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Do you wish to buy a car but you can’t because you do not have that amount of cash to pay right away? Is your dream car so expensive that you think you can never buy it? Then we have some good news for you! With the changing times in the financial market, it has become easier to get a car loan than it was before. You no longer need to wait in bank queues, speak to bank agents who are rude, run about trying to get a million documents or deal with EMIs that you had no idea were coming your way. In today’s times the banks make it very convenient for the customers to check car loan details and apply for the same.
There are several banks in India that offer car loans at attractive interest rates and long tenures. So how do you know which one is the best for you? Well, it’s quite simple, just log on to the CreditMantri website where you can compare the interest rates and benefits between different banks and choose the one that is right for you.
Punjab and Sind Bank provide car loans on EMI schemes. The loan borrower makes small amounts of monthly payments to settle the loan amount in a particular tenure. The loan borrower needs to check for his/her eligibility before applying for the loan. This can be done by logging on to the CreditMantri website.
You can also use the Punjab and Sind Bank EMI Calculator to help you calculate the monthly instalment amounts. All you need to do is to enter the values like Loan Amount, Interest rate and Tenure period then by clicking on calculate button you will quickly know the result.
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.
Equated Monthly Instalments or EMI depend upon both the interest and the principal repayments every month. EMIs can be taken for a short duration and be paid off in large instalments or they can be taken for a longer tenure with smaller instalments. EMIs make it simple for the borrower to return the money as he/she knows the financial commitment that they are getting into when they are opting for the car loan.
1. Why is using an 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.
2. What is the formula employed for calculating car loan EMI?
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.
This formula does not take into account the pre-payments that you make towards the loan.
3. Will I get charged for using the Car Loan EMI Calculator on CreditMantri?
No, the car loan EMI Calculator available on CreditMantri is free of charge and you can use it any number of times until you find an affordable loan.
4. Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when prepayments are made towards the debt. To avoid such problems, we recommend you to use the EMI Calculator on CreditMantri.
5. What are the documents you require for Punjab and Sind Bank car loan?
Documentation for salaried applicants:
Documentation for self-employed applicants:
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