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A car loan EMI calculator helps you understand the monthly payments that need to be paid to the bank after you take a car loan. Simply put, you will know in advance (before taking the loan itself) how much more will go out of your pocket on a monthly basis till the loan is completely paid off. The car loan EMI calculator is available on the websites of most leading banks and financial services provider like www.creditmantri.com. The calculator works on the basis of principal loan amount, rate of interest and loan tenure details. It will generate the estimated monthly instalments to be paid. You can also use various combinations of loan amount, interest rate and loan duration to arrive at an optimal figure that suits your pocket.
A car loan is a type of personal loan wherein money is borrowed from a bank or a lending institution to buy a new car or a used car. You will need to return this borrowed money in the form of EMIs at an agreed rate of interest over a specified period of time. A car loan is normally secured with the car being purchased itself. Additional collateral is not very frequently asked by banks. In the eventuality that you are not able to repay the entire amount of the loan, the bank has the right to seize your car, sell it and pay off the loan.
These EMIs are decided on the basis of few factors like your loan eligibility, financial status, loan amount, interest rate prevailing and the loan duration. The EMI amount stays fixed throughout the period of the loan and can be calculated on the Dhanlaxmi bank loan calculator. The interest that you pay on the loan is probably the most important component of the monthly payments. As you start paying the EMIs, the interest element decreases and the principal loan amount forms the major chunk of the repayment.
The EMI calculator is quite useful to plan your finances after you take the loan. When you know that a certain amount will be an additional pay-out in your monthly expenses, it becomes easier to manage your other obligations. These EMIs can be estimated with the help of the Dhanlaxmi Bank loan calculator and indirectly helps in managing your financial status during the loan period.
The Dhanlaxmi Bank EMI calculator will work out the monthly payments to be made during the loan period. The principal amount of loan, rate of interest and the duration of the loan needs to be fed into the calculator. It then generates the estimated monthly instalment that you will need to pay. The exact amount can be worked out with the bank representative at the time of loan application. The rate of interest given to you is worked out by the bank on the basis of RBI guidelines and prevailing market conditions. In order to keep your finances in order, it is suggested that you regularly request for a Dhanlaxmi Bank car loan statement to keep track of your payments and balance amount to be paid.
Principal amount of Loan
Understanding your current financial situation is a mandatory exercise to be done before applying for a car loan. Your current income and debts directly impact the ability to make the down payment for your car. The higher down payment you make, the lesser amount of car loan needs to be taken. And lesser the principal amount of loan, the faster you can close it with attractive EMIs.
Duration of the loan
The duration of the loan taken directly affects the EMI amount generated from the EMI calculator. Lesser the loan period, higher EMIs will need to be paid on a monthly basis. This will affect your income-expense sheet on a regular basis till the time the loan period gets over. The Dhanlaxmi bank car loan offers a maximum period of 60 months.
Rate of Interest
A car loan, like any other loan, needs to be repaid with an interest. This rate of interest is calculated by the bank on the basis of your loan eligibility criteria, loan amount to be taken, regular income and credit score. The interest component forms a large part of the repayment amount towards the loan in the beginning. However, as the loan period progresses, this tapers down and the principal amount is what remains.
While it is just a simple process to apply for the Dhanlaxmi Bank car loan online, it is quite critical to understand your eligibility for taking a car loan. One of the most dependent criteria used by all leading banks is to refer to your credit worthiness or credit score. If your score turns out to be low, it is advisable for you to finish repaying your existing overdue and then apply for a car loan. This will avoid rejection on your loan application.
The credit score can be easily checked on www.creditmantri.com. Many factors are considered while computing your credit score – regular income, liabilities like home loans and personal loans, your credit history like loan repayments, credit card payments etc. If you have a good credit score, it helps in negotiating better deal with the bank.
Mobility needs are only increasing in our country day by day. This can be attributed to rising incomes, increasing population and workforce, independent women and younger workforce. All of these are leading to an increase in car sales. The auto industry in India has been witnessing steady growth in comparison to previous decades. It is no surprise then that global car brands want a piece of this market to increase their volumes. With more players in the car market, there is healthy competition present leading to better customer service and more creative communications. The process of buying a car has been made more convenient with the auto dealership trying to provide a holistic experience under the same roof. Even after sales, insurance, accessories and maintenance are being offered in a different lucrative manner.
Due to this change in offering and perception, the growth of car loans have been affected in a positive way. Most auto dealerships have tie-ups with leading banks to provide financial assistance to a prospective customer. This makes it easier for a prospect to purchase a car and not run around for various documentation and approvals to finally book the vehicle. So, banks have also got in a healthy competitive mode wherein customer service and offerings have taken a better dimension. For instance, one can call the Dhanlaxmi bank car loan customer care service and get all required details in a jiffy.
Digitization of banking services have ensured quick turnaround of approval times and therefore, leads to higher sales. One can easily access almost all details through social media, official websites, mobile applications and toll free numbers. Thereby, reducing the waiting time for basic information. Most people aspire to own a car in their lifetime and with burgeoning population like ours, that adds up to volumes of profitability for both the auto sector and the financial services business.
A car loan EMI calculator is an online tool that generates your estimated EMI for a car loan. The monthly instalments with interest break up is shown for the entire duration of the loan. The EMI calculator is available on the websites of all leading banks in India and financial services provider like CreditMantri. One can find different types of calculator on www.creditmantri.com like loan EMI calculator and income tax calculator too. On the basis of the principal loan amount, interest rate and duration of the loan, the estimated monthly instalment amount can be know. This is beneficial for planning your future finances and take a smart decision in choosing the right car loan.
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