8/21/2023 0 Comments New car loan payment calculator![]() ![]() Higher the interest rate on the loan, higher will be your EMI and vice-versa. Remember, the interest rate and your loan tenure are the vital deciding factors for your loan EMI. Helps you ascertain how much will be your Car Loan EMI outgo.Saves time and energy spent on doing manual calculations.Here are the five benefits of using the EMI calculator: To enter the loan amount, car loan interest rate, and the tenure of your loan (in ![]() Mathematically, EMI is calculated as under:Īxis Bank’s Car Loan EMI calculator is a great online tool that provides you with the answer in a split second and enables you to understand how much will be your EMI outgo. The entire tenure of your loan, and it is to be repaid over the tenure of the loan on a monthly basis. Therefore, EMI = principal amount + interest paid on the Car Loan. The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein. To user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, Neither Axis Bank nor any of its agents or licensors or group companies shall be liable NoĬlaim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Axis Bank does not undertake any liability or responsibility to update any data. Other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ![]() User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ The use of any information set out is entirely at the User's own risk. Herein or on its completeness / accuracy. So, before you apply for a Car Loan, as a prudent loan planning exercise, make it point to assess how much would be the EMI on your CarĪxis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated ![]() To make the loan repayment comfortable, you have the EMI (Equated Monthly Instalment) facility. The Car Loan is offered even to proprietorship firms, partnership firms, companies, trusts and societies. You can get a pre-approved car loan, depending on your income and credit score, but subject to maximum loan tenure and the loan amount.Īxis Bank offers Car Loans at an attractive rate of interest, low processing fee, a repayment tenure of upto 7 years, and higher loan-to-value ratio (100% on-road price funding onĬertain models) to purchase a new car. You can simply avail a new Car Loan and drive in your dream car sooner. You don’t need to be wealthy enough or save a fair amount of money to buy your first car, unlike a couple of decadesĪgo. Principal: The principal is the amount you borrow before any fees or accrued interest are factored in.Today, buying a dream car is almost within your reach irrespective whether you are salaried or self-employed.Your loan’s principal, fees, and any interest will be split into payments over the course of the loan’s repayment term. Repayment term: The repayment term of a loan is the number of months or years it will take for you to pay off your loan.You can use Bankrate’s APR calculator to get a sense of how your APR may impact your monthly payments. APR: The APR on your loan is the annual percentage rate, or cost per year to borrow, which includes interest and other fees.This rate is charged on the principal amount you borrow. Interest rate: An interest rate is the cost you are charged for borrowing money.When taking out any loan, it’s important to understand these four factors: Common types of unsecured loans include credit cards and student loans. Unsecured loans don’t require collateral, though failure to pay them may result in a poor credit score or the borrower being sent to a collections agency. In exchange, the rates and terms are usually more competitive than for unsecured loans. Common examples of secured loans include mortgages and auto loans, which enable the lender to foreclose on your property in the event of non-payment. Secured loans require an asset as collateral while unsecured loans do not. ![]()
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