Karnataka Bank Car Loan EMI Calculator Jun 2017
Karnataka Bank Car Loan EMI Calculator
Lowest EMI on Karnataka Bank Car Loan - Rs. 2,137 per lakh
|Loan Amount||2 Years||3 Years||5 Years|
|Rs. 100,000||Rs. 4,626||Rs. 3,238||Rs. 2,137|
|Rs. 300,000||Rs. 13,878||Rs. 9,715||Rs. 6,411|
|Rs. 500,000||Rs. 23,130||Rs. 16,192||Rs. 10,685|
|Rs. 1,000,000||Rs. 46,260||Rs. 32,385||Rs. 21,370|
Factors affecting Karnataka Bank Car Loan EMI
- Borrower age should be between 0 years to maximum 0 years
- Maximum car loan amount offered by Karnataka Bank is up to 85.00%
- Interest rates starts @ 10.25% depending upon down payment, net income and other factors
- Processing fee in Karnataka Bank may be 0.25% of loan amount Min Rs. 250 Max Rs. 1,000
Karnataka Bank Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Karnataka Bank 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 Karnataka Bank offering car Loans with loan tenure upto 60 years, the loan EMI can be as low as Rs. 2 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Karnataka Bank are as low as 10.25%.
- 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.
Karnataka Bank Car Loan Calculator Formula
Here is an illustration of how Karnataka Bank Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 85.00%
n = tenure in month. For Karnataka Bank, this can be 60 months
Car Loan EMI Calculator Karnataka Bank - How it works?
Karnataka Bank Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Karnataka Bank 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. Karnataka Bank 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 Karnataka Bank in this option.
Frequently Asked Questions on Karnataka Bank EMI Calculator
Karnataka Bank offers car loan at 10.25% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,137.Can I prepay my Karnataka Bank car loan?
Karnataka Bank offers you an option of prepayment at Nil charges.Is there any processing charge on Car loan from Karnataka Bank?
Car Loan from Karnataka Bank charges a processing fee of 0.25% of loan amount Min Rs. 250 Max Rs. 1,000.
Karnataka Bank Car Loan Customer Care Number, Email, Application Status, Branches
Karnataka Bank Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0824-2228154|