Syndicate Bank Car Loan
|Interest rates||Up to 9.35%|
|Loan tenure||Up to 7 years|
|Processing fee||Above Rs.25,000 up to Rs.2 Lakh: Minimum of Rs.125 Above Rs. 2 Lakh: Rs.200 per lakh|
In this manner, 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.)
Keeping this in consideration, how is car EMI calculated?
You can calculate the Car Loan EMI Amount with the help of the mathematical formula: EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] , where P, R, and N are the variables.
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.
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.
According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.
For used vehicles, your interest rate can be anywhere around 4% to 20%. Typically, if you can get a rate under 7% for a used car, that’d likely be considered a good APR.
But a five-year loan often has a monthly payment that is too high for them, and they end up financing for a longer term even if it costs them more down the line, Zabritski said. … In fact, there are many reasons why you shouldn’t choose a long car loan. Edmunds recommends a 60-month auto loan if you can manage it.
|Loan term||Average interest rate|
|60-month new car loan||3.81% APR|
|72-month new car loan||3.96% APR|
Rack Interest Rate Range. 12.50% to 15.65% Loan Processing Charges. Up to 2.50% of the loan amount subject to a minimum of Rs.
Auto Loans Interest Rates (Fixed Rate)
|Scheme||Interest Rate (1 year MCLR: 7.00%)|
|Certified Pre-owned Car Loan Scheme||From 9.25% to 12.75%|
|Super Bike Loan Scheme||3.25% above 1 year MCLR i.e. 10.25% p.a|
|SBI Two-Wheeler Loan||16.25% p.a. to 18.00% p.a.|
What is a car loan EMI calculator?
|Loan amount||Loan tenure||EMI|
|Rs.5 lakh||5 years||Rs.10,477|
|Rs.10 lakh||1 year||Rs.87,637|
|Rs.10 lakh||5 years||Rs.20,953|
|Rs.15 lakh||1 year||Rs.1,31,456|
A personal loan availed can be used to buy the car and can be spent on any expenses you desire. If you other expenses that you will have to handle other than the car expense, it is better to opt for a personal loan. Tenure of the loan – The tenure for both the types of loans is very different.