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IDFC FIRST Bank’s online car loan EMI calculator simplifies this formula for you. Where ‘E’ is the EMI payable, ‘P’ is the principal amount, ‘r’ is the interest rate and ‘n’, the tenure of the loan in months. How does a car loan EMI calculator work?Ī car loan EMI calculator employs a mathematical formula to calculate your car loan EMI: This helps you plan the repayment of your car loan in advance. Once these details are entered, a car loan EMI calculator gives an accurate number as your monthly EMI. This can be done simply by entering your loan amount, interest rate and period.
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A helps you computing car loan EMI in advance. Read Lessīefore availing a car loan, you must use a car loan EMI calculator. If you're torn between two dream cars priced differently, you can consult IDFC FIRST Bank's online car loan EMI calculator to check the EMI for both and take an informed decision. Depending on the exact cost of your car, you might want to change the loan amount or the loan tenure.
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If you have a rough idea that you can afford your dream car via a car loan, it's always good to check a car loan EMI calculator before applying for the loan. To be completely prepared for any upcoming expenses - EMI or otherwise - it is good to have an estimate of your monthly car loan EMI. Here are a few reasons why you must consult an online EMI calculator before going for a car loan: Read MoreĬar loans can be heavy on your pocket. However, before you sign the car loan documents, it is advisable to use a car loan equated monthly instalment (EMI) calculator.
#CAR LOAN CALCULATOR MANUAL#
This is usually the main concern for the average car buyer to see if it fits their budget Monthly installments can be done via manual or auto deduction.Many people finance their dream car by availing a car loan. With the car loan amount, loan tenure, and interest rate decided, a monthly installment amount will be obtained. Keep in mind that an early settlement for your car loan will not drastically reduce the interest that you have to pay. The choice is yours to make depending on your financial needs. Some car buyers prefer to pay a higher down payment to reduce the interest paid, while some prefer to have more cash in hand. Down payments can also be paid by trading in your current vehicle. Down payment and interest ratesĪ minimum of 10% down payment is usually required by banks for the purchase of a brand-new car and about 20% for a used car. The interest rate of the car loan will be affected by the type of car (sports car/family car), loan amount, loan tenure, and your credit history. Whether or not you will be eligible for a car loan depends on factors like the loan amount, loan tenure, your monthly net income, credit score, and other factors. Car Loan EligibilityĬar loan or financial service providers include banks and some car companies themselves. Loans enable you to hold on to your cash in hand by charging you an interest over a certain period of time. In Malaysia, car loan tenures can take up to 5, 7, or even 9 years. The bank’s valuation of the car is important since it serves as a collateral in case of loan default. Used cars can be purchased on a loan too, provided they’re not valued too low. Purchasing a brand-new car is usually done with car loans or financing services.