Central Bank of India Car Loan EMI Calculator May 2017
Central Bank of India Car Loan Calculator
Lowest EMI on Central Bank of India Car Loan - Rs. 1,604 per lakh
|Loan Amount||2 Years||3 Years||5 Years||7 Years|
|Rs. 100,000||Rs. 4,564||Rs. 3,175||Rs. 2,071||Rs. 1,604|
|Rs. 300,000||Rs. 13,692||Rs. 9,526||Rs. 6,213||Rs. 4,812|
|Rs. 500,000||Rs. 22,819||Rs. 15,877||Rs. 10,355||Rs. 8,019|
|Rs. 1,000,000||Rs. 45,639||Rs. 31,753||Rs. 20,710||Rs. 16,038|
Factors affecting Central Bank of India Car Loan EMI
- Borrower age should be between 18 years to maximum 65 years
- Maximum car loan amount offered by Central Bank of India is up to 90.00% of on-road price
- Interest rates starts @ 8.90% depending upon down payment, net income and other factors
- Processing fee in Central Bank of India may be 0.50% of loan amount Min Rs. 2,000 Max Rs. 20,000
Central Bank of India Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Central Bank of India 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 Central Bank of India 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 Central Bank of India are as low as 8.90%.
- 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.
Central Bank of India Car Loan Calculator Formula
Here is an illustration of how Central Bank of India Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 90.00% of on-road price
n = tenure in month. For Central Bank of India, this can be 84 months
Car Loan EMI Calculator Central Bank of India - How it works?
Central Bank of India Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Central Bank of India 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. Central Bank of India 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 Central Bank of India in this option.
Frequently Asked Questions on Central Bank of India EMI Calculator
Central Bank of India offers car loan at 8.90% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,604.Can I prepay my Central Bank of India car loan?
Central Bank of India offers you an option of prepayment at Nil from own sources; 1% in case of loan takeover charges.Is there any processing charge on Car loan from Central Bank of India?
Car Loan from Central Bank of India charges a processing fee of 0.50% of loan amount Min Rs. 2,000 Max Rs. 20,000.
Central Bank of India Car Loan Customer Care Number, Email, Application Status, Branches
Central Bank of India Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||1800-200-1911|