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A simple online calculating tool to determine your monthly repayments towards your car loan is called a car loan EMI calculator. This tool is available on the websites of most leading banks in India and financial services provider like www.creditmantri.com. You need to key in the principal loan amount, interest rate and duration of the loan to get the monthly outflow amount. The best part is that it can be used not just once but many times with different combination of inputs to get a monthly figure that suits you.
A car loan is type of personal loan wherein you take money from a bank or a lending institution to buy a car. This money needs to be returned over a specified period of time with some interest. Normally, the money is repaid in equal monthly instalments. The loan is secured by the car that you purchase. If there is situation that you have continuously defaulted in making these repayments or are unable to fully.
The EMI is calculated on the basis of couple of factors. Your loan eligibility, financial stability, loan amount, rate of interest and the tenure length of the loan. The EMI is a fixed amount during the repayment period and does not change. It can be calculated with the help of Bank of Maharashtra loan calculator. One point to note is that the interest component of your repayment amount starts decreasing when you start with the EMIs and what remains is the chunk of the principal amount only. The EMIs can be estimated with the help of the Bank of Maharashtra EMI calculator and manage your finances in such a way that you are not tight on funds during the repayment period.
The EMI calculator can help you understand the monthly outflow once the loan is taken. It is a rather simple to use as you need to feed in the principal loan amount, interest rate and the loan tenure to arrive this monthly figure. This is an estimated figure and for the actual amount to the decimal, you will need to visit their nearest bank branch with required documentation. It is also possible to request the bank to churn out a regular Bank of Maharashtra car loan statement so that you can understand how much has been paid and how much is remaining.
Principal amount of Loan
Normally, banks offer financing up to 85% of the on-road price of the car. However, if it is possible to take a lesser principal amount of loan, you can repay in lesser instalments and close the loan fast. It is rather important to note here that one must carefully assess income and expenses and see how well you can handle your overall finances once the loan is taken.
Duration of the loan
The total time period within which the loan amount needs to be repaid is called the duration of the loan. This is an important factor to decide the EMIs. Longer the tenure, lesser the outflow every month. Normally, banks offer a maximum of 84 months as the duration of the loan.
Rate of Interest
When you repay any loan, it is done with an interest amount. The rate of interest is determined by the bank on the basis of your ability repay the loan. There is a fixed rate and a floating rate. If you choose fixed rate of interest, your EMI value will also not change. However, with floating rate one can take up the advantage of lower rates prevailing in the market.
You can easily apply for the Bank of Maharashtra car loan online. However, without a good credit score the bank will not offer you a car loan. This is a credible financial assessment which helps the bank to assess your creditworthiness and financial ability. It is suggested that you pay off your existing loans or debts to increase your credit score and then apply for a car loan. This also helps in reducing chances for rejection on your car loan application.
The credit score can be checked conveniently on bank websites or leading financial services providers like www.creditmantri.com. There are many factors for checking this credit score. Current liabilities like home loans or other personal loans, credit history like loan repayment, credit card payments etc. come into play. If you have a good credit score, you can negotiate with the bank on better terms and conditions for the car loan.
The auto industry in our country has changed much in the last decade or so. With our fast-growing economy and young population, all global car brands want to have a presence in the market. This has led to many car models entering the market and the customer is spoilt for choices. Not only different car models but also after-sales service, insurance and maintenance management have all become major influencing factor in buying a car.
The sheer quantum of car loan financing available in the market has also boosted the sales of cars and made it affordable. For instance, if you give just one call to the Bank Maharashtra car loan customer care toll free number, you can get all details regarding their car loan product.
Since accessibility to new car models have gone up, so has the foresight of the people to smartly choose their financial assistance. One can also say that the easy availability of car loans has definitely contributed to the car sales growth in the country. Probable owners of a car are also aware that car dealerships have tie-ups with banks to facilitate the process of buying a car. This has a major impact on the car sales. More information on car loans and its details are easily found on the bank websites, mobile applications and social media.
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