You can calculate the Car Loan EMI Amount with the help of the mathematical formula: EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] , where P, R, and N are the variables. … N is the number of years given for the repayment of the loan. As you must pay the EMIs each month, the duration is calculated in the number of months.
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What is the EMI per lakh for car loan?
Lowest Car Loan EMI, Car EMI per lakh Jul 2021BankCar Loan EMI per lakh, New CarCar Loan EMI per lakh, Used CarICICI Bank Car Loan₹ 1,554 for 7 years₹ 925 for 5 yearsAxis Bank Car Loan₹ 1,591 for 7 yearsIndusInd Bank Car Loan₹ 2,028 for 5 yearsKotak Bank₹ 1,957 for 5 years₹ 1,504 for 5 years15 autres lignes
What is the EMI for 8 lakhs car loan?
Repayment or Maximum Number of EMILoan amountInterest RateEMI for 7 Years5 Lakh9.00%₹ 8044.546 Lakh9.00%₹ 9653.457 Lakh9.00%₹ 11262.358 Lakh9.00%₹ 12871.2612 autres lignes
What is minimum down payment for car?
When you take a loan, some banks will expect you to pay a certain portion (usually 5% to 15%) of the car value to the dealer before they release the Car Loan. This is called a down payment.
What is EMI formula?
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months. … The higher the loan amount or interest rate, the higher is the EMI payments and vice versa.8 août 2014
How much loan can I get if my salary is 1 lakh?
For example, if you earn Rs 1 lakh and have expenses of Rs 30,000 a month, then you can easily go for a loan with Rs 40,000 EMI. But for someone with the same Rs 1 lakh salary, but having Rs 75,000 in expenses, will find the Rs 40,000 EMI unaffordable.18 fév. 2020
How much car loan can I get on 40000 salary?
It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.24 jui. 2020
How much car loan can I get if my salary is 20000?
With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.13 jui. 2020
How much personal loan I can get if my salary is 30000?
Consider – how much personal loan can I get on a 20,000 salary? Sans any other financial obligations, you can expect to be eligible for a loan of Rs. 5,40,000….Multiplier Method.SalaryExpected Personal Loan AmountRs. 20,000Rs. 5.40 lakhsRs. 30,000Rs. 8.10 lakhsRs. 40,000Rs. 10.80 lakhsRs. 50,000Rs. 13.50 lakhs1 autre ligne•8 avr. 2020
How much car loan I can get on my salary?
Check Eligibility Criteria for Car LoanAgeMinimum Age: 18 yrs. Maximum Age: 75 yrs.SalaryRs.10,000 per month (minimum)Employment Type StabilitySalaried or Self-employed individual/ partnership 3 yrs. (minimum) total experience/yrs. in business/profession;2 yrs. (minimum) in current post/business/profession2 autres lignes•29 oct. 2018
How can I reduce my car loan EMI?
1. Negotiate on the car price first.
2. Look out for NBFCs from car manufacturing companies.
3. Negotiate with the lender.
4. Make big down payment to cut EMIs.
5. Extend the tenure.
6. Prepay your loan.
7. Look for a lender with less or no processing fee.
What is the maximum down payment on a car?
If you want to, you can definitely make a 50 percent down payment on a car if you have the cash. It’s uncommon, but as long as you finance at least the minimum amount – usually $5,000 if you have bad credit – lenders don’t have a problem with you making a really big down payment.30 mai 2019
How can I get a car with no money?
1. Look for a cheaper car.
2. Delay buying a car until you save up a down payment.
3. Buy a used car.
4. Get a cosigner on your car loan.
Which bank is best for vehicle loan?
Top 10 Banks for Car Loan in IndiaName of the LenderInterest Rate (p.a.)Federal Bank9.25%Axis Bank9.05% to 11.30%Canara Bank8.75% to 11.30%IDBI Bank9.10% to 9.70%6 autres lignes
Is EMI good or bad?
Is an EMI scheme good or bad? Although a good EMI scheme is easy on your wallet, you must try to avoid it as the first option. You may not only be spending more than the actual worth of the product, but also splurging first and then relying on EMI payments is not healthy for your finances.16 oct. 2013