Buying a car is no more luxury in India; it has become a necessity in every household. And, opting for a car loan is one of the smartest options while buying a new car. However, purchasing a four-wheeler of your choice is not an overnight decision as it requires preparation in terms of finances; mainly because it involves a significant amount of down payment in the beginning as well as monthly installments, for the coming few years.
Here’s how you can channelize your car loan for smooth financial functioning:
Car Loan Down Payment
Bank and financial companies in India usually offer car loans at competitive car loan interest rates up to 80 to 100% of the ex-showroom price of the car. This excludes the down payment, motor insurance, accessories, road tax, and similar charges.
Hence, you need to ensure a sufficient amount for the down payment before you buy a car. As a buyer, making a high down payment for your car can benefit you in terms of reducing the total cost of your car loan. And, lesser the cost of the loan, lower will be the EMIs on the same.
Moreover, it is difficult to get a car loan without down payment. In this case, you may have to ensure a good credit score (above 800) with a clean credit report or opt for a loan against securities. However, these options may come with their share of risks.
Hence, ensuring sufficient funds for the down payment of a car loan is the smartest option to enjoy your dream car.
Car Loan EMI Calculator
Once you decide on the amount of down payment and car loan, you can calculate the amount of your monthly installments. Calculating EMI on your car loan with the help of car loan EMI calculator is easy and simple. You will get the exact amount you need to pay as EMIs when you enter the required loan amount in the calculator. The installments are calculated on the reducing balance. However, according to the rules of financing institutions, processing fee or similar charges may be applicable, which may not reflect in the EMI that you calculate.
Get an Instant Car Loan
Once you are comfortable with the calculated EMI amount, you can apply for the desired car loan amount with a few clicks. Sitting in the comfort zone of your home or office, you can avail the services offered by Paysense. It provides instant car loan up to Rs. 2 lakhs at attractive car loan interest rates. Now, you can enjoy the benefits of a loan with low EMIs; all you need to do is submit the necessary documents online, and the loan will be disbursed as quickly as possible. Driving your dream car is just a click away.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs