If you are planning to buy a car by taking a car loan, it is important to use a car loan calculator to find out the monthly payments you are required to pay on the loan. The Indian Bank car loan EMI calculator can help you in determining the EMIs you need to pay on the car loan you get from the Indian Bank.
The Indian Bank car loan EMI calculator available on the Angel One website is free and easy to use. All you need to do is just provide some basic information about your loan and get the results instantly in less than a minute.
The working of a car loan EMI calculator is simple. It takes basic information like loan amount, interest rate and tenure of the loan and finds the monthly payment (EMI), and total payable amount, including the principal and total interest on the loan. All this information is provided in seconds.
- The Indian Bank car loan EMI calculator formula is:
EMI = [PxRx(1+R)^N]/[(1+R)^N-1]
- P = Principal amount
- N = Tenure of the loan
- R = Rate of interest charged by the Indian Bank on the car loan
Let us use an example to understand this formula better.
Suppose Mr Ram took a car loan of Rs. 5,00,000 at a rate of interest of 10% for 5 years. The EMI of his car loan is calculated as follows:
EMI = [PxRx(1+R)^N]/[(1+R)^N-1] P = Rs. 5,00,000 R = 10% = 10/100/12 (converted into months) N = 5 * 12 = 60 months EMI = [5,00,000 x 10/100/12 x (1+10/100/12)^60] / [(1+10/100/12)^60-1]= Rs. 10,624
As per the car loan EMI calculator formula, the EMI that Mr Ram needs to pay is Rs. 10,624.
Using the above formula to manually calculate the car loan EMI is not easy and is prone to mistakes. Here the online Indian Bank car loan EMI calculator comes to your rescue. The usage of this calculator is straightforward. All you have to do is follow the steps below:
- Open Angel One’s Indian Bank car loan EMI calculator
- Enter the loan amount
- Enter the interest rate
- Enter the loan tenure
The online Indian Bank car loan EMI calculator computes the values and gives the EMI amount, the interest amount on the loan and the total loan amount including the interest.
- Plan finances: An online car loan EMI calculator can assist you in planning your monthly finances easily. You’ll know the EMI on your car loan and can work on the monthly budget accordingly.
- Assess affordability: Knowing how much EMI you can afford is a vital part while getting a loan. And the online Indian Bank car loan EMI calculator can help you assess that. According to your monthly budget range, you can check how much loan to borrow.
- Free to use:The Indian Bank car loan EMI calculator is available for free on the Angel One website. You can use the calculator at any time from anywhere at your convenience.
- Error-free and instant results: Manual calculations may involve errors in calculations. But they can be avoided by using an online calculator. Also, the online car loan EMI calculator provides instant results, thus saving time.
- Interest rate: The interest rate on the car loan has an impact on the EMI. It will determine the monthly payments you make on the loan.
- Tenure:The loan period also affects the EMI amount. Opting for a higher tenure may make your monthly payments less, but the interest you will be paying on the loan can get high. So choose a tenure mindfully.
- Loan amount: The amount you borrow will determine the EMI you will be paying on the loan.
The Indian Bank car loan EMI calculator on the Angel One website is an online financial calculator that helps you in calculating the car loan EMI from Indian Bank. The calculator provides instant results and there is no charge levied on the usage.
The usage of the Angel One’s online Indian Bank car loan EMI calculator is simple. You just need to enter the loan amount, interest rate and the tenure of the loan. The calculator computes and provides the monthly EMI along with the total interest and total loan for the entire tenure.
Yes. The online Indian Bank car loan EMI calculator on Angel One is free of charge. You can use the calculator at any time at your convenience.
The factors that affect the interest rate of the car loan are your (applicant’s) monthly income, profession, age and credit score. Apart from that, the economic factors also impact the loan interest rate.
Prepayment of a loan may require you to pay the penalty. However, the decision and the exact amount depend on the bank.