Quick Answer: What is the EMI for 3 lakh car loan?

What is the EMI for 4 lakhs car loan?

Repayment or Maximum Number of EMI

Loan amount Interest Rate EMI for 7 Years
3 Lakh 9.00% ₹ 4826.72
4 lakh 9.00% ₹ 6435.63
5 Lakh 9.00% ₹ 8044.54
6 Lakh 9.00% ₹ 9653.45

How is EMI calculated for car loan?

So, if you take a car loan of Rs 10 lakh at an interest rate of 12%, the approximate EMI will be: P = Rs 10,00,000, R = 12/100/12 (You must convert into months), N = 2 years or 24 months. EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.

What will be the EMI for 5 lakhs car loan?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 1 year Rs.43,819
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953

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.

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Can I get car loan with 30k salary?

If you have a monthly income of Rs 30,000 and aspire to buy a car, you can get a list of models including Tata Tiago, Tata Indica eV2, Maruti Suzuki Celerio, Hyundai i10 to choose from. (In Rs.) (In Rs.) (In Rs.)

What is maximum EMI for car loan?

However, longer loan tenure increases the amount of interest payment which makes your car loan costly. Monthly EMI depends upon your income and expenses. Generally, banks advise you to limit your EMI to 35% to 45% of your net income so that you can pay your EMI without any burden or difficulty.

How much car loan can I get on 25000 salary?

Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.

What is the minimum downpayment for a car?

What is the minimum down payment for any car loan? As a general rule, you will have to pay a minimum of 10% of the car value as a down payment. Some lenders/banks offer car loans up to 90% of the on-road price.

Is it worth to buy car in EMI?

12 lakh. You decide to pay 10% as a down payment and take a car loan for the remaining amount at 8%. So you will pay Rs. 1.2 lakh as an upfront payment and Rs.

Buying a Car with Loan: How Much More Are You Spending?

Car Loan Cost: 5 Year Tenure and 7 Year Tenure
Equated Monthly Payments (EMI) ₹20,682 ₹15,898
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How can I reduce my car loan EMI?

Simple Ways to Reduce Your Loan EMI

  1. Opt for a Higher Down Payment. …
  2. Choose a Loan With a Longer Repayment Tenure. …
  3. Go for a Step-Down EMI Plan. …
  4. Consider Taking Loans With Your Existing Bank. …
  5. Negotiate With Bank For Lower Rate. …
  6. Compare Before You Switch Your Lender. …
  7. Full or Part Prepayment Helps Reduce Loan Burden.

How much car loan can I get on 20000 salary?

With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.