Finance

Car Loan

Want to buy a new car.. We are here to help you.

Equated Monthly Installments (EMI)

33514.16

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EMI Calculated

Principal Amt :
500000
Down Payment(DP) :
100000
Rate of Interest :
1 %
Tenure :
1 yr.
Total Interest :
2712.52
Total Amount Payable (Principal + Interest) :
502712.52

Simple-interest loans are those in which the lender expects to be returned in monthly installments for the amount lent (principal) plus interest by the borrower (the cost of borrowing from the lender, shown as a percentage of the principal balance).

A monthly installment amount is determined based on the tenure and interest rate, which is the most popular repayment type. EMIs are paid at the start of the month or at the end of the month. The EMI amount gradually reduces from greatest to lowest in this repayment plan. You can get in touch with the experts of the My Loan route can guide you with the same.

There is no set limit for the car loan but yes it depends on the exact amount of salary you get credited to your account. If you get a salary of Rs 25000 then the loan eligibility is of 12500 Rs only that means you can get a loan of up to 12.50 lacs

Particulars

Salaried

Self-Employed

Age(Min-Max)

23 years to 58 years

28 years to 65 years

Income

Rs.25,000

Minimum turnover of Rs.40 lakhs

CIBIL Score

Above 750

Above 750

Salaried

Self-Employed

Application form with photograph

Application form with photograph

Identity and Residence proof

Identity and Residence proof

Last 6 months bank statements

Last 6 months bank statements

Processing fee cheque

Processing fee cheque

Latest Salary Slip

Latest Salary Slip

Form 16

Business Profile and Previous 3 years Income Tax returns (self and business)

Previous 3 years Profit/Loss and Balance Sheet