United Bank of India Car Loan EMI Calculator Aug 2017
United Bank of India Car Loan EMI Calculator
Lowest EMI on United Bank of India Car Loan - Rs. 1,627 per lakh
|Loan Amount||2 Years||3 Years||5 Years||7 Years|
|Rs. 100,000||Rs. 4,585||Rs. 3,196||Rs. 2,093||Rs. 1,627|
|Rs. 300,000||Rs. 13,754||Rs. 9,589||Rs. 6,279||Rs. 4,880|
|Rs. 500,000||Rs. 22,923||Rs. 15,981||Rs. 10,464||Rs. 8,134|
|Rs. 1,000,000||Rs. 45,846||Rs. 31,963||Rs. 20,929||Rs. 16,267|
Factors affecting United Bank of India Car Loan EMI
- Borrower age should be between 21 years to maximum 65 years
- Maximum car loan amount offered by United Bank of India is up to 85.00% of on-road price
- Interest rates starts @ 9.35% depending upon down payment, net income and other factors
- Processing fee in United Bank of India may be 0.50% of loan amount Min Rs. 500 Max Rs. 10,000
United Bank of India Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to United 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 United 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 United Bank of India are as low as 9.35%.
- 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.
United Bank of India Car Loan Calculator Formula
Here is an illustration of how United Bank of India 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 United Bank of India, this can be 84 months
Car Loan EMI Calculator United Bank of India - How it works?
United Bank of India Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- United 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. United 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 United Bank of India in this option.
Frequently Asked Questions on United Bank of India EMI Calculator
United Bank of India offers car loan at 9.35% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,627.Can I prepay my United Bank of India car loan?
United Bank of India offers you an option of prepayment at Nil charges.Is there any processing charge on Car loan from United Bank of India?
Car Loan from United Bank of India charges a processing fee of 0.50% of loan amount Min Rs. 500 Max Rs. 10,000.
United Bank of India Car Loan Customer Care Number, Email, Application Status, Branches
United Bank of India Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||1800-345-0345|