J&K Bank Car Loan EMI Calculator

J&K Bank offers its customers car loans at attractive rates. These car loans can be paid off through a monthly installment that is termed EMI or an equated monthly installment.

This EMI is a combination of the repayment of the principal amount and the interest amount; therefore is a small fixed sum that is paid every month. The EMI of the car loan needs to be paid on a particular date and for the entire tenure of the loan.

You can find how much your EMI amount would be through an online calculator that is provided by Groww.

What is the J&K Bank Car Loan Calculator?

The J&K Bank car loan calculator is an algorithmic tool that car loan borrowers can use to estimate the amount of EMI they would have to pay for a car loan that is taken from J&K Bank.

The calculator will only ask you for a few basic details on the car loan, and once these details have been provided, you can instantly view the EMI amount, along with the total interest that is charged on your car loan by the J&K Bank. 

Since the tool works on a formula box, there will be no requirement for manual calculations. To use the calculator, you just need to visit Groww's portal, and you could utilize it as many times as you require from anywhere and at any given time. 

How Will the JK Bank Car Loan EMI Calculator Assist You?

The J&K Bank car loan EMI calculator is an assistive tool since you would not have to do any manual calculations or incur human error due to that. You can figure out if J&K Bank is the right bank for you to borrow your car loan, and you can also find out which is the perfect tenure and principal amount for you to borrow based on these calculations. 

You can also use this calculator as a tool of comparison that lets you know the best combination for a car loan for you. You can get to know your EMI amount and the total interest that will be charged to you before you can even apply for the loan.

How to Use the Car Loan Calculator JK Bank?

The J&K Bank Car Loan EMI calculator is an easy-to-use tool that has been established for easy use. Everything that you would have to do is enter the details that are mentioned below into the calculator:

1) Principal Amount

This is the principal amount that you need from the Bank's end for your car.

2) The Tenure 

This will be the number of months that you want to pay your EMIs.

3) Interest Rate

It is the rate of interest that the JK Bank will be charging on your car loan.

Once all of this info has been entered into the calculator, the calculator will instantly show you the EMI amount that you will have to pay for your car loan.

What is the Manual Way to Calculate the EMI of a Car Loan from JK Bank?

The calculator also uses a standard formula to calculate this EMI, and you can also know it to calculate the JK bank car loan EMIs, and that is:

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

Each letter on this formula stands for something, and that is:

P = Principal 

N = Tenure

R = Rate of Interest

This formula is best demonstrated with an example, and here is an example.

If you want to get a loan from J&K Bank to get a car, you decide the following:

Principal = Rs. 8 lakhs

Tenure = 5 Years (60 months)

Rate = 7%

Now, based on this information, the EMI can be calculated as of June 2022:

EMI = [8,00,000 x 12/100/12 x (1+7/100/12)^60] / [(1+7/100/12)^60-1]

EMI = Rs. 15,841

Amortization Table for JK Bank Car Loan

Based on the data or the example that has been given above, this is an image of how the breakup points of the loan from the Bank would look:

What are the Benefits of Using the JK Bank EMI Calculator for Car Loans from Groww?

 There are a lot of reasons for using the J&K Bank car loan calculator, and some of the major advantages to it are:

• You can get enough insights into a car loan from preferred banks almost instantly.
• You can make sure you would be able to afford the loan. 
• It can be accessed from anywhere as long as you have an internet connection.