# JK Bank Car Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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## What Is the JK Bank Car Loan EMI Calculator?

The JK Bank car loan EMI calculator is a valuable tool that Angel One provides to help you estimate the monthly instalments on your car loan with JK Bank. It simplifies the calculation of your monthly payment amount and enables you to make informed financial decisions.

You can use the online JK Bank car loan EMI calculator to eliminate the hassle of manual calculations and instantly estimate your EMI along with the total interest payable. All you need to do is input essential details such as the loan amount, interest rate, and tenure.

By using the details obtained from the JK Bank car loan EMI calculator and exploring the loan options offered by Jammu and Kashmir Bank, you can determine whether a car loan offered by JK Bank aligns with your budget and financial horizons.

## How Does the JK Bank Car Loan EMI Calculator Work?

The car loan EMI calculator works on a mathematical formula that considers three factors- principal amount, interest rate, and loan tenure. Entering these details into the car loan EMI calculator, you can instantly see your EMI, interest payable, and total loan amount. It allows you to adjust these parameters and find an EMI that fits your budget. These adjustments allow you to observe the impact of changes on your EMI and choose a repayment plan that aligns with your financial goals.

## What Is the JK Bank Car Loan EMI Calculator Formula?

The JK Bank car loan EMI calculator formula to calculate car loan EMIs is given below.

EMI = [P x R x (1+R)^N]/[(1+R)^N - 1]

Where,

P is the principal amount

N is the repayment term

R is the interest rate

Performing manual calculations using the formula above is time-consuming and prone to errors; you can use the JK Bank car loan EMI calculator to calculate your EMIs.

## How To Use the JK Bank Car Loan EMI Calculator Online?

The online JK Bank car loan EMI calculator available on the Angel One website enables you to make informed decisions about financing your dream car. Follow these steps to effectively use the calculator:

• Access the JK Bank car loan EMI calculator on the Angel One website.
• Enter the loan amount you require to purchase the car.
• Input the interest rate applicable to your car loan.
• Specify the loan duration in years.
• Once you have entered all the necessary information, this car loan EMI calculator will instantly generate the EMIs, total amount payable, and total interest payable.

You can then review the results to understand the financial implications of the car loan.

You can also experiment with different tenures to determine the most budget-friendly repayment plan.

Here’s an example for a better understanding.

Suppose you decide to take a car loan of Rs. 7,00,000 to finance the purchase. You plan on repaying the car loan in five years. The bank is offering you a car loan at 9.25% per annum. When you use the Angel One JK Bank car loan EMI calculator to calculate your EMIs, it will yield an EMI value of Rs. 14,633. Consequently, the total repayment sum will be Rs. 8,77,979, inclusive of Rs. 1,77,979 in interest.

## Benefits of Using the JK Bank Car Loan EMI Calculator

Listed below are the primary benefits of using the online JK Bank car loan EMI calculator:

• Accurate and instant results: The JK Bank car loan EMI calculator provides accurate and instant results, allowing you to quickly determine the monthly instalment amount for your car loan. You can obtain precise calculations without delays and with just a few simple inputs, such as the loan amount, interest rate, and tenure.
• Financial planning: The online JK Bank car loan EMI calculator helps you plan your finances effectively. You can experiment with different loan amounts, interest rates, and tenures to find a combination that suits your budget and repayment capacity. It empowers you to make informed decisions regarding your car loan and ensure it aligns with your financial goals.
• Easy comparison: The JK Bank car loan EMI calculator lets you compare different loan options by adjusting variables like loan amount and tenure. It allows you to evaluate the impact of different interest rates on your EMIs and choose the most favourable loan option that suits your needs and budget.
• Time-saving: Using the online JK Bank car loan EMI calculator saves significant time you would spend manually calculating EMIs. The instant results the calculator provides eliminate the need for complex calculations so that you can focus on other aspects of your car loan application.
• Convenience and accessibility: The JK Bank car loan EMI calculator is accessible on the Angel One website. You can use it from the comfort of your home or anywhere with an internet connection.

## Types of Car Loans Offered by JK Bank

Jammu and Kashmir Bank offers the following types of car loans:

• New Car Loan: JK Bank offers a car loan scheme tailored to your needs, whether you want to purchase a new car, van, jeep, SUV, or MUV. This car loan covers fuel-operated and electric cars, ensuring you can choose the vehicle that suits your preferences. You must be 18 years old when applying for the loan to qualify. The maximum age at loan maturity is 70 years. You must repay the loan through a maximum of 84 EMIs.
• Used Car Loan: JK Bank offers a financing option for used cars, SUVs, and MUVs, including fuel-operated and electric cars, exclusively for private use. The car should not exceed six years of age when the loan is approved. To be eligible, you must be at least 18 years old when applying for the loan, and the loan should be fully repaid before you turn 70. The maximum loan amount is Rs 25 lakh per vehicle and Rs 50 lakh per borrower. It offers a repayment period of up to 7 years or until the vehicle reaches 12 years old, whichever comes first, considering the vehicle's residual life. The loan is structured to be repaid in a maximum of 84 EMIs.
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## FAQs

What is the JK Bank car loan EMI calculator?

The JK Bank car loan EMI calculator helps you calculate the EMIs for your car loan. You can determine the monthly payment amount by inputting the loan amount, the loan tenure, and the annual interest rate.

How to use the JK Bank car loan EMI calculator online?

Visit Angel One and locate the online JK Bank car loan EMI calculator. Input the loan amount, tenure in years, and the annual interest rate. After entering the necessary information, the calculator will provide the EMI. It will also display the total payable amount and interest.

Is the JK Bank car loan EMI calculator free to use?

Yes, the JK Bank car loan EMI calculator available on the Angel One website is free. You can use the car loan EMI calculator multiple times without charges.

How is the total interest of a car loan calculated?

The total interest of a car loan is calculated based on the principal amount, the interest rate, and the loan tenure. You can determine the total interest payable over the loan duration by subtracting the principal amount from the total payable amount. Alternatively, you can use the online JK Bank car loan EMI calculator to calculate the total interest.

Is there a penalty on the prepayment of the car loan?

The existence of a penalty on the prepayment of a car loan depends on the terms and conditions set by the lender. Some banks or financial institutions may impose a penalty for prepaying a car loan before the agreed-upon tenure.

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