Most banks currently offer Car Loans at attractive interest rates and a relatively simple and quick documentation process. With the price tags on cars all set to get heftier when the latest Union Budget kicks in, it is all the more important that you calculate just how much you’ll need to shell out every month to own your dream on wheels.
Enter BankBazaar’s Car Loan EMI Calculator. Use this to quickly and accurately calculate your Car Loan EMI online for free. Keen to understand the various components of our Car Loan EMI Calculator and how they work? Buckle up!
This is the most important input required for the BankBazaar Car Loan EMI calculator. Simply drag the scale to the loan amount you require. Remember, banks will sanction the loan amount depending on your income, repayment capability and other factors. So, the loan amount that you ultimately get might not be the same as what you are looking for.
Car Loan repayment tenure
Once you make up your mind about the loan amount you will need to close in on the tenure. The repayment tenure for a Car Loan normally ranges from 12 months to 84 months, though this may vary from one bank to another. You can always modify and choose the tenure of the loan on the online calculator so that it factors in your monthly budget, expenditure and other things you need to take into consideration.
Interest rate and processing fee
Once you have entered the loan amount and tenure on the EMI calculator, enter the interest rate offered by your chosen bank. Generally, the rate of interest for a Car Loan could range between 10% and 15%; however, this varies depending on the bank.
Different customers are eligible for different rates of interest depending on criteria such as their employer category, salary slab and location. The processing fee will also vary from one bank to another, but in general, most banks have a processing fee of 2%.
The BankBazaar Car Loan EMI calculator also provides you with amortisation details. Amortisation details help you understand what the principal amount on your Car Loan is, how much interest you have paid till date, and the details of any outstanding amount on an annual or half-yearly basis.
That’s how the BankBazaar Car Loan EMI calculator helps you get a clear picture about your monthly EMIs. All you need to do is enter all your details correctly, which shouldn’t be difficult!
Now that you know how the BankBazaar Car Loan EMI calculator works, you can quickly check if you are eligible for a Car Loan and apply for one online right away!