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In today’s digital age, you no longer need to stand on those long queues at the bank to get details about a car loan. In today’s times, car loans are taken by almost any person who wants to travel in comfort or luxury. With the increase in demand for car loans, many banks are offering competitive prices to attract customers.
With increase in income, the demand for passenger vehicles in the country has increased. Not just small cars but even big cars like Sedans, Multi Utility Vehicles and Special Utility Vehicles are in huge demands in India. Lakhs of people keep a tab on new vehicles that are launched in the market and keep a check on the discount rates or special car loan offers put forth by the bank. To get the perfect car, customers go through all the aspects such as the mileage the car offers, maintenance cost of the car, nearby authorised repair/servicing shop. They also go through various reviews posted online or on the website and even social media sites such as Facebook, Twitter ad YouTube.
One such bank is Devkaran Nanjee Banking Company, commonly known as Dena Bank. It takes its name from its founder Devkaran Nanjee. First, the bank was incorporated as a public sector company in December 1939; and in the year 1969, the bank got its government nationalisation. Along with personal loans and home loans, Dena bank offers car loans too. The car loans are provided to loan borrowers at low interest rates with flexible loan tenure. This means that the customer can pay off their loans at ease and comfortably.
After you buy a car, you need to repay the loan with the loan tenure, i.e. a particular time period on an EMI basis. If you wish to know how the Dena Bank car loan EMI calculator operates, here is the basic formula that is applicable:
EMI (E) = [P x r x (1+r)^n]/[(1+r)^n-1]
For example, if you take a car loan for Rs. 4,00,000 at an interest rate of 10.20% with a loan tenure of three years, an estimate of the total interest payable would be Rs. 66,000, and the total payment made by you at the end of the tenure will amount up to Rs. 4,66,000.
Apart from paying the monthly instalments, there are other charges that are associated with the loan, such as processing fees, documentation charges, loan cancellation/re-booking charges, pre-payment charges etc. While deciding on a car loan, the applicant compares prices offered by different banks.
CreditMantri has a credible EMI calculator which can help you while availing all kinds of loans from leading lenders in India. This calculator is simple and can be used by just entering details like the loan amount, interest rate and tenure.
Once you know the EMI amount, you have a clear idea of the EMI that you need to pay each month. Also, if you have a good credit score, you will be entitled to better loan terms and save a substantial amount every month. If this is your first car loan, then it is advisable that you create a profile on CreditMantri to check if the loan is suitable for your credit profile.
To decide, you can also check the Dena Bank car loan EMI calculator to know the exact amount of your monthly outgo with just a click.
There are certain features that appeals to the loan borrowers to apply for the Dena bank car loan scheme.
While the price of the car or the interest rate of the car loan are definitely the important factors that determine which loan you must opt for, there are other factors at play as well. You must have a look at your income levels and ensure that your debt-to-income ratio doesn’t exceed 30%-50%. This ratio will enable you to repay your loan with ease.
Another very important factor is your credit score. This is a score given by the credit bureau based on three main parameters:
A good credit score can help you to negotiate better car loan terms with a lender. If you have a credit score above 700, you can avail a loan with lower interest rate and save a lot of money every month.
1. What information is required when making pre-payments using the CreditMantri Car Loan EMI Calculator?
The information required for using the CreditMantri Car Loan EMI Calculator:
2. Why is using CreditMantri Car Loan EMI calculator better than calculating the EMI manually?
The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.
3. Does it make sense to use the CreditMantri EMI calculator after applying for a car loan?
You should always make sure to use the CreditMantri Car Loan EMI calculator before you actually apply for a loan. This will help you ascertain your loan repayment ability and affordability.
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