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A car loan EMI calculator can calculate the estimated monthly payments that you need make to the bank once you have taken a car loan. This is calculated on the basis of the principal loan amount, rate of interest provided by the bank and the loan tenure. The car loan EMI calculator is available with most banks on their websites and leading financial services provider like www.creditmantri.com. It is quite a simple tool to use and helps you in understanding your money outflow. You can use many combinations of the principal amount, interest rate and loan tenure to arrive at a comfortable EMI figure.
A car loan can be defined in simple words as money borrowed to buy a car. You will not have to pay the total price of the car upfront to the auto dealer other than the initial down payment. The bank pays the remaining price of the car and you need to repay the bank in Equated Monthly Instalments (EMIs) the loan amount plus the interest. The car that you purchase acts as the security for the loan. If there is a situation wherein you continuously default the repayments or are unable to pay back the loan, the bank will seize the car, sell it and close the loan.
The EMIs are calculated on the basis of the principal loan amount, rate of interest and loan tenure. Your loan eligibility and financial status influence the EMIs decided by the bank. The EMI does not change during the course of the loan period. However, it is important to note that the rate of interest is crucial in determining the EMI. The interest part of your loan repayment starts decreasing once the loan payment starts and eventually, the principal amount remains as the large chunk of this repayment. You can estimate the EMI by using the Federal bank loan calculator and plan your finances in advance for the loan period.
The Federal Bank EMI calculator helps in calculating the monthly pay-outs towards your loan. A simple too to use, the Federal bank loan calculator has the option of calculating a monthly repayment and quarterly repayments. It also works out the EMIs for the entire loan period through the Loan Amortization chart. With an advance understanding of the monthly payments, it is easier to manage your other financial obligations. You can also request the bank to share the Federal Bank car loan statement to track the payments made and more importantly the balance loan amount.
Principal amount of Loan
Duration of the loan
The duration of the loan is the entire repayment period. This can be your choice, or the bank will help you decide on the basis of your financial situation. Longer the tenure of the loan, it will a lesser EMI that needs to be paid out. Federal bank car loan offers a maximum period of 84 months.
Rate of Interest
Any loan repayment is done with an interest. The rate of interest is set by the bank in accordance to RBI guidelines and MCLR method. Your loan eligibility and financial status is considered while finalising the rate of interest. Some banks provide fixed rate of interest throughout the loan period. The Federal Bank loan interest rate is competitive in the market and with a good credit score, one can negotiate a better deal with the bank.
While you can easily apply for the Federal Bank car loan online, it is quite important to assess your loan eligibility. The most important factor used by all banks before sanctioning a car loan is to check your credit score. What is a credit score? It is determined by all factors in your financial life – Regular income, other incomes, liabilities, debts, loan repayments, credit card history and shows the overall health of your financial condition. It is recommended to have a score of 700+ to avoid a rejection on your car loan application.
Your credit score can be checked online for free through leading bank websites and/or financial service providers like www.creditmantri.com. A good score helps in negotiating a good car loan deal with the bank. Additionally, the credit score assessment helps you understand your current financial situation better.
The automobile industry in India has grown leap folds in the last two decades or so. With a burgeoning population and steady growing economy, all global car brands want a piece of this market. The number of car models available in the country today is making customers spoilt for choice. The competitiveness due to sheer numbers is not limited just to the sale but has extended to after-sales, maintenance, accessories, insurance and customer care service. These factors are fast becoming an influence on the purchase decision.
With the auto industry on the fast track, the financial services sector has also received an impetus. The ownership of a car is not hindered by lack of finance. The car loan options available make it easier for a potential owner to quickly book for his car. For instance, one call to the Federal Bank car loan customer care will help you get all details required.
One can also say that the easy availability of car loans has pushed up the car sales to a great extent. People are finding it easy to sign up for car loans as most auto dealerships have tie-ups with banks. This facilitates the purchase decision for the buyer and quickly close the documentation process. Overall, the experience of booking a car along with the financial assistance has become better and better. With access to social media, online websites, mobile applications etc., and one can get take a quick decision to buy a car and finance it as well.
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