In the rapidly-expanding cities in the UAE, a car often becomes a necessity for convenient travel, whether for leisure or work. To help you make the purchase without utilising most of your savings, Emirates Islamic Bank provides car loans that can be availed easily.
To simplify the process of finding key details related to the loan like the installment amount, Emirates Islamic bank has a car loan calculator on its official website that can be used to calculate the equated monthly installments for your loan plan.
The Emirates Islamic bank car loan calculator is an excellent tool that one can utilise and find out the applicable installment amount along with other key details of the loan. Continue reading below to find out more about Emirates Islamic bank car loan calculator, how it is used, and its significance.
What is Emirates Islamic Bank Car Loan Calculator?
As stated earlier, Emirates Islamic bank car loan calculator is an online tool for computing the applicable monthly installments for a car loan plan. The monthly installment is calculated based on the loan amount, loan tenure, and interest/profit rate.
How to Use Emirates Islamic Bank Car Loan Calculator?
Emirates Islamic bank car loan calculator is easily accessible on the official website of the bank. You can simply follow the given steps to have the monthly installment amount of your car loan in UAE displayed on your screen:
Visit the official website of Emirates Islamic Bank
Head to the ‘auto finance’ section of the website
Scroll down the page to find the online Emirates Islamic car loan calculator
Enter the following details -
Months (loan repayment tenure)
Once you provide all the required details, you will get the monthly installment amount for your loan on display.
Benefits of Emirates Islamic Car Loan Calculator
Saves Time and Effort - Emirates Islamic bank car loan calculator handles complex calculations in just a few moments, allowing you to save effort and time that would otherwise be spent manually working out your monthly installments. Additionally, with no possibility of human error present, the calculator will provide accurate results for your car loan monthly installments as per your provided data.
Easy Repayment Planning - If you are aware of how much you can borrow at the current profit rate as well as the installment amount using the Emirates Islamic car loan calculator, you can adjust the loan term and the amount to get manageable installments. Moreover, with a better idea of the applicable installments, you will be able to assess your fixed expenses and manage your savings, expenses, and financial obligations to repay the loan on time. The benefits of such planning are plenty, as you can avoid late payment penalties during the loan term and remain free of stress. Moreover, by displaying responsible behaviour in terms of repayment, you can also improve your credit scores quickly.
Easy Accessibility - The Emirates Islamic car loan calculator is available online and is easy to use. By simply entering details like the loan tenure, amount, and profit rates, you will be able to access all the key details of your loan in an instant.
Easy Way to Compare Plans - With the help of the Emirates Islamic car loan calculator, you can experiment with different loan amounts and different loan repayment tenures. Besides helping you decide the amount of car loan you should take without compromising your lifestyle, this can also help you find the installment amounts and other details for different plans. Consequently, you can easily compare the top plans and purchase the most suitable one.
Factors Affecting the Calculation of the Emirates Islamic Car Loan installments
Emirates Islamic car loan calculator requires you to provide details like the loan amount, loan duration, and the profit rate to make the calculation, as we have seen before. Any change in even one of the components, however, will impact the calculation.
Let’s have a look at what each variable means and how it affects monthly payments.
Finance Amount - Simply meaning the loan amount, this refers to the amount provided by a particular loan product. This amount, along with the interest/profit, has to be repaid to the bank in installments. As evident from the relation, the installment amount is directly related to the loan (finance) amount. Thus, with an increase in the loan amount, you can expect an increased installment amount.
Months (Repayment Tenure) - It is the loan repayment tenure, i.e., the period in which the borrower has to pay back the debt in monthly installments. The duration of the loan has to be provided in months to the calculator. For calculating the installment amount, the loan amount along with the interest/profit amount is divided into equal parts as per the number of months. As the total amount will be divided into more parts with an increase in the tenure, the amount for each installment will go down. Consequently, one can expect the installment amount to decrease with an increase in the loan repayment tenure.
Profit Rate - As this is an Islamic financing product, the loan will be accompanied by the ‘profit’ amount, with profit rates replacing interest rates in Islamic banking. Profit rate simply refers to the amount that a bank earns for doing a business transaction with you, with the same applying to the loan. The profit rate refers to the rate at which the profit amount will be calculated. With a higher rate, the profit amount would be higher. As a result, the installment amount would increase with an increase in the profit rate.
Does the Emirates Islamic car loan calculator only work on desktop computers?
You can access the Emirates Islamic car loan calculator from any smart device like a smartphone and so on. This calculator can be accessed in the browser without even needing to install any app.
How accurate is the Emirates Islamic car loan calculator?
Emirates Islamic Bank car loan calculator is a highly accurate tool that provides precise results with respect to the installment amount and other details. However, the charged profit rate, as well as the sanctioned loan amount and tenure, depend on each individual, which results in different terms being applied to the loan – hence leading to variations.
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