|Total Interest Due||Rs.1,37,411|
|Total Amount Payable||Rs.6,37,411|
The total loan amount will be decreased by Rs.32,505, and the loan term will be reduced by seven months.
If prepayment is not made
EMI: Rs.1,37,411 Interest duration: 5 years
If prepayment is made:
EMI: Rs.1,09,906 Interest Duration: 4 years and 5 months
The Car Loan EMI calculator can help you figure out how much you'll have to pay each month on your car loan. The EMI Calculator will calculate your monthly payments as well as give you a complete loan repayment table that includes information such as the principal and interest amount being paid, and the outstanding balance after each installment is paid.
E = P x R x (1+R)n / (1+R)n – 1 E = P x R x (1+R)n / (1+R)n – 1
where ‘E' denotes the amount of EMI you owe,
‘P' refers to the principal.
‘R' stands for the interest rate on your car loan.
‘n' denotes the length of the car loan (in months)
The EMI you must pay on a car loan under a fixed rate EMI calculation remains the same throughout the loan term because the bank offered a uniform interest rate for the entire duration.
For example, if you take out Rs.5 lakh car loan with a 10% p.a. interest rate over three years, the monthly interest will be Rs.16,134. This is the total amount due throughout of the loan.
The EMI payable using the floating rate EMI calculation technique varies depending on the interest rate in effect at the moment. The market lending rate determines the floating rate of interest.
Assume you've taken out a 5 lakh car loan with a three-year repayment period. Because the interest rate for a year is 10%, the EMI payment is Rs.16,134 in the case above. You will have an unpaid balance of Rs.3,36,409 at the end of the year. The interest rate on your auto loan at the time was changed to 8%. As a result, the EMI payment for the remainder of the term will be Rs.15,215.
Note that, based on market developments, the interest rate may rise or fall over the loan term.
|Name of the bank||HDFC Bank||Axis Bank|
|Processing fee||1% of the loan amount. The maximum and minimum amounts that can be charged are Rs.5,000 and Rs.10,000, respectively.||Rs.3,500 to Rs.5,500|
|Documentation||Rs.700||Rs.500 per instance|
|Foreclosure charges||3% - 6% depending on the amount of time completed*||5% of the principal outstanding|
|Loan cancellation||As mentioned by the bank||Rs.2,500 per instance|
|Penal interest||2% per month||2% per month|
Note that GST rates will be applied in addition to the above-mentioned rates.
*Foreclosure by HDFC Bank is not permitted within six months from the date the car loan was taken out.
|Name of the bank||Name of the bank||Name of the bank||Name of the bank|
|Axis Bank||HDFC||State Bank Of India||ICICI|
|Kotak Mahindra||Canara Bank||Central Bank of India||PNB|
|Union Bank of India||IOB||Federal Bank||Indian Bank|
|South Indian Bank||Bank of Baroda||Corporation Bank||IndusInd Bank|
If you skip an EMI, you will be penalized. The penalty charges will differ depending on the lender. If you skip an EMI, it will impact your credit score.
Equated Monthly Installments are used to repay secured loans such as home loans and car loans, as well as unsecured loans such as personal loans (EMI). Loan for a car The EMI is a fixed monthly payment made by the borrower to the lender/bank for the purpose of repaying the car loan till the end of the loan term. The principal loan amount and interest payment are included in the EMI.
On the bank's website or a reputable third-party website, you can find an online vehicle loan EMI calculator. The tool is simple to operate. You may use it as many times as you like. The results are immediate and accurate, whereas traditional EMI calculations are time-consuming and prone to human mistakes. To get revised results, try other combinations of the loan amount, loan tenure, and interest rates.
The periodic loan payback schedule of your automobile loan is represented by a Car Loan Repayment table. It contains information about your car loan payments, including the principal loan amount, EMI, interest payment, and the balance due after each EMI payment.
Anyone who fits into one of the following groups is eligible for a car loan:
The following are the several ways in which the auto loan EMI can be paid: