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Gone are those days when you had to go in and out of a bank to get a loan. Banks offer various options in the personal or retail loan category, out of which one of the most sought after is the car loan. The desire to own a car is within grasp today. It is one of the most reasonable financial assistance available in the market today. A car loan helps you own the car of your choice without digging into your savings much and at the same time, you are able to meet other financial obligations. A car loan is repaid with Equated Monthly Instalments (EMIs) with a set interest rate and loan tenure. This monthly payment can be estimated with the help of Syndicate Bank Car Loan EMI calculator. Such financial planning with help in bringing about better stability in your future financial status. More information on car loans and Syndicate Bank loan calculator can be found below.
In simple words, a car loan is money borrowed from a bank or a financial institution to buy a car. The initial down payment for the car will need to be given by the purchaser and the balance amount can be borrowed in the form of a loan. This loan needs to be paid back with some interest over an agreed period of time. The repayment happens in the form of monthly instalments. A car loan is usually secured with the purchased car itself. A collateral over and above this is not normally required. In the scenario that you are not able to repay the car loan within the stipulated time period, the bank or the financial institution can take the car away and sell it to pay off the loan amount.
The pay-out that happens through these EMIs must be carefully calculated and plugged into your regular income-expenses calculations for the future. It shouldn’t form a huge part of your outflow as it may affect your ability to cater to other financial obligations.
The Syndicate Bank EMI calculator is quite detailed and easy to use as compared some of the other bank loan calculators. One needs to feed in the principal amount of loan, interest rate and the number of years for which the loan is taken. The estimated EMI is calculated on the basis of these inputs. The EMI calculator goes on step ahead – It also helps you understand the Annual Percentage Rate which in turn shows the overall cost of the loan taken. The upfront charges, additional charges if any, year of prepayment and prepayment charges if any are the inputs to be given. One must note that the actual accuracy of these calculations will vary depending on the actual parameters of the loan product.
Principal amount of Loan
While you may be eligible for a car loan, the amount of loan given by the bank depends majorly on your net annual income and the percentage of funding on the total price of the car. The principal amount of loan is not the same for all applicants. There is an individual assessment done by the bank before funds are issued. This affects your EMIs to be paid out during the period of the loan.
Duration of the loan
More often than not, people tend to close the loan faster. While it is perfectly fine to do so, you should have enough finances to do that. For someone who has an average annual net income, it may not be possible. In which case, the duration of the loan becomes an important factor in calculating your EMI.
Rate of Interest
The rate of interest at which you borrow the loan is probably the most important part of your EMI calculation. The monthly payment and the overall cost of the loan depends on this interest rate provided by the bank. For example, the Syndicate Bank car loan interest rate is one of the most competitive rates in the market however, the bank decides this rate for your loan on the basis of your financial capability, amount of loan being taken and the duration. It is mostly advised to take a longer tenure of loan to keep your EMIs low.
While it is simple and easy to apply for the Syndicate Bank car loan online, your personal credit score is crucial in avoiding a rejection. A bank always assesses your financial capability to pay back the loan amount. Hence, it is important for you to have a high credit score before applying for a car loan.
Your credit score can be checked through most bank websites or www.creditmantri.com. It is calculated on the basis of many factors like current liabilities – debts and other loans and credit history like previous loan payments, credit card payments etc. All your sources of income are also taken into consideration. If you are able to get a good credit score, it helps in negotiating a better loan deal with the bank. The credit score also helps you assess the overall financial situation.
With growing population, increasing consumerism and larger base of younger disposable incomes, it is no surprise that pretty much everyone wants to own a car. It is not a distant reality anymore with the variety of financial assistance available as well. India is one of the fastest growing car markets in the world. Most global car brands have some presence here and want a big piece of this growing market. With newer models coming in regular, the buyers are spoilt for choice.
Ample financial options make it easy and faster to drive out with a new car. Banks have amped their facilities to meet the growing demands of prospects and customers. For example, Syndicate bank loan customer care toll free facility helps you with loan information or the status of your application. Services are being made available at just a click or a call away.
Even after-sales service has become a revenue centre in itself for auto companies. With such growing numbers, the car financing industry has also got impetus. People understand that owning a car is a hassle-free process today. Auto brands also look forward to many engagements with the public to push their brands ahead. Easy information through social media, websites and accelerated advertisement efforts, help in boosting the car sales and financial services.
While you may be eligible for a car loan, it is more important to understand your monthly pay-outs once the loan is taken. The monthly payments can be calculated before taking up the loan with the help of the EMI calculator available on major bank websites and leading financial services providers like CreditMantri. This calculating tool is readily available and easy to use. It gives the break-up of the EMI – loan amount + interest. The EMI calculator can be used as many times as you want. The inputs in the calculator can be modified as many times as you want till a satisfactory EMI amount is arrived!
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