Mahindra Finance Car Loan EMI Calculator

When availing a car loan from Mahindra Finance, it is important to calculate the EMI you will be required to pay. This can be done easily at the BankBazaar website, using the EMI calculator tool. All you have to do to calculate your monthly EMI is input details like your loan amount, loan tenure, interest rate, and the processing fee into the calculator.

What is a Car Loan EMI Calculator

When you avail a car loan from a lender, you will need to repay the borrowed sum in the form of Equated Monthly Installments or EMIs. Fortunately, you don't have to wait till you apply for a car loan to know how much you will need to pay on a monthly basis.

You can use a car loan EMI calculator, which will give you the exact monthly EMI for the loan term, interest rate, and loan amount that you enter.

Mahindra Finance Car Loan - Key Advantages

The main advantages of the Mahindra Finance Car Loan EMI Calculator are mentioned below:

1. The calculator can be accessed at any given time.

1.  Helps in checking the monthly payments before the loan can be availed.

1.  Different tenures and principal amounts can be entered.

1.  No charges are levied to use the calculator.

EMI Calculator for New and Used Cars

Mahindra Finance offers funding for both new and used cars. There is also a separate EMI calculator for new car loans and pre-owned car loans at the official website of Mahindra Finance.

The difference between a new car loan EMI calculator and a pre-owned car loan EMI calculator is that the interest rate charged and the maximum loan amount offered for the two types of loans will be different.

For example, if the lender allows individuals to apply for a loan of up to Rs.35 lakh in the case of a new car loan and a loan amount of up to Rs.10 lakh in the case of a pre-owned car loan, the details that you will need to enter into the EMI calculator will vary. Thus, make sure to use the correct type of car loan EMI calculator to ensure that the details that are displayed are accurate.

How to Use the EMI Calculator Tool

Let’ look procedure that you will need to follow to check your payable EMI through BankBazaar: · Visit the BankBazaar car loan EMI calculator webpage.

1. Enter your loan amount, tenure, interest rate, and processing fee.

1. You will also have to indicate whether you would like to make pre-payments during the loan repayment term. If yes, you will have to also enter your pre-payment fee, pre-payment frequency, pre-payment amount, and what the prepayment applies to.

1. Click on ‘Calculate’ once the information has been entered to get a detailed breakup of the EMI payable. In addition, the page will display the amortisation graph.

You can also calculate EMIs using the car loan EMI calculator tool on Mahindra Finance’s official website. To use this tool, customers will need to do as follows:

1.  Visit the lender’s website.

1. Click on ‘Get A Loan’ and then click on ‘Vehicle Loans’, after which you will need to click on ‘Car Loans’.

1. Next, click on ‘Car Loan Calculator’ on the right side of the website.

1. In the following page, you will need to key in the loan amount, the rate of interest, and the tenure of the loan, after which the payable EMI will be displayed on the screen.

Before you avail a car loan from Mahindra Finance, you should calculate the amount you need to pay as equated monthly instalments (EMIs) each month by using the EMI Calculator tool. This tool is easy to use and delivers accurate, quick results.

Car Loan EMI Case Studies

To understand the type of details that will be displayed when you use BankBazaar's EMI calculator, let's consider a scenario, wherein Ajay is looking to take a car loan from Mahindra Finance for Rs.2 lakh. He intends to repay the loan amount in 1 year. Let's assume that Mahindra Finance charges him an interest rate of 14% p.a. and a processing fee of 1% of the loan amount.

Ajay will, thus, have to pay a monthly EMI of Rs.17,957. He will be paying a total interest of Rs.15,489 over the course of the loan repayment term and a processing fee of Rs.2,000. The total amount that he will have to pay, which includes the principal borrowed, payable interest, and the processing fee, is Rs.2,17,489. The amortisation details are as follows:

How to Pay EMI Online Using QuickPay

The 'QuickPay' facility offered by Mahindra Finance enables you to pay your EMIs through debit card, netbanking, ATM pin, and digital wallets. All these transactions are processed via payment gateways that are secure and trustworthy.

Once you make a payment using any of the above-mentioned methods, the EMI amount will get credited to your loan account within 2 business days.

Some of the features of the QuickPay facility offered by Mahindra Finance are given below:

1. The minimum amount that customers can pay as EMIs through QuickPay should be at least Rs.100.
2. The QuickPay facility is available 24/7 and you can make your EMI payments even on days when banks are closed.
3. To pay your EMIs using netbanking, you need to select the 'Netbanking' option on the QuickPay page. Similarly, you can choose the 'Debit Card' 'ATM Pin' and 'Mobile Wallets' options as a payment mode on the QuickPay page.
4. After you make a payment using any of the above options, you will receive an acknowledgement receipt from Mahindra Finance.

Calculation of EMI with Example

Car loan EMIs are calculated using the following formula:

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

Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of installments.

Example

Assumptions:

1. Principal Amount: Rs.5 lakh

1. Tenure: 36 months
2.   Interest Rate: 8.00%

EMI = [5,00,000 x 8/100/12 x (1+8/100/12)^36]/[(1+8/100/12)^36-1]

EMI = Rs.15,668

EMI Changes After Prepayment

The primary factors that are taken into consideration when calculating the payable EMI are:

1. Loan tenure
2. Loan amount, and,
3. Interest rate

When you make a prepayment, your outstanding loan amount decreases, which causes your payable EMI to also decrease. You can also choose to prepay the entire outstanding loan amount and close the loan, in which case you will not have to pay any further EMIs.

The Mahindra Finance car loan EMI calculator helps customers view how much they will need to repay to the lender on a monthly basis and assess their debt-to-income ratio even before availing a car loan. Thus, ensure that you use an EMI calculator and check your EMIs before borrowing a car loan from Mahindra Finance.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score