Indian Bank Car Loan EMI Calculator

Indian Bank Car Loan EMI Calculator - How does it work?

The EMI Calculator that's available on the BankBazaar website provides a certain perspective to the EMIs which you need to pay to a bank when you borrow a car loan.

This helps in calculating the EMIs which they will have to pay towards the repayment of their loan:

1. An individual will have to choose the loan amount which they require by dragging the cursor to select the loan amount
2. Once the individual has selected the loan amount that's required, they will also have to provide the interest rate that they have negotiated and agreed upon with Indian Bank
3. Under the "Loan Tenure" tab, the individual will have to select the repayment period of the loan amount
4. A user will also have to enter particular details like the processing fees levied on the car loan by the bank
5. The individual applying for a loan amount can choose to make a prepayment towards the loan. The website provides two options which comes under the "Prepayment" tab:

1. If the individual selects the option "Yes", they will have to be provide the following details to ensure that they get the most accurate answer pertaining to their EMI option:

1. Prepayment fee
2. Prepayment frequency
3. Prepayment amount
4. How the prepayment applies

1. If the user does not plan on making any prepayment towards their car loan, they can select the "No" option and then click the "Calculate" button. Once this is done, a page which gives you the breakup of the total loan amount which you will have to repay will be displayed on your screen. The webpage will also show the amortization table apart from the car loan details.

After this, you have to select the "Calculate" button which provides a detailed breakup of the total loan amount which is payable. Details of your loan amount along with the amortization table will be provided on this webpage.

Example: Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Indian Bank Car Loan EMI Calculator. Let us consider the interest rate currently offered by Indian Bank as 9.95% and a non-refundable processing fee as 2% of the total loan amount. The example below assumes that no prepayments are made towards the loan.

Indian Bank Car Loan EMI Calculator - Features and Benefits

The Indian Bank Car Loan EMI Calculator performs complicated calculations in a matter of seconds and this is the primary reason why this tool is so helpful. Some of the key features include:

1. You can use the tool to calculate the EMI which you will have to repay during the loan repayment tenure even after considering any prepayments which you will make
2. You can use the tool a number of times until you find a suitable loan amount with an affordable EMI option
3. You can use this tool at no extra charge
4. The Indian Bank Car Loan EMI Calculator which is available on the BankBazaar website is easy to understand as it displays the breakup of the amortization schedule and the amount payable in an attractive graphical format
5. The customer support team is very quick to respond to any queries or problems that you might face when using the Indian Bank Car Loan EMI Calculator which is available on the BankBazaar website

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