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Bank of Maharashtra Car Loan EMI Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

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.

What is the Bank of Maharashtra Car Loan EMI Calculator?

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. 

How Can the Bank of Maharashtra Car Loan EMI Calculator Help You?

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.

How to Use the Bank of Maharashtra Car Loan Calculator?

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.

2) Tenure

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.

How Can I Calculate the EMI from Bank of Maharashtra Car Loan

You can also calculate the EMI amount through a standard formula, and that is:

[PxRx(1+R)^N]/[(1+R)^N-1]

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

Amortization of the Bank of Maharashtra Car Loan

Based on the table that is mentioned above, you can look at the amortization table that represents the break-up of the loan:

Year

Total Payment

Loan Outstanding

2022

Rs. 4,91,892 

Principal Paid - Up

Interest Paid-Up

Rs. 4,67,306

Rs. 24,586

Rs. 4,82,695

2023

Rs. 4,91,887

Principal Paid - Up

Interest Paid-Up

Rs. 4,82,694

Rs. 9,193

Rs. 0

What are the Benefits of Groww's Car Loan EMI Calculator for the Bank of Maharashtra?

There are a lot of benefits from using the EMI Calculator of Bank of Maharashtra from Groww, and some of them are:

  • The Bank of Maharashtra car loan EMI calculator is one that every visitor is free to use, and it can be done with simple steps.
  • The calculator from Groww will not ask you to register or log in to use it.
  • It will eliminate the occurrence of human error in calculations of the EMI amount.

Bank of Maharashtra Car Loan EMI Calculator - FAQs

Q1. How much will I be charged to use the Bank of Maharashtra car loan EMI calculator from Groww?

There are no charges for the utilization of this calculator.

Q2. How many times can I use the Bank of Maharashtra car loan calculator?

It could be used as many times as wanted.

Q3. Will the calculator also give me the interest amount?

Yes, the interest amount will also be presented to you.

Q4. What are the kinds of information that I need to provide to get to know my EMI for a car loan from the Bank of Maharashtra?

You will have to enter the principal, the tenure, and the rate of interest.

Q5. Do I have to provide the loan tenure in years or months?

When you enter tenure for the loan, you will have to enter it in the format of months and not years.

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