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Equated Monthly Installments or EMI are the fixed monthly installment payments that one has to return to banks and lending institutions on a pre-fixed date of every month. Like all other loans this applies to car loans as well.
What factors does a car EMI calculator take into account?
1. Cost of the Car
2. Down payment
3. Loan Amount
4. Duration of loan
5. Bank from which loan is being taken
6. Rate of interest of the loan
On an average for a Car loan of INR 1lakh, the EMI for a year’s loan at 12% rate of interest would come to Rs 8,797 and if you increase the years then for a 2/3/4 and 5 year period it would come to INR 4,661/3,289/2607 and 2202 respectively.
Most Banks and car sites will have an inbuilt car loan EMI calculator that will require you to just fill in the details and get your estimate. It is very important to note that EMIs will not be calculated inclusive of any processing fees. That will vary from bank to bank and from each lending institution to institution.
The type of loan, the tenure, your credit worthiness are some of the major factors that will act as deciding factors for your loan and thus your EMI for the same amount may vary from the EMI of an acquaintance from the same lending institution and for the same car.
The best place to get a good idea of your car loan EMI is to approach the dealer. Zero down on the car you want to buy and then do the legwork of approaching a dealer or two or three. Then get a good idea of what each one is offering, what freebies they plan to include and go in for your car at the best deal.
Most car information sites will give you a rough estimate of what you can expect, but the golden rule is to ask the dealer. Only they will give you an exact correct estimate. Once your eligibility has been approved then the process will take around three to four hours complete with filing of documents and everything. Also note that Car loan EMIs from bank to bank may also differ based on your location and city.
Getting the right car loan is entirely an individual choice and will depend on a myriad of factors ranging from tenure to amount of loan besides the make of the car and down payment made etc. Hence pre-calculated EMI can only give you a rough idea of what you may be looking at. The bottomline for a good EMI calculation would depend heavily on doing the rounds of dealers to get the best of the lot.
Author's Bio: Ackley has penned down different write-ups on cars.In this article he briefly describes many things concerning car loan EMI calculator.
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