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Every working person or family person in today’s time wants to own a car. It is now no longer a need but a necessity because it makes travelling so much easier and comfortable after a hard day of work. But then the main problem is paying such a huge amount upfront to purchase a car, which is what deters most people to buy a car. This doesn’t seem to be much of a problem in today’s times. There are various banks that have taken out easy to pay car loan schemes with low EMI and a longer tenure. Now, a cut of Rs 3000 or even lesser at times (depending on the type of loan, bank, scheme and other factors) getting cut on a monthly basis; that’s not really a very huge amount for the comfort a car offers you and your family.
The Karnataka Bank Car Loan EMI depends upon loan amount, interest rate and loan tenure.
Loan Amount: Karnataka Bank Car Loan amount depends up on the value of the car you want to buy. Generally, Karnataka Bank offers a car loan for 85% of the total value of the car (this rate can change depending on the movement of the markets).
Rate of Interest: Karnataka Bank offers car loans at an interest of 10.25%. Lower the rate of interest, the lower will be the monthly EMI that you need to pay.
Loan Tenure: The loan tenure mostly depends on various factors:
After you buy a car, you need to repay the loan with the loan tenure, i.e. a particular time period on an EMI basis. If you wish to know how the Dena Bank car loan EMI calculator operates, here is the basic formula that is applicable:
EMI (E) = [P x r x (1+r)^n]/[(1+r)^n-1]
For example, you apply for a Car Loan of Rs. 5,00,000 from the bank at 10.25% interest rate with tenure of 60 months.
In this case, R = 10.25/12*100 = 0.00854
Therefore, EMI = 5,00,000 *0.00854* (1+0.00854 )^60/([(1+0.00854)^]-1)
EMI = Rs. 10,685
This means you will have to pay Rs. 10,685 for 60 months to repay the entire loan. The total amount you will pay = Rs. 10,685 * 60 = Rs. 641,108 which includes Rs. 141,108 of interest on Rs. 5,00,000 loan amount.
CreditMantri has an easy to use EMI calculator that will enable you to get a clear picture of your entire loan application and repayment process. When you are interested in a car loan from Karnataka Bank, you can go to the specific bank's EMI calculator on the CreditMantri website.
CreditMantri has a credible EMI calculator which can be help you while availing all kinds of loans from leading lenders in India. This calculator is simple and can be used by just entering details like the loan amount, interest rate and tenure.
Once you know the EMI amount, you have a clear idea of the EMI that you need to pay each month. Also, if you have a good credit score, you will be entitled to better loan terms and save a substantial amount every month. If this is your first car loan, then it is advisable that you create a profile on CreditMantri to check if the loan is suitable for your credit profile.
1. What information is required when making pre-payments using the CreditMantri Car Loan EMI Calculator?
The information required for using the CreditMantri Car Loan EMI Calculator:
2. Why is using CreditMantri Car Loan EMI calculator better than calculating the EMI manually?
The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.
3. Can I apply for a car loan for Karnataka bank from CreditMantri?
Yes, you can apply for a car loan for Karnataka bank from CreditMantri.
4. What are the main factors that affect interest rate?
Interest on car loan depends upon factors like down payment, loan tenure, credit report and your net income. A good credit score will also help you to avail a better loan amount.
5. What are the three important parameters for a good credit score?
This is a score given by the credit bureau based on three main parameters:
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