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A car loan EMI calculator helps you figure out the monthly payments to be made towards your car loan. This is a very important calculation in managing your finances during the period of the loan. The car loan EMI calculator should be available on the bank websites and leading financial services provider like www.creditmantri.com. A very simple tool to use, you need to key the principal loan amount, rate of interest and the duration of the loan. The EMI calculator will show you the expected monthly instalments to be made. The calculator can be used many times with different combinations of loan tenure, principal amount etc. till you arrive at your comfortable EMI figure.
In simple words, a car loan can be defined as finance borrowed for the purpose of purchasing a car. A bank or a lending institution lends this money to you which needs to be repaid over a stipulated period of time with a specific rate of interest. The repayments are done in monthly instalments – EMIs. In most cases, the car that you buy acts as the security for the loan. Some banks request for an additional collateral to further secure the loan depending on your financial stability. In case you do not end up repaying the loan fully, the lender can take the car back, sell it and close the liability.
An EMI is calculated on the basis of the principal amount of loan, loan tenure and the rate of interest given by the bank. The EMIs are always a fixed amount during the tenure and can be easily calculated on the Allahabad bank loan calculator. It is important to note that the interest rate forms a critical part of the monthly instalments that you will make. Once you start with the EMIs, the interest amount start reducing and the loan amount becomes the largest part of the balance amount.
Normally, EMIs are calculated on the basis of the principal amount being borrowed, rate of interest, and duration of the loan, your loan eligibility and overall financial stability. This monthly amount can be calculated with the help of the Allahabad bank loan calculator.
The Allahabad bank car loan calculator is useful in understanding how much the EMIs will be during the period of the loan. It is a rather easy tool to use wherein you can enter the loan amount, rate of interest and the intended period of the loan. The calculator shows the estimated monthly instalments that needs to be paid during the period of the loan. The Allahabad car loan calculator also shows this information on an interactive pie chart which will give you an overall view of the loan amount and interest break-up. It will also be wise to request for an Allahabad bank car loan statement during the loan tenure to track the payments made as well as understand the remaining amount to manage your finances accordingly.
The date that you enter for calculating a car loan EMI is very important. This calculation result is totally based on the realistic information that you will feed in. So, it is noteworthy to do your homework and then find out the most suitable EMIs to ensure that your car loan process is a hassle-free one.
Loan Amount – The first and foremost thing to be done is to assess your current financial status. How much is your regular income? Do you need to add your spouse’s income to show a stronger financial status? It is important that you assess the down payment to be made to purchase the car and the remaining amount to be taken as a loan. The loan amount to be repaid will include the interest amount too. Hence, the EMIs should not be a burden on your future financial requirements.
Loan Tenure – This is the period in which you will need to repay the full loan amount. If you wish to keep your loan tenure to the minimum, the EMIs will be higher. It is normally advised to keep the loan duration as long as possible to enjoy other financial benefits during this period. It should not be a foot-to-mouth situation. Allahabad Bank offers a maximum tenure of 84 months.
Interest Rate – The interest rate is offered by the bank on the loan taken forms a huge chunk of your repayment amount. It is therefore advisable to check for interest rates offered in the market and negotiate accordingly with your preferred bank. Some people prefer a fixed rate of interest throughout the loan tenure so that their repayment amount does not get affected by market conditions.
While your basic loan eligibility needs to be checked before applying for a car loan, it is more important to check for your credit score. Bank rely on this score to determine the terms and conditions of your car loan. You can check for your credit score through the bank or on www.creditmantri.com. It is normally suggested that you pay off your debts and any other pending financial liability to secure a higher score. Banks tend to easily give the car loan to applicants who have a score of 700+.
The Indian Automobile Industry is expected to the 3rd largest in the world by 2026, shared in an assessment by IBEF. And there is no surprise to this considering the industry has been growing steadily in the last decade or so. Low cost steel production, R&D centres and skilled labour availability are some of the main factors pushing this growth. And when the market is robust with various models, it is but natural that people would want to purchase these cars.
The growing disposable incomes in the country is also a major factor fuelling the car sales growth. This is supported with the many financial options available. Since the car itself is a security for the loan, the process of taking a car loan is relatively easy in comparison to other loans. With such growth, banks have also geared up their customer interaction processes to cater to the demand. For example, the Allahabad Bank car loan customer care is available throughout business hours and just a call away with their toll free number.
It is also widely known that car dealerships have tie-ups with banks to promote their car loans thereby influencing a faster sale. With such easy availability of car financing available and variety of car models in the market, it is indeed no doubt that this industry will be on the upswing for the coming decade.
The Allahabad bank car loan online application, competitive car loan interest rate and fast disbursement of the loan lead to more demand in taking a car loan. It is however prudent to understand your financial status first before heading out and burdened with a huge car loan. An EMI calculator helps you estimate the monthly instalments that you will need to pay after taking the loan. The EMI calculators are available on the bank website and financial service providers like CreditMantri. There are different types of calculators available for personal loans and income tax too. The tool shows the break-up of the loan amount and the interest rate that you will be paying. The EMI calculator can be used many times to arrive at a comfortable figure of the EMI.
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