The Bank of Maharashtra car loan EMI calculator accurately estimates your monthly payments towards a car loan and thus helps you make informed financial decisions.
EMI stands for Equated Monthly Instalments, the fixed monthly payments you must pay the lender until the loan is paid off. Knowing the EMI amount in advance helps you plan finances and ensures smooth loan repayment.
The Bank of Maharashtra offers easy car loans, which customers can repay through EMIs. Using the Bank of Maharashtra car loan EMI calculator, you can easily calculate the EMI on a Bank of Maharashtra car loan in advance.
It uses three simple variables, the loan amount, interest rate, and loan tenure, to calculate the prospective EMI. You can change these variables (loan amounts, interest rates, or tenures) to check their effect on your finances and find the most suitable option.
The car loan EMI calculator comes in handy when you have to check the affordability of a car loan. It works based on user input and employs a standard EMI calculation formula. Once the loan amount, interest rate and tenure are entered, the online Bank of Maharashtra car loan EMI calculator estimates the EMI amount, total interest, and total repayment values in a second.
You can use the calculator to compare how changes in the input variables will impact your finances. It empowers you to choose the most suitable lending option easily.
- The calculator is an online tool that uses the standard formula for EMI calculations. The Bank of Maharashtra car loan EMI calculator formula is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- P = Principal amount
- R = Interest rate per month (divide the annual interest rate by 12)
- N = Number of monthly instalments (basically loan tenure in months)
- Suppose you took a loan of Rs. 6 lakh. The rate of interest is 15%, and the loan tenure is 5 years. Here is how the Bank of Maharashtra car loan EMI calculator formula works.
- P = Rs. 6,00,000
- R = (15/100)/12 = 0.012
- N = 5*12 = 60
- So, EMI = Rs. 14,274 per month
- Interest amount = Rs. 2,56,437
- Payable amount = Rs. 8,56,437
The online Bank of Maharashtra car loan EMI calculator uses the following inputs:
- Principal: It is the total loan amount that you have borrowed from the lender.
- Interest rate: It represents the rate at which interest will be charged on the principal.
- Duration: The duration or tenure is the period within which you need to pay back the loan.
Visit Bank of Maharashtra car loan EMI calculator on Angel One’s website and enter all the parameters into the calculator. The calculator will estimate the prospective EMI amount in a few seconds.
- Financial planning- The Bank of Maharashtra car loan EMI calculator provides precise calculations for your monthly instalment on a car loan, enabling efficient financial planning. You can use it to understand the affordability of a loan. You can also use the calculator to get insight into how your loan repayment schedule will be impacted if you make an additional payment or increase the EMI amount. The information will help you save interest and repay the loan faster.
- Speed - Using the calculator, you can obtain instant and accurate results without manual calculation and save valuable time.
- Ease of use - Using the calculator, you can compare different loan options effortlessly. You can adjust the variables to evaluate the impact on your finances. It empowers you to choose an EMI that aligns with your budget and long-term financial plans
- Marginal Cost of Funds-Based Lending Rate (MCLR): It is the base lending rate, and banks can’t lend below the MCLR level.
- Credit score: Your credit score is a measure of your creditworthiness. If you have a good score, the bank might offer you a lower interest rate based on it.
- Principal amount: The EMI is calculated on the principal amount. A higher principal amount will result in a higher EMI.
- Interest rate: Higher the interest rate charged by the bank, higher the EMI amount will be.
- Processing fees: If the processing fees are high, it will result in a slightly higher EMI.
- Duration: If the duration is high then EMI will be low but the total interest amount will be high and vice versa.
EMI stands for Equated Monthly Instalments, where you pay a fixed amount to your lender every month to repay a loan.
The online Bank of Maharashtra car loan EMI calculator is a financial tool for calculating the prospective EMI on a car loan.
The Bank of Maharashtra car loan EMI calculator available on Angel One is a free tool and can be accessed anytime on any device with an internet connection.
These are some tips to lower your EMI on a car loan:
- Make a higher down payment: It will reduce the principal amount on the loan. Hence, your EMI and total interest will be reduced.
- Choose a lower interest rate: You can choose a bank with a lower interest rate. This will lower your EMI and total interest.
- Choose a longer tenure: Choosing a longer tenure will reduce your EMI amount. But it will increase the interest component of your loan.
The rate of interest on the Bank of Maharashtra’s car loan is 9.30% as of June 2023.
Prepayment of a car loan may invite a penalty. It depends on the lender whether the penalty will be charged and what will its exact amount be.