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A car loan is one of the most easily available financial support in today’s world. It is an important decision to take a car loan however, in comparison to other personal loans, it is a more simple option. One of the reasons being that it is already a secured loan in the sense that the car being purchased acts as a security itself. While it has become more affordable to take a car loan, it shouldn’t dig a hole in your pocket. One can calculate EMIs (Equated Monthly Instalments) well in advance to plan outflow of money during the loan period. This is done with the help of Corporation Bank car loan EMI calculator and gives you an overall view of your loan repayments. Continue reading for more details on car loans and the Corporation Bank loan calculator.
It is an online calculator that helps you calculate the monthly repayments towards your loan. The EMIs get generated out of this tool and gives you an overall sense of the loan repayment schedule. The car loan EMI calculator is available with all leading banks in the country and financial services provider like www.creditmantri.com. A very simple tool to use, one needs to key in the principal loan amount, interest rate and loan duration. It will generate the monthly instalments to be made. One can also use many combinations of the input values to reach a comfortable EMI figure.
A car loan can be simply defined as borrowing money specifically to buy a car. It is quite possible that you are running short of funds or do not want dig into all your savings in one shot. A car loan helps you bridge the financial gap between the funds you have and the total price of the car. The borrowed money is to be repaid in monthly instalments over a specified period of time. Usually, the car that is being bought acts as the security for the loan. In case you default in the payments or are unable to repay the entire loan, the bank will seize the car, sell it and close the loan.
The EMIs are worked out on the basis of the principal amount of loan, duration of the car loan and rate of interest. The monthly instalments are a fixed amount during the loan tenure and can be calculated through the Corporation Bank loan calculator. The interest rate is probably the most important factor in determining the EMIs. As the repayment schedule begins, the interest element of your EMIs will grease continuously and the loan amount will be a major chunk of the repayment amount.
EMIs get calculated on the basis of few factors like your loan eligibility, interest rates, principal amount and the duration of the loan. The expected EMIs can be worked with the help of the Corporation Bank loan calculator and helps in managing your financial situation during the period of the loan.
The Corporation Bank EMI calculator is probably the best way to estimate your monthly payments to close your loan. You need to feed in the principal loan amount, interest rate and the duration of the loan. The tool then generates the EMIs to be made on a monthly basis as well as the interest break-up. It also shows details through the Amortization chart wherein the monthly instalment schedule along with the interest details for the entire duration of the loan is shown. One can also request for a regular Corporation Bank car loan statement to track your payments and the balance loan amount.
There are a few factors that affect the usage of the EMI calculator.
Before getting a car loan, one must calculate the financial situation like regular source of income, pending debts and any other financial obligations. It is also critical to estimate the total amount of loan to be taken as this will need to be repaid with interest. While the amount will be paid through EMIs, one must be careful that it doesn’t become a burden on your finances. The Corporate Bank car loan offers financing up to 85% of the price of the car.
The tenure of the loan that is the period in which you will repay the loan amount is one of the most important factors. If the loan tenure is taken for a less period, then the EMIs will shoot up. If t she goal is to keep the monthly expenses less, then it is advisable to take a longer duration loan. The maximum duration of the loan offered by the Corporation Bank is 84 months.
All loans that we take from the bank attracts a particular interest rate. There is an amount that one needs to pay over and above the loan amount that is being borrowed. Some banks offer a fixed rate of interest while others go for the fluctuating rate. In case, you are looking for a fixed monthly outflow of EMIs, a fixed rate of interest will be suitable for the entire period of loan.
It is quite easy to apply for Corporation bank car loan online. However, one needs to assess the eligibility for taking a car loan. The banks use your credit score as the one of the most important criteria to offer a car loan. If you have a low credit score, it is advisable to first repay all your debts and then apply once again. You can avoid rejection on your loan application.
The credit score can be conveniently checked online through the websites of leading banks or financial services provider like www.creditmantri.com. Some of the main criterion used to determine your credit score are current liabilities like home loans and other personal loans, credit history like past loan repayments, credit card payment etc. It also helps in assessing your financial position on the basis of your regular income. If you have a good credit score, then you can negotiate a good car loan with the bank. This overall assessment helps in budgeting for future financial requirements.
The Indian auto industry has witnessed a continuous growth in the last decade or so. All car brands want their share of the car market here because of our fast growing economy and population. Many car models have flooded the market making the customer spoilt for choice. Even after sales service, maintenance, insurance have been ramped up as it is fast becoming an influential factor in buying a car.
The growth in demand for cars has also positively impacted the growth of car loans. This is helping make the ownership of a car more easy and accessible. For instance, one call to the toll free number of the Corporation Bank customer care service will give you all required details of a car loan.
Potential buyers are aware that most car dealerships have tie-ups with banks to facilitate the car loan process. The turnaround time to take a car loan and book a car has drastically reduced. All required information is easily available online through social media, mobile applications and toll fee numbers.
You can easily calculate your monthly payments through the car loan EMI calculator which requires details of the principal loan amount, interest rate and the duration loan. It also shows the break-up of interest charge for the entire period of the loan. This EMI calculator is available on bank websites as well as CreditMantri. www.creditmantri.com offers loan calculator as well as income tax calculator. This tool is easy and free of cost to use. The car loan EMI calculator can be used many times using different information to arrive at a comfortable EMI.
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