IOB Car Loan EMI Calculator

Indian Overseas Bank can offer you car loans in order to purchase new cars. The repayment of this loan, along with the interest rate that is charged by the bank, is done through an equated monthly installment.

The equated monthly installment or the EMI of the Indian overseas bank is a specific amount that you will be paying each and every month for a particular tenure. This Tenure is known as the tenure that you will be paying off your loan. 

There are several attributes that can determine your monthly EMI, but most important, it will be the amount you borrow, the rate charged by the bank, and the tenure you choose. 

You can know the amount of EMI you will be paying by using the IOB Bank car loan calculator from Groww.

What is the Indian Overseas Bank Car Loan Calculator?

The IOB Bank car loan calculator is an automatic tool that can be used to calculate your monthly EMI if you are choosing to borrow a loan from the bank. It is automated because it runs on a pre-programmed algorithm and eliminates the need for any sort of manual calculations.

The user of this calculator can simply provide some of their basic details and eliminate doing the calculations manually, which will include human errors.

The calculator will work instantaneously and will provide the user with the EMI amount he or she has to pay for a particular principal and interest. The calculator will also display the user the interest amount that will be charged over the principal amount from the Indian Overseas Bank.

How Can the IOB Car Loan Calculator Help the User?

This is a calculator that can be used instantly without having to sign in or log in. Since the IOB car loan calculator has been designed for a specific bank, the users can be assured of the most accurate answers.

Groww provides its visitors with this calculator free of cost, and it would not incur any charges to use the tool as a method of comparison between different principal amounts and tenures. 

The IOB Car loan calculator can be an assistant to the users who want to plan around their monthly financial budget and opt for a car loan from IOB. The calculator is also a method of knowing the total amount of interest. Therefore the users can be sure that all aspects of their choice of car loan have been covered under speculations.

How to Use the IOB Car Loan EMI Calculator?

Using the IOB car loan calculator is simple, and all you would have to do is adjust some minute details on the calculator, and they are

1) Principal

It is the amount you want to borrow from Indian Overseas Bank for a car loan.

2) Interest

This is the car loan interest rate that is charged by IOB.

3) Tenure

It is the period for which you choose to pay off the loan to the bank.

After all of these details have been adjusted on the calculator when you are online, the calculator will instantly present you with the EMI amount and the amount of interest.

What is the Process Used to Calculate the EMI Amount of Indian Overseas Bank Car Loans?

The EMI for an IOB car loan EMI can be calculated with a standard formula, and that formula is

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

P - the Principal amount for the car loan from Indian Overseas Bank.

R - the Rate of Interest on the loan amount for the car loan.

N - the Tenure of the loan being borrowed from Union Bank of India for a car.

The formula is better demonstrated with the example - 

Suppose Mr A has decided to borrow a car loan from Indian Overseas Bank in June 2022. The details of the loan are as follows:

Principal Amount of the Loan: Rs. 15,00,000

Tenure of the Loan: 4 Years (48 Months)

Rate of Interest on the Loan: 9.5%

EMI = [15,00,000 x 12/100/12 x (1+9.5/100/12)^48] / [(1+9.5/100/12)^48-1]

EMI = Rs. 37,685

The Amortization Table for a Car Loan from Indian Overseas Bank 

For the example that has been mentioned above, the Amortization or the break-even points of the loan are displayed below:

Benefits of Using Groww's Indian Overseas Bank EMI Calculator

You can witness varied sets of advantages in using the Car loan EMI calculator, and some of them are:

• This calculator will break down the amount you need and the amount you can afford to purchase a car.
• You can plan around the monthly budget efficiently.
• You would not have to waste time or incur errors in calculations.