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Indian Bank 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 Indian Bank, with many other products and services, also offers car loans to its customers with loans. These car loans, in order to be paid off, will have to be paid off with a monthly installment. This monthly installment is known as the equated monthly installment and will consist of paying a certain amount that consists of the principal and interest. You will have to pay that specific amount each month on a particular date.

If you are planning on getting a car loan from an Indian bank, you can also estimate the EMI amount by using an online EMI calculator that is provided by Groww for free.

What is the Indian Bank Car Loan EMI Calculator?

The Indian Bank Car loan EMI calculator is an online tool that is available on the portal of Groww. This is a tool that will allow you to check for the EMI amount when you want to opt for a car loan from the Indian Bank. The Indian Bank Car loan calculator works on providing some basic information, and it will not ask for any expertise in technical skills and more. 

The calculator will help all of the users to estimate their EMI when getting a car loan from the Indian Bank. The users can also access it from anywhere and at any time through the website of Groww for free. 

How Does the Indian Bank Car Loan Calculator Assist Me?

The borrowers of car loans from different banks can make use of the Indian Bank to know the EMI amount if they borrow a car loan. It is an easy-to-use tool that can be accessed easily for car loan speculations from the bank. The online tool can also be used as a tool of comparison to compare different tenures and amounts.

The Indian Bank car loan EMI calculator is also a tool that will eliminate all the possibility of human error. It will also save up a lot of time to not make the calculation of the EMIs manually. The calculator will give you the EMI solutions instantly, and it will assist you with also knowing the amount of the interest that will be charged on your car loan from Indian Bank.

How Can I Use the Indian Bank Car Loan EMI Calculator?

It is simple to use the Indian Bank car loan EMI calculator, and you will only have to adjust some primary details on it. The details that you will have to adjust on this calculator are:

1) Principal

This is the principal amount that you want to borrow for a car loan from Indian Bank.

2) Tenure

This will be the period that you want to borrow the loan for and EMIs.

3) Interest

This is the Rate of interest that the Indian Bank will be charging on the car loan.

After all these details have been adjusted on Groww's calculator, you will be instantly shown the EMI that will be charged every month.

What is the Method to Calculate Indian Bank Car Loan EMI Amount?

Every bank's EMI can be calculated with a standard formula. The Indian Bank's car loan EMI can also be calculated with a formula, and that formula is:

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

P = Here, P will stand for the principal amount.

N = Here, N will stand for the period of the loan.

R = Here, R will stand for the Rate of interest that is charged by the Indian bank for a car loan.

The formula can be understood better with an example. Here is an example of using the formula for Indian Bank car loan EMI.

When you choose to take a car loan from an Indian bank in the below-mentioned variations in June 2022:

Principal Amount: Rs. 7 lakhs

Tenure of the Loan: 2 Years (24 months)

Rate of Interest: 7.5%

Equated Monthly Installment = [7,00,000 x 12/100/12 x (1+7.5/100/12)^24] / [(1+7.5/100/12)^24-1]

EMI = Rs. 31,500

The Table of Amortization for Indian Bank Car loans

According to the example that has been demonstrated above, this could be the break up of a car loan from the Indian Bank:

Year

Total Payment

Loan Outstanding

2022

Rs. 1,89,000

Principal Paid - Up

Interest Paid-Up

Rs. 1,65,315

Rs. 23,685

Rs. 5,34,686

2023

Rs. 3,78,000

Principal Paid - Up

Interest Paid-Up

Rs. 3,49,757

Rs. 28,243

Rs. 1,84,926

2024

Rs. 1,88,993

Principal Paid - Up

Interest Paid-Up

Rs. 1,84,927

Rs. 4,066

Rs. 0

Benefits of Utilizing the Car Loan EMI Calculator of Indian Bank from Groww

There are several benefits to using Groww's Indian Bank car loan EMI calculator, and some of them are mentioned below:

  • You can also view the total amount of interest that will be charged on the car loan borrowed from the Indian Bank.
  • The calculator is free of cost, and you will not incur any charges.
  • The Indian Bank car loan EMI calculator will help you estimate the deposit you would want to make for the car loan.

Indian Bank Car Loan EMI Calculator - FAQs

Q1. Will my EMI amount be inclusive of the principal and the interest?

Yes, the EMI will be a combination of the principal amount and the interest amount.

 

Q2. Can the frequency of an EMI be chosen?

No, the EMI is meant to be paid every single month on a specific date.

Q3. Will a shorter tenure mean a lower interest rate for a car loan?

No, the interest rate on your car loan will be charged each year, and irrespective of tenure, the rates offered by the bank will not change.

 

Q4. Will I be charged if I use the Indian Bank car loan EMI calculator?

No, it is free of cost for anyone to use.

Q5. What details do I need to enter on Groww's Indian Bank Car loan EMI calculator?

You need to provide the amount you want to borrow, the tenure, and the interest rate.

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