The Bank of Maharashtra offers its customers schemes of car loans. These car loans will be paid off through a monthly installment, which is either known as equated monthly installments or EMIs.
The EMI amounts will be paid by the borrower each month without fail until the tenure has been completed. If you have been planning to take a car loan from the Bank of Maharashtra or if you want to cross-check the EMI of your car loan from this Bank, you can use the car loan EMI calculator of the Bank of Maharashtra.
The Bank of Maharashtra Car loan EMI calculator is an internet-based tool that can be used only online on the website of Groww to calculate the EMI incurred or estimate the car loan's EMI from the Bank of Maharashtra.
It can be used with minimal knowledge of the tech, and it will only ask you for details such as the amount you want to borrow, the rates, and the tenure of the loan. It can instantly let you know the EMI amount when these basic details have been entered into the calculator.
You can also use this online calculator to know the interest that will be accrued on your loan amount. It is a tool that will eliminate the need for any time consumption during the manual calculations of the EMI or interest amount.
This tool can be a good assistance to car buyers, whether it is the first-time car buyers or more. It can be used to make speculations on particular banks. It can also be used in order to make comparisons between the different tenures and amounts. You can find out the most suitable tenure and amount to borrow your car loan from the Bank of Maharashtra.
The Bank of Maharashtra, car loan calculator, will also let you know EMIs and interest amounts without having to register or sign; you can use it for free once you have visited the website. You do not have to be worried about any errors in the calculations as it has not been manually done.
This is a user-friendly tool that is very simple to use, and the process to use this tool is by dragging the cursor to the information that you want to provide. You will need to provide the below-mentioned details:
1) Principal Amount
The Amount that You want to Borrow.
The Months You want to Pay EMI
3) The Interest on the Loan
This will be the interest rate that the bank is charging you over the car loan.
Once these details have been entered, you will be shown the EMI amount that you will have to pay for the car loan.
You can also calculate the EMI amount through a standard formula, and that is:
P = It is the principle that you would want to borrow from the Bank of Maharashtra for a car loan.
R = The rate of interest that the Bank offers to you.
N = This will be the tenure that you choose to pay off the car loan from the Bank of Maharashtra.
This formula can also be explained through an example:
If you are availing a car loan from Bank of Maharashtra in June 2022, in the following details - calculate in the method mentioned below.
Principal Amount = Rs. 9.5 lakhs
Interest Rate = 6.5%
Tenure of the Loan = 1 Year (12 months)
EMI = [9,50,000 x 12/100/12 x (1+8/100/12)^12] / [(1+8/100/12)^12-1]
EMI = Rs. 81,982
Based on the table that is mentioned above, you can look at the amortization table that represents the break-up of the loan:
There are a lot of benefits from using the EMI Calculator of Bank of Maharashtra from Groww, and some of them are:
There are no charges for the utilization of this calculator.
It could be used as many times as wanted.
Yes, the interest amount will also be presented to you.
You will have to enter the principal, the tenure, and the rate of interest.
When you enter tenure for the loan, you will have to enter it in the format of months and not years.