Car Loans are extremely popular in India and one of the fastest growing set of loans in India. They are also very easy to understand and calculate. With the help of a Car Loan EMI Calculator, you can roughly estimate the amount of EMI that your car loan would take. Let us give an example. Say you wish to buy a car that costs Rs 5 lakhs. Initially, you have to make a down payment of a minimum of 20 per cent. So, you need a loan of Rs 4 lakhs. Now, all you have to do is feed in the amount of loan in the car loan calculator of Rs 4 lakhs along with the interest on the loan and the tenure you need the amount for.
The interest rates and other details you would get from the bank that is offering the loan. You have to talk to your bankers also on the tenure of the loan they are offering for the car loans. Some banks may offer you a payment option of upto 3 years, while others may offer you a loan that you can pay upto a period of 5 years. All this input data you would need for calculating the exact quantum of your car loan. Once you feed the data, you can see that the calculator with tell you exactly the EMI that you need to pay every month.
Nowadays buying a car is easy, but, the thing is you need to accumulate money for down payment, and remaining amount you can get from the loan. Before planning to take a loan to buy a car, we need to keep certain things in mind. The first thing is to think that the EMI should fit your monthly budget. Check your CIBIL score before applying for a car loan because a less CIBIL score leads to paying high interest and sometimes the loan can be rejected. Processing fee are also something that the bank considers before granting a auto loan. This processing fee varies depending on the size of the loan. Consider the prepayment charges and look at the Offers from Car Dealers and Manufacturers in Entirety. Foreclosure charges are also one of the factors to be considered while taking a car loan.22 September 2017