Quick Answer: What Is The EMI For 10 Lakhs Car Loan?

How is EMI calculated for car loan with example?

As an example, if you borrow Rs 10 Lakh from a financial institution (P), with the rate of interest 10% (R), for a total tenure (N) of 7 years (84 months), using the formula, your EMI comes to Rs 16,602.

The sum payable at the end of the tenure is Rs.

16,602 x 84 or Rs.

13,94,568..

How many types of EMI are there?

2 typesThere are 2 types of EMI payments that a borrower can choose to make – EMI in Advance and EMI in Arrears. Unsecured and secured loans like personal loans and car loans (respectively) are repaid in Equated Monthly Installments (EMIs) by the borrower to the lender over a specified period of time called the loan tenure.

Which bank has lowest car loan rates?

Car Loan Interest Rate Comparison for All Banks, Lowest EMI, Best Rates in IndiaBankCar Loan Interest RatesLowest EMI per lakh for Max TenureICICI Bank Car Loan Rates9.30% Fixed₹ 1,624 for 7 yearsAxis Bank9.25% Fixed₹ 1,478 for 8 yearsIndusInd Bank10.65% Fixed₹ 2,157 for 5 yearsKotak Bank11.50% Fixed₹ 2,199 for 5 years15 more rows

What is the EMI for car loan?

EMI Calculator for Car LoanLoan Tenure2 years5 yearsEMI amount for loan amount ₹ 1 Lakh at 9.25%₹ 4,580₹ 2,088Total amount you pay back to the bank including principal and interest₹ 1,09,919₹ 1,25,279Interest you have to pay over loan tenure₹ 9,919₹ 25,279

Which bank gives car loan for 10 years?

Top 10 Banks for Car Loan in IndiaCar Loan SchemeEligibilityLoan TenureCanara VehicleMinimum annual income: Rs.3 lakhUp to 7 years

What is EMI full form?

Definition: EMI or equated monthly installment, as the name suggests, is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame.

How is EMI calculated for education loan?

Step 1: Enter the principal amount for education loan that you wish to borrow from the lender. Step 2: In the next section, you need to input the interest rate that has been offered to you for the education loan. Step 3: In the last section, you will have to enter the loan tenure that you would like opt for.

Is 72 month car loan bad?

A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you’re probably going to pay more than you bargained for.

What is the EMI for 10 lakh car?

How Can SBI Card Loan EMI Calculator Prove Helpful?Car loan amountTenure of a car loanEMI in Rs.Rs. 10 Lakh1 year87,312Rs. 10 Lakh4 years24,743Rs. 15 Lakh1 year130,969Rs. 15 Lakh4 year37,1142 more rows

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.

How is EMI calculated?

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.

Which bank is best for car loan?

Best Car loan Interest Rates India September 2020Car loan BanksInterest RatesEMI per Rs 1 lakh for 7 YearsCanara Bank8.05% – 8.65%Rs. 1,561 – Rs. 1,591Central Bank of India8.40% – 8.65%Rs. 1,579 – Rs. 1,591Corporation Bank8.50% – 9.00%Rs. 1,584 – Rs. 1,609HDFC Bank8.80% – 8.90%Rs. 1,599 – Rs. 1,60414 more rows

How much house loan can I get on 50000 salary?

How much home loan can I get on my salary?Net Monthly incomeHome Loan AmountRs.30,000Rs.22,37,206Rs.40,000Rs.29,82,941Rs.50,000Rs.37,28,676Rs.70,000Rs.52,20,1461 more row

Is there a maximum age limit for car finance?

How old do I have to be to get a loan? You must be 18 or over to get a bank loan. … In the event of the loan defaulting, the guarantor will be held responsible for repayments. Upper age limits depend on the lender, but up to 79 years is typical.

Can we get 100 percent car loan?

Car Loan Eligibility Criteria for 100% On-Road Finance The applicant must have a minimum annual income of Rs. 3 lakh. The car loan amount will not be more than the applicant’s net annual income. Existing loan EMIs plus the proposed loan EMI must be less than 50% of the applicant’s salary.