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What are the Benefits of a Car Loan EMI Calculator?
Posted on Thursday, April 6th, 2023 | By IndusInd Bank
The car loan calculator is a simple tool that determines the EMIs you would need to pay the bank. It helps you evaluate how much you can afford and makes loan planning easier.
A large number of individuals and families in India cherish the dream of owning a car someday. Luckily, it is no longer an impossible dream, what with car loans being offered on attractive terms, requiring minimal paperwork. When you take out a car loan, you are required to make a down payment, while the rest is paid by the bank. Taking out a car loan includes several benefits such as repayment in easy EMIs of your choice and an opportunity to boost your credit score by making timely payments every month. If you are planning to apply for a car loan, it makes sense to take the help of a car loan EMI calculator. The car loan calculator is different from a car loan eligibility calculator that helps a person get an estimate of the amount of loan that could be sanctioned.
Why Use a Car Loan EMI Calculator?
The car loan EMI calculator is a hassle-free online utility tool that helps you determine the instalments you would need to pay the lender. This enables you to be better prepared financially even before beginning the process of applying for a loan. The car loan calculator tool consists of a formula box that contains Loan Amount, Loan Tenure, and Interest Rate. Once the details are filled, the car loan EMI calculator instantly shows how much you would have to repay the bank every month.
Using a car loan calculator before taking out a car loan has the following benefits:
- It is easy to use and provides quick, accurate results.
- Saves time and energy by eliminating the need to make manual, complex calculations.
- In case you aren’t sure of the loan amount, you may calculate the EMIs over and over again using as many variations as you like. This could help you assess how much you can afford.
- Makes loan planning and managing monthly finances easier.
- Gives you a comprehensive view of your loan repayment, including the interest rate, and processing fee – if any – of the total repayment value.
It is vital to remember that if you choose a shorter repayment tenure, the car loan EMIs will be on the higher side but you would be able to repay the loan sooner. On the other hand, if you select a longer tenure, the car loan EMIs will be lower but you would end up incurring a higher amount on interest repayments.
IndusInd Bank Car Loan Calculator
IndusInd Bank car loans are designed to fulfil the needs of all kinds of people. Existing customers of the bank could even be eligible for a pre-approved car loan. New car loans are offered at IndusInd Bank with 100% of the car value at attractive rates of interest, low processing fees, and flexible repayment tenures ranging from 1-5 years, but extendable up to 7 years. It is advisable to use IndusInd Bank’s car loan calculator to plan your expenses before submitting the car loan application.
All this easy-to-use calculator requires you to do is enter the loan amount and tenure for which the car loan is being sought. Within seconds, it will display your monthly EMI for the desired loan duration.
The calculator can be subsequently refreshed and multiple results obtained, using variations in the loan amount and duration. This will help you arrive at an amount and tenure that suits your budgetary needs.
So before you go ahead with your car loan application, plan your finances using the IndusInd Bank car loan EMI calculator!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
