When you set out to purchase a vehicle the first thing you need to keep in mind is to make sure you have your budget calculated well in advance, your budget is the most important thing that will play an integral role in you making the EMI payments on time. Other than your budgets you need to check if you have not faltered in making any past payments on your previously held credit card or loan. By faltered what I mean is that check and see if you have defaulted on these payments. As banks consider all this while approving your loan.
In a car loan, EMI stands for Equated Monthly Instalment for the vehicle loan you attain from your lending institution or bank, whichever, it might be. The EMI takes into consideration the principal part of the loan amount and also the interest. Consequently, EMI = principal amount + interest repaid on the loan. The EMI, generally, stays fixed for the entire tenure of your loan, and it is to be returned throughout the loan every month as decided.
To determine the EMI just click and drag on the particular EMI calculator's amount, tenure and interest rate tabs to best fit them to your requirements. An EMI calculator will automatically predict figures suitable for the loan. Once you possess an EMI amount you can continue by clicking on the 'Apply Now' key to avail of the loan.
Remember, that to balance the period and interest rate of the loan you want to satisfy your needs. The proper equilibrium among these and the amount will reduce your EMI against your payment arrangement.
One of the banks offering car loans are SBI bank:
SBI’s new Car Loan interest rate commences from 8.00% and SBI Car Loan interest rates begin from 9.75%. These are Floating rate loans and they are one of the most suitable car loan rates here in India. Rate of interest may vary due to each customer’s profession, the loan tenure and the loan amount.
To track the status of your SBI car loan and follow the below steps:
Click on the 'Application Tracker' button existing on the top-right hand edge of the page.
Take the 'Track' accompanied by the 'Retail Loan' option, type in the application reference number and your mobile phone number.
Tap the 'Track' button to discern the status of your car loan application.
Conclusion- Follow the above steps to know how EMI is calculated.
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