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In today’s market the car loans offered by the banks are always competing with each other to offer the best rates to car loan customers. The customers with just one click can find out the best EMI for the car loans based on their choice of car, rate of interest and EMI that they wish to pay. This information is available on the CreditMantri portal. CreditMantri has a credible EMI calculator which can be help you while availing all kinds of loans from leading lenders in India. When you apply for car loan in Indian Bank, there are some eligibility factors on which basis Indian Bank approves your car loan.
One of the good banks to choose car loans from is the Magma Fincorp Bank. The bank provides car loans for a wide variety of passenger cars and multi-utility vehicles which are available in showrooms and on-road. Magma Fincorp bank offers a comfortable loan tenure that ranges between 12 to 60 months. If you are a customer who earns a salary, there is also an option of an 84 month repayment period. Magma Fincorp provides some unique benefits to its customers, like flexible repayment options, quick processing with least possible documentation and up to full value of the car is financed (under certain conditions as laid down by the company).
The features and benefits of Magma Fincorp’s Bank car loan are:
The Magma Fincorp Bank’s car loan EMI calculator on CreditMantri website can be used to instantly calculate the total cost of your car loan which includes the loan amount, total interest payment and the processing fee. You just need to enter the loan amount, car loan interest rate and the tenure and click on the ‘Calculate’ button. The EMI or Equated Monthly Instalments will be available on the screen.
The EMI calculator allows you to plan your finance accordingly by giving you a realistic figure that you will need to shell out per month. The portal displays a monthly and yearly amortisation schedule for car loan repayment.
Let’s take a look at the formula that the CreditMantri’s EMI car loan uses to calculate:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
P is the principal amount
R is the interest rate
N is the number of instalments
Magma Fincorp bank offers car loans for an interest rate which ranges between 12% to 16% (depending on a number of factors), for an average loan amount of Rs. 10 to 40 lakhs for a duration of 3 to 7 years.
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 payment options are available for Magma Fincorp bank’s car loan?
The payment options available for Magma Fincorp bank are:
2. How long does it take to process for Magma Fincorp bank’s car loan?
Magma Fincorp bank’s car loan can be processed in less than 4 hours. You can choose your car and drive it out of the showroom on the same day.
3. How much loan is available from Magma Fincorp bank to buy a car?
Magma Fincorp bank can finance up to 100% of the value of the car.
4. How do I calculate the EMI for Karnataka Bank Car Loan?
To calculate the EMI amount for Karnataka Bank Car Loan, you can use the online car loan EMI calculator tool offered by CreditMantri. You will need to input details like principal amount, tenure and interest rates to find out the monthly instalment amount and amortization schedule.
5. Do I have a prepayment option?
Yes. You can prepay your loan after the passage of six months of availing the loan. A prepayment fee of 5% on outstanding loan amount will be charged.
6. Do I need a guarantor?
You do not need a guarantor to apply for a loan.
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