Emirates NBD Car Loan Calculator

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With plenty of options available in the country in terms of loan providers, one can always opt for a car loan in UAE to finance their car. One of the most excellent choices regarding a provider for such a loan is Emirates NBD. With several exquisite features provided at low rates, one can always choose Emirates NBD car loan to fulfill their requirements. 

Another great feature is provided by Emirates NBD car loan for the convenience of customers, with the online car loan calculator available on its website allowing users to estimate the total loan cost, interest amount, and various other aspects. To find out how you can use the Emirates NBD car loan calculator to find key details before purchasing a plan, keep reading the article below.

What is Emirates NBD Car Loan Calculator?

Before purchasing a car using a car loan in UAE, it is preferable to utilise the Emirates NBD car loan calculator to find out a few relevant details and make an informed decision on that basis. It is an online tool that can help you find out how much your monthly payments will be for repaying your auto loan before you even walk into the bank.

By comparing the available plans, you can easily get the most suitable plan for yourself at low prices. If you equip yourself with the terms of a loan like the monthly instalments by using a car loan calculator, it will be easy to compare the plans and make an informed financial decision.

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How to Use Emirates NBD Car Loan Calculator?

An Emirates NBD car loan calculator quickly generates results and lets you compare monthly payments of the available plans. You can find the Emirates NBD car loan calculator on the official Emirates NBD website and use it to complete the calculations without any paperwork or documentation.

Follow the steps given below -

  • Step 1- Head to the official website of Emirates NBD
  • Step 2- At the top of the page, you’ll find all the Emirates NBD services. Click on the ‘Personal’ section.
  • Step 3- Under the ‘Loans’ section, select ‘Auto Loans”.
  • Step 4- As you scroll down the page, you will find the Emirates NBD Car Loan Calculator.
  • Step 5- In the car loan EMI calculator table, you can either enter the loan values or use the slider. The calculator will recalculate the output as you change the input values. The following details are required –
    • Amount - The minimum loan amount is AED 25,000, while the maximum loan amount that you can select here is AED 300,000
    • Tenor - Emirates NBD offers a car loan repayment period of 1 to 5 years.
  • Step 6- Once you provide the details, the monthly instalments will be immediately displayed on your screen

Benefits of Emirates NBD Car Loan Calculator

  1. Saves Time - If you don't use an Emirates NBD car loan calculator, you can have a difficult time calculating the loan amount, monthly payments, interest rate, and term of the loan. This is because the manual process for calculating this is considerably lengthy and requires complex calculations. With this calculator, however, results are displayed immediately without requiring any calculation from you.
  2. Comparison Made Simple - With an estimated calculation of loan terms, interest rates, and loan amounts, you will be able to compare several loan options. Emirates NBD car loan calculator can, thus, help you choose the tenure and the loan amount within your budget.
  3. No Limit - The Emirates NBD car loan calculator can be used an unlimited number of times. Consequently, you are free to experiment with loan amounts and tenures as many times as you like and choose the best option.
  4. Budget Planning - The ultimate benefit of using an online car loan calculator is that you will be able to plan your budget based on the applicable monthly instalment. For instance, if the loan amount is large, you may think about choosing a longer repayment term.

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Factors Affecting the Calculation of the Emirates NBD Car Loan Instalments

With the Emirates NBD car loan calculator calculation impacted by the principal amount, duration of the loan, and interest rate, any change in these variables can affect the Equated monthly installments. Let’s briefly discuss each variable.

  1. Principal Amount - The principal amount refers to the amount borrowed from Emirates NBD. The equated monthly installments are considerably affected by the principal amount. With a higher principal amount, one can expect an increase in the monthly installment amount.  
  2. Loan Tenure - The loan repayment tenure refers to the period in which the borrower has to pay back the debt in equal monthly installments. The loan repayment tenure is inversely proportional to the monthly payments. This means that a longer repayment tenure will be associated with low installment amounts, while a shorter one may bring high installment amounts.
  3. Interest Rate - Emirates NBD calculator makes the calculations by assuming a flat interest rate of 2.69% per annum and a reducing rate of 5.06% per annum. The equation here is fairly straightforward, as one can expect a higher installment amount with higher interest.

It should be noted that the interest rates vary as per the applicant, the loan plan, bank terms and conditions, and more.

Now that we are aware of all the major features of the Emirates NBD auto loan calculator, let’s have a quick glance at some questions frequently asked for the same:

FAQs

What is the effect of the loan tenor on the interest amount?

With a long loan repayment term, you can expect higher interest payments. However, long repayment terms also mean low instalment amounts.

Is the Emirates NBD car loan calculator better than the Excel Calculator?

Unlike the Excel Calculator, the Emirates NBD car loan calculator is specifically designed for calculating monthly payments quickly. Due to its specialised nature, one can opt for the Emirates NBD car loan calculator.

Does the car loan calculator work the same way as the loan calculator for a house or personal loan?

While they work the same on the elementary level, the Emirates NBD car Loan calculator provides information specific to the car loan and is pre-set with the rates and limits applicable for car loans, which are different from personal and home loans.

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