Union Bank of India Car Loan EMI Calculator

The EMI or equated monthly installment is the amount that you will be paying against the car loans you borrow from the Union Bank of India. The EMI amount will always consist of the principal amount, along with the interest that has been incurred on the principal amount. The EMIs will be paid over a specified period of time until the entire loan amount has been repaid. 

In order to know the EMI of your car loan, or the car loan you want to avail from Union Bank of India can be checked through an online Union Bank of India car loan EMI calculator through the website of Groww for free.

What is the Union Bank Car Loan EMI Calculator?

The Union Bank Car loan EMI calculator will assist you in calculating the EMI for each month, and it can be an estimation for a car loan that you want to take from the bank. It can also be for the car loan that you have already taken from the Union Bank of India.

You will only have to choose the amount, Tenure, and rate of interest that is offered by the bank, and you can get your solution instantly. The Union Bank Car Loan EMI Calculator is an online tool that is available from Groww for free.

You will not be asked to log in to use this Union Bank car loan calculator, and you are also not mandated to have any advanced technical skills to use it.

The calculator works on an algorithmic formula that will give you the EMI amount instantly, along with the total interest that you will be paying for the loan amount. The Union Bank car loan EMI calculator is a tool that is easily accessible by customers and potential customers of the bank.

How the Car Loan EMI Calculator Union Bank Will Assist You

The Union Bank of India car loan EMI calculator is free to use a calculator which is easily accessible online. This calculator is provided on the official website of Groww, and you can instantly know the EMI amount that you will be paying for a car loan that you take from the Union Bank of India. The calculator will not require any expertise to be used

Therefore, you can use it with minimal technical knowledge and only enter some basic details.

You can use it to make financial plans around the purchase of a new car through a loan from the Union Bank of India. You can also use it as a tool of comparison for different tenures and amounts and decide the down payment amount based on that speculation.

How to Use the Car Loan EMI Calculator Union Bank of India?

Using the Car Loan EMI Calculator of Union Bank of India is simple, and it does not require any hands-on experience or technical skills. You need to choose the information that is explained below on the online tool:

1) The Principal Amount You Need for a Car from Union Bank of India

This is only the principal amount that you need from the bank.

2) The Tenure of the Car Loan

This will be the Tenure that you choose to pay off the loan amount through EMIs.

3) The Interest Rate Charged by the Union Bank of India

Here, you will need to choose the rate of interest that is charged by the Union Bank of India for a car loan.

After you have provided all of these datasets, you will be displayed the EMI amount that is going to occur each month, and along with that, you will also be displayed the total interest on your loan.

Calculation Procedure of Union Bank of India Car Loan EMI Calculator

The equated monthly installment for Union Bank of India car loans can be calculated with just one formula, and it is explained below:

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

P - the Principal amount for the car loan from Union Bank of India.

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.

This formula can be demonstrated with an example -

If Sonya chooses to take a car loan from Union Bank of India of Rs. 10,00,000, at the rate of 11%, for a tenure of 7 years in the month of June 2022. 

P = Rs. 10 lakhs

R = 11%

N = 7 Years (84 months)

 Equated Monthly Installment = [10,00,000 x 12/100/12 x (1+11/100/12)^84] / [(1+11/100/12)^84-1]

EMI = Rs. 17,122

The Amortization Table for a Car Loan from Union Bank of India

Here is a table to display the amortization or the breakup of the car loan borrowed from Union Bank of India from the example given above:

Advantages of Using Groww's Union Bank Car Loan EMI Calculator

There are varied benefits to using the online Union Bank of India car loan EMI calculator from Groww, and some of them are:

• You can use it to estimate the amount of down payment you want to make for the car loan from the bank.
• You will not have to have any expertise to use the calculator, and it is also free of cost for all types of users.
• The calculator will also display the total amount of interest that Union Bank of India is charging on the car loan.