| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
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.
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.
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.
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.
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
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
|
Rs. 5,34,686 |
||||
|
2023 |
Rs. 3,78,000
|
Rs. 1,84,926 |
||||
|
2024 |
Rs. 1,88,993
|
Rs. 0 |
There are several benefits to using Groww's Indian Bank car loan EMI calculator, and some of them are mentioned below: