OBC Car Loan EMI Calculator Jul 2017
OBC Car Loan EMI Calculator
Lowest EMI on OBC Car Loan - Rs. 1,655 per lakh
|Loan Amount||2 Years||3 Years||5 Years||7 Years|
|Rs. 100,000||Rs. 4,610||Rs. 3,222||Rs. 2,120||Rs. 1,655|
|Rs. 300,000||Rs. 13,830||Rs. 9,666||Rs. 6,359||Rs. 4,965|
|Rs. 500,000||Rs. 23,049||Rs. 16,110||Rs. 10,599||Rs. 8,275|
|Rs. 1,000,000||Rs. 46,099||Rs. 32,220||Rs. 21,198||Rs. 16,550|
Factors affecting OBC Car Loan EMI
- Borrower age should be between 18 years to maximum 65 years
- Maximum car loan amount offered by OBC is up to 85.00% of on-road price
- Interest rates starts @ 9.90% depending upon down payment, net income and other factors
OBC Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to OBC 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 OBC 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 OBC are as low as 9.90%.
- 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.
OBC Car Loan Calculator Formula
Here is an illustration of how OBC 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 OBC, this can be 84 months
Car Loan EMI Calculator OBC - How it works?
OBC Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- OBC 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. OBC 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 OBC in this option.
Frequently Asked Questions on OBC EMI Calculator
OBC offers car loan at 9.90% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,655.Can I prepay my OBC car loan?
OBC offers you an option of prepayment at Nil charges.
OBC Car Loan Customer Care Number, Email, Application Status, Branches
OBC Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Agra||0562 - 2158816|
|Bangalore||080 - 25808905|
|Chandigarh||0172 - 2704386|
|Chennai||044 - 28498899|
|Delhi||011 - 28751536|
|Greater Noida||011 - 28751536|
|Hyderabad||040 - 23351 - 233|
|Lucknow||0522 - 2305764|
|Mohali Sas Nagar||1800-180-1235|
|Mumbai||022 - 43434646|
|Nagpur||022 - 43434646|
|Nashik||022 - 43434646|
|Noida||011 - 28751536|
|Noida Extn||011 - 28751536|
|Pune||020 - 25676464|
|Salem||044 - 28498899|