Bank of Maharashtra Car Loan EMI Calculator May 2017
Bank of Maharashtra Car Loan Calculator
Lowest EMI on Bank of Maharashtra Car Loan - Rs. 1,619 per lakh
|Loan Amount||2 Years||3 Years||5 Years||7 Years|
|Rs. 100,000||Rs. 4,578||Rs. 3,189||Rs. 2,086||Rs. 1,619|
|Rs. 300,000||Rs. 13,733||Rs. 9,568||Rs. 6,257||Rs. 4,857|
|Rs. 500,000||Rs. 22,888||Rs. 15,946||Rs. 10,428||Rs. 8,095|
|Rs. 1,000,000||Rs. 45,777||Rs. 31,893||Rs. 20,856||Rs. 16,191|
Factors affecting Bank of Maharashtra Car Loan EMI
- Borrower age should be between 18 years to maximum 60 years
- Maximum car loan amount offered by Bank of Maharashtra is up to 85.00% of on-road price
- Interest rates starts @ 9.20% depending upon down payment, net income and other factors
- Processing fee in Bank of Maharashtra may be 0.25% of loan amount Min Rs. 1,000 Max Rs. 15,000
Bank of Maharashtra Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank of Maharashtra against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
- With Bank of Maharashtra offering car Loans with loan tenure upto 84 years, the loan EMI can be as low as Rs. 1 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Bank of Maharashtra are as low as 9.20%.
- This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
Bank of Maharashtra Car Loan Calculator Formula
Here is an illustration of how Bank of Maharashtra Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 85.00% of on-road price
n = tenure in month. For Bank of Maharashtra, this can be 84 months
Car Loan EMI Calculator Bank of Maharashtra - How it works?
Bank of Maharashtra Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Bank of Maharashtra Car loan calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Car Loan EMI – EMI changes in case of prepayment
In case you prepay your car loan, the outstanding balance on your car loan reduces. Bank of Maharashtra gives you two options:
- Reduce your loan tenure and keep your car EMI same
- Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Bank of Maharashtra in this option.
Frequently Asked Questions on Bank of Maharashtra EMI Calculator
Bank of Maharashtra offers car loan at 9.20% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,619.Can I prepay my Bank of Maharashtra car loan?
Bank of Maharashtra offers you an option of prepayment at charges.Is there any processing charge on Car loan from Bank of Maharashtra?
Car Loan from Bank of Maharashtra charges a processing fee of 0.25% of loan amount Min Rs. 1,000 Max Rs. 15,000.
Bank of Maharashtra Car Loan Customer Care Number, Email, Application Status, Branches
Bank of Maharashtra Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||1800-102-2636|