields to change the values.
For instance, if you use the Bank of Baroda car loan EMI calculator, all you have to provide is:
- The amount borrowed,
- The rate of interest, and
- The tenure
You will get to see the EMI amount payable each month within seconds!
How is the car loan EMI to be paid?
You can pay the car loan EMIs via various methods. It is best to check with your concerned bank on the payment methods they accept. Usually, the banks tend to accept cheques, cash, or bank transfers for EMI payments.
What are the advantages of using an online car loan EMI calculator?
- You can access an online car loan EMI calculator anywhere, anytime
- It saves you the hassle of visiting a branch or making a call
- Free of cost and provides accurate results within seconds
- It also helps you decide how much EMI you can manage each month
What is a car Loan repayment table?
A car loan table is also known as an amortisation table. It is a structured account of the car loan and includes details like loan amount, interest rate, tenure, and other factors that affect repayment.
Can the car loan EMI be changed in the future?
Yes. You can make change your car loan EMI as the loan progresses. You can do so by making a part payment towards the principal amount borrowed. This reduces the EMI amount payable each month, but you might have to pay certain fees.
Why choose the Bank of Baroda car loan?
Here are some reasons why you could choose the Bank of Baroda for a car loan.
- Bank of Baroda provides up to 90% financing
- They offer high-value loan amounts at an attractive interest rate
- Minimal documentation, and
- The loan amount is processed and disbursed quickly