Car loan in mumbai online; apply for mumbai car loan electricity calculator

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Mumbai enjoys the distinction of being the most populated city in India and the fourth most populated city worldwide. Hence, transport is something which automatically figures on every city dweller’s list of problems. While the city is well connected with a network of buses, local trains, taxis, auto rickshaws and ferries, they aren’t everyone’s cup of tea. Change in bus timings or route, discomfort while traveling, exposure to dust and pollution, added discomfort and difficulty getting a taxi or auto rickshaw during the monsoon are just some of the woes faced by Mumbai’s public transport commuters. Given these difficulties, owning a motor vehicle in Mumbai is comparable to gold. As a result, car loans in Mumbai are a hot selling commodity.

In today’s fast paced life, cars have become a necessity. They make transport extremely convenient, time saving and easy. Over the recent past years, the automobile market in India has boomed. Car manufacturers have introduced new models to fit different budgets and requirements. In order to better serve the needs of the customers, the Mumbai car loan market has kept pace with the change in trends when it comes to purchasing vehicles. In order to attract the maximum number of customers, the competition is on, based on which bank can offer car loans at the lowest interest rate while providing money saving benefits like minimum processing fee, quick loan processing and so on.

The Mumbai car loan market is brimming with different banks trying to one up each other by offering car loans at the lowest interest rates and many added benefits. For quick reference, here is a list of some of the top banks that customers can choose from for taking car loan.

The Baroda Car Loan is designed while not only keeping the customer’s needs in mind but also the environment. Available with a low interest rate of 10.50%, this car loan gives customers the option to attach an add-on with their plan for installing a CNG/LPG gas kit.

Headquartered in Mumbai, Bank of India offers the Star Vehicle Loan, which can be availed by salaried individuals, self-employed individuals, NRIs and corporate organizations to purchase a new vehicle at a competitive interest rate of 10.65%.

With features like 100% finance, quick loan processing, low interest rates and a flexible repayment tenure, the HDFC Bank New Car Loan is a good choice to opt for. The interest rate applicable on this loan ranges from 11.50% to 13.75% and depends on the segment of the vehicle.

Kolkata based Magma Fincorp has introduced the Magma Car Loan which offers benefits like flexible repayment options and quick loan processing for purchase of personal, commercial and utility vehicles. Additionally, the interest rates applicable on this loan range from 12% to 16%. Check For Latest: Gold Rate in Mumbai Or Silver Rate in Mumbai

You can fulfill your dream of owning a car of your choice with a low-interest rate car loan from a reputable bank or a non-banking financial company. New car loans can be used to purchase new cars of most makes and models in the market. Likewise, a used car loan can be used to purchase a second-hand or pre-owned car that is not more than 3 to 5 years old.<

Applicants can visit the bank website or a reliable third-party website to check their car loan eligibility. Lenders have free online car loan eligibility tools on their website. You can input your age, income, occupation, and few other personal details into the tool to find out if you are eligible for a car loan from a prospective lender. The tool will let you know how much loan you are eligible for and at what interest rate you can get it.

The loan tenure of a car loan is the specified period of time it takes for a borrower to repay the loan with principal and interest to the lender. The loan tenure varies from lender to lender, depending on the type of loan that you choose. For a new car loan, lenders offer a longer loan tenure whereas for a used car loan, you get a shorter loan tenure. The loan tenure of a car loan usually ranges from 1 to 7 years for a new car loan and 1 to 5 years for a used car loan.

Car loans are repaid through Equated Monthly Installments (EMIs) which are fixed amounts that a borrower has to pay to the lender each month over a specified period of time to repay his or her car loan with principal and interest. EMI payments consist of both principal and interest.

E = P x r x (1+r)^n/((1+r)^n -1)), where E is the Equated Monthly Installment, P is the principal or loan amount, r is the interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and n is the number of monthly installments or loan tenure in months.

The official websites of banks and a few third-party websites have free online car loan EMI calculators that can be used to get instant and accurate EMI results. The tool is not only simple and easy to use but also time saving. You can use the EMI calculator to find out how much your proposed car loan will cost you on a monthly basis.

Enter your proposed car loan details such as loan amount, interest rate, loan tenure, and processing fee into the tool. Click on the ‘Calculate’ button. You will get a breakdown of the EMI, principal, interest, and outstanding due after each EMI payment. You can input varying combinations of the car loan amount and tenure to get revised EMI results.

You can bring down the overall interest payments on your car loan by choosing a suitable car loan. A short loan tenure usually means higher EMI but lower interest whereas a long loan tenure means a lower EMI but higher interest. When calculating your proposed car loan EMI, enter varying combinations of loan tenures into the tool in order to choose a suitable loan tenure, which in turn, can help save car loan interest.

Lenders allow borrowers to prepay a part or the whole of their car loans before the end of its loan tenure called car loan prepayment. The borrowers are charged a fee for such an allowance which is a small percentage of the prepayment amount. The prepayment fee varies depending on the time period during which a prepayment is made. Car loan prepayment is allowed only twice during the loan tenure and once a year. Most lenders allow car prepayment only after 6 to 12 successful EMI payments.

Lenders levy a small percentage of the principal amount of your car loan to process the loan amount called the processing fee. Some lenders waive off the processing fee on special occasions or for special customers. The processing fee is deducted from the principal amount at the time of loan disbursal.

A car loan can be repaid in full before the end of its loan tenure called foreclosure. This is an option when a borrower has sufficient funds to repay the loan in full in one payment. Lenders levy a percentage of the outstanding due as penalty called the foreclosure fee/charge.

In order to get a low-interest rate car loan, you must have a good credit score of 750 or above and meet the minimum income criteria set by the lender. Some lenders offer lower interest rates for women, government employees, and existing customers. The interest rate also depends on the loan repayment period. A short loan tenure means a higher interest rate and long loan tenure means a lower interest rate on your car loan.