(What Can A Car Loan EMI Calculator Tell You About Your Car Loan)
Car prices go well into lakhs of rupees, making it difficult for everyone to afford the amount in one go. If you’re falling short of funds and are in need of a car, a car loan is your best friend in such cases – an easy to avail loan provided at attractive interest rates. With a car loan, you can fulfil your dream of owning a car.
Applying for a car loan represents a big decision on your part. Any type of loan is a long-term commitment, wherein you have to pay principal and interest i.e. your total borrowing without fail over the loan tenor. As such, it is highly advisable to map out the whole repayment process before actually availing the loan.
An easy way to do this is by using a Car Loan EMI Calculator – a tool that will help you find details including loan break-up into interests and principal, as well as amortization details such as the repayment schedule/milestones. Car Loan EMI Calculators are available online from various banks. Some major banks providing this tool are:
Once you enter details, the results will include the maximum loan amount and tenor available to you. You can make changes in these fields according to your requirements. The EMI amount to be paid will change in real time as per your selections. The processing fee is also shown, which is a fixed amount levied by the bank.
ICICI Bank’s EMI Calculator is a multi-purpose tool for calculating EMIs on both car loans and personal loans. There are three basic fields that one has to fill up – Loan Amount, Interest Rate, and Loan Term. On providing these details and clicking apply, you will be shown the Monthly EMI and Total Interest Payable figures. A graph is also shown for better clarity.
Axis Bank uses a Car Loan EMI Calculator powered by BankBazaar.com. The information to be filled here include Loan Amount, Tenure, Interest Rate, and Processing Fee. On entering the details, you will be shown detailed loan break-up and amortization figures, along with the monthly EMI amount.
The loan break-up includes the principal, interest, and final amount that you will be required to pay. The amortization section of the results include the repayment schedule, wherein you can view the loan status (principal/interest paid, principal/interest remaining etc.) at any point during the tentative loan tenure. Both loan break-up and amortization details are also represented in graphical manner for easy understanding.
Federal Bank offers a multi-purpose EMI Calculator that can be accessed on its official website. You have to give details for Principal Loan Amount, Interest Rate, Loan Term, and Additional Monthly Payment (if any). On entering the details, you will be shown the EMI Amount, Total Interest, and Total Amount Payable. Amortization details can also be seen by clicking on Amortization tab over the graph for loan break-up.
All in all, Car Loan EMI Calculators are a great option to get a feel of the loan and plan future actions accordingly.
Car prices go well into lakhs of rupees, making it difficult for everyone to afford the amount in one go. If you’re falling short of funds and are in need of a car, a car loan is your best friend in such cases – an easy to avail loan provided at attractive interest rates. With a car loan, you can fulfil your dream of owning a car.
Applying for a car loan represents a big decision on your part. Any type of loan is a long-term commitment, wherein you have to pay principal and interest i.e. your total borrowing without fail over the loan tenor. As such, it is highly advisable to map out the whole repayment process before actually availing the loan.
An easy way to do this is by using a Car Loan EMI Calculator – a tool that will help you find details including loan break-up into interests and principal, as well as amortization details such as the repayment schedule/milestones. Car Loan EMI Calculators are available online from various banks. Some major banks providing this tool are:
HDFC Bank Car Loan EMI Calculator
HDFC Bank Car Loan EMI Calculator is a simple tool. Information to be provided by you viz.– City, DOB, Residence Type, Type of Employment, Annual Income, Car Manufacturer, Car Model, Car Model Name, and Indicative Price (auto filled).
Once you enter details, the results will include the maximum loan amount and tenor available to you. You can make changes in these fields according to your requirements. The EMI amount to be paid will change in real time as per your selections. The processing fee is also shown, which is a fixed amount levied by the bank.
ICICI Bank Car Loan EMI Calculator
Axis Bank Car Loan EMI Calculator
The loan break-up includes the principal, interest, and final amount that you will be required to pay. The amortization section of the results include the repayment schedule, wherein you can view the loan status (principal/interest paid, principal/interest remaining etc.) at any point during the tentative loan tenure. Both loan break-up and amortization details are also represented in graphical manner for easy understanding.
Federal Bank Car Loan EMI Calculator
All in all, Car Loan EMI Calculators are a great option to get a feel of the loan and plan future actions accordingly.
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