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IDBI Bank Car Loan EMI Calculator

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.

What is the IDBI Car Loan 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.

How Will the IDBI Car Loan EMI Calculator Help Me?

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. 

What is the Procedure to Use the IDBI Car Loan Interest Rate Calculator?

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.

How Do I Calculate the IDBI Bank Car Loan EMIs?

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

The Amortization Table of the Loan

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 

Principal Paid - Up

Interest Paid-Up

Rs. 94,828

Rs. 12,626

Rs. 3,05,172

2023

Rs. 2,14,908

Principal Paid - Up

Interest Paid-Up

Rs. 1,99,879

Rs. 15,029

Rs. 1,05,295

2024

Rs. 1,07,455

Principal Paid - Up

Interest Paid-Up

Rs. 1,05,295

Rs. 2,160

Rs. 0

What are the Benefits of Using the IDBI Bank Car Loan Calculator from Groww?

There are a lot of benefits to using the Car Loan EMI Calculator IDBI Bank that Groww provides, and some of them are:

  • You can gain access to the calculator for free and from anywhere.
  • The calculator can be a value of comparison between tenures and amounts to borrow, ensuring the right decision.
  • It also enables efficient financial planning for the loan option and EMI payments.

IDBI Bank Car Loan EMI Calculator - FAQs

Q1. What contributes to the EMI amount for my IDBI Car loan?

Mainly, the primary attributes will be the principal amount, tenure, and the rate of interest of the loan.

Q2. Do I have to sign up with Groww to use this calculator?

No, you do not have to sign up or log in to use it.

Q3. What is the major benefit of using this calculator?

You can know the amount of EMI you will pay if you are taking a car loan from IDBI Bank.

 

Q4. What information do I need to enter on this calculator?

You will have to enter the principal amount, the tenure, and the rate of interest that is offered.

Q5. In how long will this calculator show me the EMI amount?

The calculator would show you the EMI amount in seconds.

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