| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
IDBI Bank is known to offer all its eligible customers also with car loans. These car loans can extend to a period of up to seven years and need to be paid by an EMI or an equated monthly installment.
This EMI will consist of the principal amount and the interest amount collectively in a combination. It needs to be paid off every month, on a particular date, and for the entire tenure.
If you are confused about how much the EMI would be or if you can afford it, it is simple and easy to use an IDBI Bank car loan EMI calculator.
The IDBI Bank car loan calculator is an online tool that has the formula to calculate the EMI amount for a car loan from IDBI Bank. The users of the calculator need not have any technical skills or advanced expertise to use this calculator, but they can use it by providing some primary information sets on the calculator regarding the loan.
It can instantly show the users the EMI amount, along with the interest amount that will be charged on the loan.
This IDBI Bank car loan calculator can be an assistance in terms of time consumption and the manual need for calculations. As it can be instantaneous, the users of the calculator can benefit from it from anywhere and at any given time.
Groww lets you use this calculator for free, and you can use it as many times as required.
The IDBI Bank car loan calculator is a simple and easy-to-use tool. It enables all the customers and potential customers of the bank to analyze the EMIs of the loan they want to borrow from the bank.
It can bring about efficient decision-making and financial planning. It can also be useful to customers who want to know the number of down payments they need to make in order to be set for a particular EMI.
It can be used as many times as required. Therefore, it can also be used as a tool of comparison for the different amounts and tenures that you choose.
It can ensure you are choosing the right bank and the right car loan scheme from the bank. It provides you with beforehand insights into the loan that you would be taking from IDBI Bank.
The IDBI Bank car loan calculator can be accessed easily, and the steps to use it too are very simple. All you need to do is enter some basic information into the calculator. The information that you need to enter is
1) The Principal Amount
This will be the principal amount that you want to borrow from the bank as a car loan.
2) The Tenure of the Car Loan
This is the time period of the loan.
3) The Interest Rate that IDBI Bank Charges you
This is the interest rate that the bank is charging you for the car loan at that period.
After all these details have been provided, your EMI amount for this loan will be displayed.
You can also use a standard formula to calculate the IDBI Bank car loan EMI. This is also the formula that the calculator uses in order to present the EMI, and that is:
[PxRx(1+R)^N]/[(1+R)^N-1]
This formula represents:-
P = Principal Amount
N = Loan Tenure
R = Interest Rate
Through this formula, let's look at an example to understand this better.
Ram wants to get a car loan from IDBI Bank. He decides to take out the loan in June 2022, and the details of the loan are as follows:
1) Principal Amount =Rs. 4 lakhs
2) Tenure = 2 Years
3) Rate = 7%
EMI = [4,00,000 x 12/100/12 x (1+7/100/12)^24] / [(1+7/100/12)^24-1]
EMI = Rs. 17,909
Based on the formula that is mentioned above, here is the break up of the repayment of the car loan taken out of IDBI Bank:
|
Year |
Total Payment |
Loan Outstanding |
||||
|
2022 |
Rs. 1,07,454
|
Rs. 3,05,172 |
||||
|
2023 |
Rs. 2,14,908
|
Rs. 1,05,295 |
||||
|
2024 |
Rs. 1,07,455
|
Rs. 0 |
There are a lot of benefits to using the Car Loan EMI Calculator IDBI Bank that Groww provides, and some of them are: