The longer tenure you select, the lesser EMI to be paid. The duration of the loan is also called as the loan tenure. Even though you will be repaying the loan amount in EMIs, the principal amount taken will affect your financial outflow for the entire period of the loan. It is important to make an assessment of your income and obligations to be met. The amount of loan taken depends on the down payment that you can make towards the on-road price of the car. While the EMI calculator is readily available for usage, there are a few factors that affect the utility of the EMI calculator. The EMI can be worked out using the Vijaya Bank loan calculator and helps you maintain your financial status in a healthy manner.įactors affecting Car Loan EMI Calculator EMIs are mostly calculated on the basis of your loan eligibility, currently prevailing rate of interest, the loan amount intended and the loan tenure. Once the repayment of the loan begins, the element of interest keeps decreasing and only the principal amount remains as the larger component to be paid back. It is important to note that the rate of interest is the most critical element of your car loan and the EMIs. You can also change these inputs to arrive at an optimal EMI that suits your financial situation. ![]() The EMI calculator is available on the bank websites as well as This free of cost tool will calculate the EMI on the basis of principal loan amount, rate of interest and loan duration. You can check in advance how much to pay on a monthly basis with the help of a car loan EMI calculator. ![]() The repayment of the loan is completed in EMIs during this tenure. Normally, banks offer loan tenures in the range of 12 to 84 months. The loan amount needs to be repaid with a certain interest over a period of time. After proper documentation, you can immediately take possession of the car. The bank offers to loan the amount that you are unable to pay and makes the purchase possible. A car loan is given to purchase a car for which you may not be able to pay the entire price upfront. They help you fund your purchasing needs. What is a car loan and how is an EMI calculated?Ī car loan is a type of personal loan offered by banks or lending organisations. Let’s understand what is a car loan and how does Vijaya Bank loan calculator work. For instance, the Vijaya Bank car loan EMI calculator helps you arrive at a comfortable monthly pay-out on the basis of principal loan amount, loan tenure and interest rate. All leading banks and financial institutions offer this tool on their websites. You can do this by understanding the EMIs (Equated Monthly Instalments) to be paid with the help of an EMI calculator. As this monthly outflow will affect your overall financial status on a day to day basis and many other obligations could take a backseat, if not handled smartly. ![]() More importantly, it is important to determine the monthly payments that you need to make for repaying the loan. However, it is wise to compare various features and benefits of car loan offerings before signing up. A car loan has become easily accessible to the common man and banks or lending institutions are willing to offer it at competitive terms. And it is easier to make that dream a reality today with a variety of car models available and financial assistance along with it. It is a dream come true for many of us to own a car.
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