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It is gratifying to own a car of your choice and cruise the roads in the convenience and ease that it offers. For almost all individuals who have a driver’s license, owning his/her car is a rite of passage that marks a major milestone in their life. With the wide range of affordable car loan schemes offered by banks and other financial institutions, owning a car is not a distant reality. You could be living in a city or a village; you could be a businessman, service employee or a farmer – South Indian Bank can help your dream come true and grant you the loan that can make you an owner of a four vehicle.
So, if you are planning to buy a new car, a commercial vehicle or a vehicle for agrarian purpose, South Indian Bank is a one stop shop. The bank offers car loans for one and all. They offer loans at minimal interest rates with no hidden charges and interest rates that are very attractive.
First, let’s understand the term, Equated Monthly Instalments or EMI – when one takes a loan, the borrower needs to pay the bank the money on monthly instalments. These instalments depend on the loan amount taken, the loan tenure and the interest rate offered by the bank.
Some banks even offer EMIs based on the changing market prices. There are also instances when the bank allows the loan borrower to pay a huge sum as down payment so that the monthly EMIs are reduced. The shorter the tenure, the higher the amount; the longer the tenure, the smaller the amount (this way is more expensive).
The purpose of taking car loans is to:
South Indian Bank car loan, that is Mobi Loan, is profitable for the loan borrower since it is made available at comparatively low interest rate. The Bank has instituted a transparent system for processing the loan and projecting associated fees and charges, which makes it easier for the borrower to calculate total cost of availing a car loan. South Indian Bank provides car loans for those who wish to purchase a car for personal or agricultural use, as well as for purchase of commercial vehicles.
An important factor to be taken into consideration before choosing a loan tenure and loan amount is analysing the affordability of availing a car loan from South Indian Bank. Hence, it is necessary to scrutinize your amortization schedule thoroughly you may end up in a debt trap since you may not be aware of your monthly EMI pay out or overall cost incurred. In order to get in-depth knowledge about your repayment options, EMIs, interest rate, other fees and charges, the best way to do it is by using the South Indian Bank car loan EMI calculator.
This calculator has a formula that is in-built to calculate the car loan EMI for South Indian Bank car loan. It is based on the below formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Here, P is the principal amount, N refers to the number of instalments, and R is the rate of interest for each month. The formula can be different for a car loan depending on the parameters that are involved in a car loan. The customer can use the EMI calculator numerous times for no additional cost.
CreditMantri has a credible EMI calculator which can be 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. In case, your individual car loan eligibility as calculated by the car loan eligibility calculator is less than the loan you need, you can add the income of earning family members.
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.
If you have a good credit score (above 700), this could be a credit score provided by any of the four credit bureaus in India; and as mandated by the RBI the credit bureaus are required to provide a credit score for free.
The stress on having a good credit score is important because lenders look for balanced applicants to whom they can make a lending decision and a credit score which takes into account the different facets of your credit history is a good metric for banks to go by.
If you are already having loans ongoing, the lenders might calculate your debt to income ratio. With the future loan, if your debt is above the 50% of your income, you might get lesser loan amount or there are chances of rejection. Ensure that your debt to income ratio is balanced.
1. Which customers are eligible to apply for South Indian bank car loan?
2. What are the details required for using South Indian Bank EMI calculator to get the EMI amount?
You will have to enter the details of your loan amount, interest rate and tenure in the EMI calculator.
3. Can I apply online for South Indian Bank personal loan after using the EMI calculator?
Yes, you can apply online for South Indian Bank personal loan.
4. Can I check for multiple loan amounts in the South Indian Bank personal loan EMI calculator?
Yes, you can check the EMI payable for multiple loan amounts with various interest rates.
5. What is the maximum tenure and interest rate on the South Indian Bank EMI calculator?
The South Indian Bank EMI calculator is unique as in the user needs to enter the necessary interest rate, tenor and loan amount to check the EMI. There is no limit on any of the fields.
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