Bank of Maharashtra Car Loan EMI Calculator

Bank of Maharashtra Car Loan EMI Calculator

The Bank of Maharashtra Car Loan EMI Calculator is a helpful online tool that allows you to calculate your monthly EMIs (Equated Monthly Instalments) based on the loan amount, interest rate, and repayment tenure. This calculator is designed to offer quick and accurate results, helping you make informed decisions about your car loan planning.

How the EMI Calculator Works

The EMI calculator uses the standard loan EMI formula:

EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]

• P: Principal loan amount
• R: Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
• N: Loan tenure in months

The tool instantly computes your EMI once you enter the loan amount, applicable interest rate, and loan tenure.

Key Inputs Required

• Loan Amount: The total amount you plan to borrow (e.g., ₹3 lakh to ₹25 lakh).
• Interest Rate: Bank of Maharashtra currently offers car loan interest rates starting from 8.70% p.a. (as of Q1 FY 2024–25).
• Loan Tenure: The repayment period can range from 12 months to 84 months.

Benefits of Using the Calculator

• Instant Results: Calculate EMIs in real-time without any manual math.
• Better Planning: Helps you evaluate affordability based on different loan terms.
• Compare Scenarios: Try different combinations of loan amount, rate, and tenure to find the most suitable EMI.
• Transparent: Shows you the total Interest payable and total Payment (principal + Interest) over the loan term.

Example Calculation

Suppose you take a loan of ₹6 lakh at 8.70% p.a. for 5 years (60 months):

• Monthly EMI: ₹12,378 (approx)
• Total Interest Payable: ₹1,42,680
• Total Payment: ₹7,42,680

Disclaimer : The results given by the above calculator are for illustration purpose only. They are often based on a number of assumptions. The results given are in no way any guarantee of the returns that will be given. Investments in stock markets and securities markets are subject to market risks and other risks. There is no guarantee of the return that will be actually given. Investment in other financial products may also be subject to market risks and other risks. There is no guarantee of the returns that will be given by them. The calculator also does not make any recommendation directly or indirectly. Please consult a registered Financial Advisor before taking any investment decision.