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A car loan helps in bridging the gap between our funds and the price of the car. Sometimes, one just needs a quick financial plug to buy a car. Today, with car loans being more accessible and affordable, it is the most sought-after personal loan. While it is easy to consider taking a car loan, it is wise to calculate the cost of the loan. The Equated Monthly Instalments (EMIs) start from the time that the loan is disbursed to you. The monthly instalments have to be carefully included in your monthly expense list. But how do you know the amount that needs to be parked aside? This can be done with the help of an EMI calculator. The City Union bank car loan EMI calculator is convenient to use and easy help in planning your finances in the future. Read on for more information on car loans and the City Union bank car loan EMI calculator.
A car loan EMI calculator helps in calculating your monthly instalments towards the loan closure. The tool requires principal loan amount, rate of interest and the loan tenure to compute this monthly pay-out. The EMI calculator is available on most bank websites and financial services provider like www.creditmantri.com. The calculator can be used many times with different input combination to arrive at a comfortable EMI figure.
With a car loan, one can borrow funds to buy a new car or a used car. The initial down payment needs to be made and thereafter, the finances of the new car is totally taken care of by the car loan. The amount that has been borrowed is to be repaid with some interest over a period of time. This amount is paid in equal monthly instalments. Usually, the car itself acts as the security for the loan and additional collateral is required. If you cannot repay the loan amount in the stipulated time, the bank has the right to seize the car, sell it and close the loan.
An EMI is calculated on the basis of the principal amount of loan taken, interest rate and the loan duration. This is a fixed amount during the entire course of the loan repayment period. The interest paid is a very important component of the loan repayment. One the schedule begins; the interest starts decreasing until the loan amount becomes a large chunk of what you are paying back. The City Union bank loan calculator helps in calculating the EMIs.
Your financial status, loan eligibility, interest rates, amount taken for the loan and the tenure are some of the factors affecting your EMIs. The City Union Bank loan calculator indirectly helps in managing your finances during the loan period.
The City Union bank EMI calculator helps in calculating the EMIs to be made. The principal loan amount, rate of interest and the loan tenure are to be entered in the calculator. The calculator generates the estimated EMIs and the interest break-up. It is important to note that this is an estimated figure and for the actual EMI, one needs to visit the closest bank branch. It is also suggested that you can request the City Union bank car loan statement on a periodic basis to check the amounts paid up and the balance payments to be done.
Principal amount of Loan
One needs to understand the current personal financial situation before taking a car loan. Your current income and liabilities directly influence your ability to make a down payment to buy your car. The more down payment you make, the lesser principal loan amount you need to take. This also means that you can close your loan quickly depending on the duration of the loan.
Duration of the loan
The duration of the loan is the repayment period of the loan. This is calculated in the number of monthly instalments. If the loan is taken for a longer duration, the lesser monthly instalments you need to pay. Therefore, pinching you less on a regular basis. The loan tenure has a direct impact on the EMIs and therefore it is essential to assess your financial capabilities during the period of the loan.
Rate of Interest
A car loan has to be repaid with some interest. The interest amount is calculated with an interest rate determined by RBI guidelines and market conditions. It is also affected by your credit score, regular income and other details on your application. The rate of interest decides the interest component of your instalments which forms a large part of the initial repayment. It reduces once the repayment schedule begins and eventually only the principal amount remains to be paid.
While you can easily apply for the City Union bank loan online, it is more important to understand your eligibility for the car loan. Today, banks refer to the credit score primarily to decide on offering you a car loan. The credit score can be checked through www.creditmantri.com and understand your credit worthiness. In case you have a low score, it is advisable to pay of your current dues before applying for a car loan. This will avoid rejection of your application.
The score is calculated by taking some factors into account lie your regular income, debts to be paid, credit history and credit card payments. This exercise gives you an overview of your financial condition and can help in making changes for the better.
India is one of the fastest growing economies in the world. With more employment opportunities being generated and the young becoming early earners, more women entering the workforce, the disposable income available today has increased many times over the last few decades. The ability to buy a car with the help of borrowed funds has become an attractive option. This has impacted the demand for financial assistance in a positive manner.
The sheer number of models available today especially at the entry level at attractive prices is pushing up the car sales. Owning a car contributes to one’s social status symbol. A sense of independence is achieved by owning a car; all of these factors are influencing auto sales in the country.
The car loans are benefitting from this car sales impetus. With more people aspiring to buy a car, they depend on external financial assistance to help in financing the purchase. Hence, the banks are seeing growth in car loan enquiries and applications. They have geared up to meet the increasing needs and cash on the opportunity. Turnaround times for processing a car loan has reduced considerably. Banks are making efforts to make the best use of this opportunity. For example, with just one call to the City Union Bank car loan customer care, one can get all details about their car loan.
Most car dealerships have tie-ups with leading banks to help close more sales. Potential buyers are able to easily make a decision and have everything available at one-stop-shop Easy availability of information online and reviews on social media are also helping people take a better-informed decisions.
A car loan EMI calculator is an online tool to calculate the monthly EMIs to repay your loan. It is advisable to estimate this figure on the basis of the loan amount, interest rate and the loan tenure before you actually take up the loan. The EMI calculator is freely available on most bank websites and leading financial services organisations like CreditMantri. One can find different kinds of calculators on www.creditmantri.com like loan calculator and income tax calculator. You can also get a break-up of your monthly instalments including the interest charges for the entire loan period. One can use the tool many times over till you work out a comfortable EMI figure.
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