Does the fancy car parked outside your neighbour’s house make you wish you had one too? Fret not, getting a car is a very convenient affair now. You begin the process by selecting a car you want and then search for a dealer who has the particular car in their stock. The next step would be to arrange for the money to pay for the car. In some cases, that is easier said than done.
One of those cases is when you have to take a car loan. Earlier taking a car loan required you to go through certain stages of going to the bank to procure information. But now, thanks to technology, all of those stages are now incorporated in specially designed banking applications on your phone.
HDFC offers some of the best loans in the industry. You can find information about their car loans online and accordingly pick a scheme.
People are often confused about the EMI amount. They find the process by which the EMI is calculated to be very cumbersome and difficult. One way to address this issue is by using a car loan EMI calculator on your phone. A car loan calculator requires you to input the following details: the loan amount, the interest rate and the time. You can then check to see if the EMI amount is feasible.
If you are looking for a good car loan EMI calculator, then you can try the hdfc car loan calculator. You will find it online on their official website.
Before you opt for a car loan there are certain things you need to keep in mind, they are:
1. CHECK your CIBIL score
Most banks sanction loans only after checking the applicant’s CIBIL score. If your score is on the lower side, then the banks will charge a higher interest rate and vice-versa.
2. Processing Fees:
Banks charge a fee for processing your loan application. In some cases, that fee can be very high, so you should ask the bank for clarifications, should you have any queries regarding their processing fees.
3. Opt for a short-term loan:
Shorter the term of the loan, lesser the amount of interest you have to pay.
4. Keep an eye out for offer from car dealers:
Most dealers have tie-ups with various financial institutions when it comes financing a car loan for the buyers. At times, the rates you will get at a dealer’s are less than those offered by banks.
One of those cases is when you have to take a car loan. Earlier taking a car loan required you to go through certain stages of going to the bank to procure information. But now, thanks to technology, all of those stages are now incorporated in specially designed banking applications on your phone.
HDFC offers some of the best loans in the industry. You can find information about their car loans online and accordingly pick a scheme.
People are often confused about the EMI amount. They find the process by which the EMI is calculated to be very cumbersome and difficult. One way to address this issue is by using a car loan EMI calculator on your phone. A car loan calculator requires you to input the following details: the loan amount, the interest rate and the time. You can then check to see if the EMI amount is feasible.
If you are looking for a good car loan EMI calculator, then you can try the hdfc car loan calculator. You will find it online on their official website.
Before you opt for a car loan there are certain things you need to keep in mind, they are:
1. CHECK your CIBIL score
Most banks sanction loans only after checking the applicant’s CIBIL score. If your score is on the lower side, then the banks will charge a higher interest rate and vice-versa.
2. Processing Fees:
Banks charge a fee for processing your loan application. In some cases, that fee can be very high, so you should ask the bank for clarifications, should you have any queries regarding their processing fees.
3. Opt for a short-term loan:
Shorter the term of the loan, lesser the amount of interest you have to pay.
4. Keep an eye out for offer from car dealers:
Most dealers have tie-ups with various financial institutions when it comes financing a car loan for the buyers. At times, the rates you will get at a dealer’s are less than those offered by banks.
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