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Readers ask: Auto loan calculator india?

Which bank is best for car loan in India?

Top 10 Banks for Car Loan in India

Name of the Lender Interest Rate (p.a.)
Union Bank of India 8.60% to 8.70%
HDFC Bank Starting from 8.90% (Please contact the bank for updated rates)
Federal Bank 9.25%
Axis Bank 9.05% to 11.30%

What is the minimum EMI for car loan?

✅What is the lowest EMI offered on car loan? Based on the comparison of longest tenure of 7 years and lowest rate of 8.70%, lowest car loan EMI per lakh loan amount is ₹ 1,594. Higher the loan amount, higher will be the EMI.

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.

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What is a good interest rate for a 72 month car loan?

Most banks and credit unions provide payment plans ranging from 24 to 72 months, with shorter term loans generally carrying lower interest rates.

Average Interest Rates by Term Length.

Auto Loan Term Average Interest Rate
48 Month 4.31%
60 Month 4.37%
72 Month 4.45%

Is car finance cheaper than bank loan?

As straightforward as personal loans sound, there are plenty of reasons to go for car finance – not least that it’s usually cheaper. Yes, you normally have to pay a deposit, but that means you’ll borrow less money, so your monthly repayments will be lower. Some types of car finance are more flexible than others.

Which type of car loan is best?

Personal loans, credit card debt, personal lines of credit and student loans are all types of unsecured loans. Despite the higher interest rates that typically come with using a personal loan, line of credit or credit card to buy a car, they may be a better auto loan option if: Your principal is lower than the minimum.

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.

How much car loan can I get on 20000 salary?

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.

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How is EMI calculated?

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.

How much car loan can I get on 25000 salary?

Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.

Can I buy a house with 40k salary?

Take a homebuyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.)

How much loan can I get on 40000 salary?

If you take a personal loan for a maximum of 5 years, then your loan amount will be ₹ 20,000*12*5 = ₹ 12,00,000. However, the multiplier is 20, then the loan amount will be ₹ 40,000*20 = ₹ 8,00,000. Therefore, the amount you will get on ₹ 40,000 salary is ₹ 8,00,000.

Is 2.9 A good car loan rate?

Dealerships will often advertise very good interest rates on new cars: 2.9%, 1.9%, sometimes even 0%. Buyers with credit scores in the low 700s can still get a good interest rate but may not qualify for the best promotions.

What credit score do you need to get 0% financing on a car?

And if you’re hoping to score a 0% APR car loan, you’ll likely need a very good or exceptional FICO® Score, which means a score of 740 or above. Before you start shopping for a new vehicle, take some time to check your credit score to see where you stand.

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Is a 72 month car loan bad?

Auto loans over 60 months are not the best way to finance a car because, for one thing, they carry higher car loan interest rates. Experian reveals that 42.1% of used-car shoppers are taking 61- to 72month loans while 20% go even longer, financing between 73 and 84 months.

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