Union Bank of India Car Loan EMI Calculator

Union Bank of India Car Loan EMI Calculator

Planning to buy a new car with financing from Union Bank of India? Use this Car Loan EMI Calculator to quickly estimate your monthly EMI, total interest payable, and total repayment amount—based on your preferred loan amount, interest rate, and tenure.

What is a Car Loan EMI?

EMI (Equated Monthly Instalment) is the fixed amount you repay every month towards your car loan. It includes both principal and interest components. The EMI remains constant throughout the tenure, while the principal-to-interest ratio varies over time.

How the Union Bank of India Car Loan EMI Calculator Works

The calculator instantly computes your EMI using the following key inputs:

• Loan Amount: The total amount you wish to borrow (e.g., ₹2 lakh to ₹20 lakh or more)
• Interest Rate: The annual interest rate charged by Union Bank of India (typically 8.70% p.a. in Q1 FY 2024–25; may vary based on borrower profile)
• Loan Tenure: The duration of the loan ranges from 1 year to 7 years

EMI Calculation Formula

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

• P: Loan Amount
• R: Monthly Interest Rate = Annual Rate ÷ 12 ÷ 100
• N: Total Number of Monthly Instalments (Loan Tenure × 12)

Example

For a ₹6 lakh loan at 8.70% interest over 5 years:

• EMI: ₹12,375
• Total Interest: ₹1,42,500
• Total Repayment: ₹7,42,500

(Note: These figures are indicative.)

Benefits of Using This Calculator

• Instant results: No manual calculation required
• Flexible inputs: Try different combinations of loan amount, rate, and tenure
• Financial planning: Understand your monthly obligations before applying
• Compare options: Helps compare Union Bank’s offering with other banks

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.