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Being smart with your finances is not option but a necessity today. Our ability to purchase and fulfil our wishes has only increased. However, it is important to know our financial limits and opt for wiser ways of handling it rather than going over board and getting stuck in neck-deep debts. A car purchase is one such wish that is present in every regular income household. While it may seem to be a distant reality, today, it can be made possible with a car loan. Financial assistance given by banks such as Bank of India car loan allows you to estimate the Equated Monthly Instalments (EMIs) for loan repayment even before taking a car loan. This can be done through the Bank of India car loan EMI calculator. Such planning will definitely be crucial to managing the overall financial situation when you take the loan and manage other financial requirements. Continue reading below for more information on car loans and Bank of India loan calculator.
The EMIs are calculated on the basis of your financial status, loan eligibility, loan amount required and duration of the loan. This is a fixed amount during the loan period and can be calculated on the Bank of India loan calculator. The interest on the loan forms an important part of the repayment amount. Initially as the loan schedule begins, the interest amount starts decreasing over a period of time and only the principal amount of loan remains to be a large part of the instalments.
The Bank of India loan EMI calculator is quite a simple tool to use and helps in understanding the monthly instalment to be paid on your car loan. You need to enter the principal loan amount, interest rate and the number of months in which you want to finish off the repayment and it throws up the estimated EMI. The Bank of India EMI calculator also has an interactive EMI calculator. You also have the option to get an Amortization chart which shows the monthly pay-outs during the entire period of the loan. It is also advisable to request a regular Bank of India car loan statement to keep track of payments and balance loan amount to be paid.
The utility of a car loan EMI calculator is dependent on a few factors. The principal amount of the loan needs to be estimated so that you do not unnecessarily take a large sum neither fall short that it affects your financial stability. It is therefore important to do your homework to understand your income, expenses, and debts if any before taking a car loan. While the repayment happens in EMIs, it should not become a burden in the future.
The period of the loan is an important factor affecting your EMIs. If the loan tenure is less, the EMIs will be higher. If your objective is to keep the monthly outflow less, it is suggested that you opt for a longer tenure. Normally, banks offer a maximum loan tenure of 84 months.
The interest rate of the car loan determines the overall cost of your loan. You will be essentially paying back the bank the loan amount + interest. The EMI calculator helps you calculate this interest component of the repayment. This rate of interest is affected by many external factors such as change in market conditions, RBI guidelines etc. Many banks offer a fixed rate of interest which could be an advantage when market conditions are volatile.
You can easily apply for the Bank of India car loan online. However, it is important to assess your loan eligibility. Banks typically refer to your credit score before offering a car loan. A good credit score shows your financial capability. You can check the credit score on www.creditmantri.com and on websites of all leading banks. The credit score assessment takes into account your income sources, loan payments, credit history and other debts. It indirectly helps in planning a better financial future.
It is advisable to pay off your existing debts before checking your credit score. A good score of 700+ helps you in negotiating a better car loan deal with the bank. This also helps in avoiding a rejection on your car loan application.
The demography of Indian population has undergone a huge change. The major chunk of population consists of the young and this category is only witnessing growth. More and more qualified youth are entering the job market every year and the disposable incomes are also increasing. These early earners are quite ambitious and are consumerist by nature. The auto industry in the country has taken advantage of this by bringing in numerous car models especially entry level ones. Owning a car today has been made quite affordable with the help of financial assistance.
The 4-wheeler market has been witnessing growth over the past few years with a rapid rate. Global brands want a piece of the Indian market because of the sheer numbers. This has also supported the growth of car loans as more people find it easy to borrow funds to purchase a depreciating asset like a car. The banks have also prepared themselves and geared up to meet this kind of growth. Digitizing banking processes have made turnaround times faster. Today, one call to the Bank of India car loancustomer care will give you all information regarding their car loan. Competitive Bank of India loan interest rates make it easier to make a choice. Easy access to car loan information has led to quicker decision-making process for the potential customers. All details can be sought at the click of a button through online websites, mobile applications and social media channels.
Buyer are also aware that car dealerships have tie-ups with banks to facilitate potential buyers with financial assistance. This is a win-win situation for both the auto dealer and the bank as they are able to join efforts for a faster sale. The customer also can buy a car with less hassles and documentation issues
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