Hypothecation of car purchased out of the loan.Ĭar Loan EMI calculator provided by Yojana Sarkari answer all your questions regarding carl loan calculations like total interest paid, monthly interest and principal breakup and monthly balance after EMI payments. The margin requirements of car loan are as under: Maximum Repayment for used cars is also 84 months but the age of the car should not go beyond 8 yrs at the time of the last instalment. Maximum Repayment Period for New Cars - 07 years i.e.
#Loan quantum calculator license
A proforma invoice from a registered dealer containing the price of the vehicle.All types of Firms and Companies are also eligible.Any individual having a regular source of income.Professionals/Self Employed/Businessmen with a minimum of 03 years standing in the current profession.Confirmed employees of State/Central Government/PSU & Autonomous Bodies.To purchase a new or used car but the age of the car should not be older than 5 years. Maximum car loan quantum depends upon your monthly income and 50% take-home pay norms followed while calculating loan quantum. If the prevailing interest rate is 10 per cent and you have applied for a loan tenure of 10 years, you will be eligible for a loan of Rs 9.5 lakh.ĭisclaimer: While we have made efforts to ensure the accuracy of our content (consisting of articles and information), neither this website nor the author shall be held responsible for any losses/ incidents suffered by people accessing, using or is supplied with the content.There is no maximum quantum fixed for car loans most of the banks finance about 90% of the cost of the vehicle in case of New Cars and around 75% in the case of new cars. So if your monthly net savings is Rs 12,600, the bank assumes that that is the amount available to pay off the EMI. The bank uses the latest interest rate to calculate this. So if your savings per month is Rs 15,000 and you are paying an EMI of Rs 2,400 on your car loan, the bank will arrive at a figure of Rs 12,600 as your net savings.Īfter that, a little backward calculation is done to find out the amount of loan that would result in an EMI equal to the amount that you can save. If you are already paying some other EMI, that amount will be reduced from the calculated savings. The higher your income, the more you can save, so it is assumed. That means, if your income is Rs 50,000 per month, the bank assumes that you save 30 per cent, that is Rs 15,000 per month. uantum Financial Services our experts arrange loans for residential and commercial property purchases, refinances and construction projects to name a few.
Since savings depend on a variety of factors like income level, lifestyle etc, there is a standard thumb rule of 30 per cent that banks apply to arrive at this number. It will then calculate the amount you save. All these details are available in your bank statement. It will calculate your total monthly income by adding up your salary, interest income, rental income, if any etc. What the bank calculates is 'how much you can afford to repay'.Ī bank will start by looking at your income statement (salary slips, tax returns, bank statements). THE amount you can borrow depends on how much you can afford to repay per month in EMIs or Equated Monthly Instalments. Pharma Industry Conclave Unlocking opportunities in Metal and Mining.
#Loan quantum calculator series
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