Car Loan EMI Calculator

 Car Loan EMI Calculator

Car Loan Amount:
Interest Rate:	% Annual
Loan Tenure:	years

Hover over or Tap at line to check loan status at that point!

Monthly Installment (EMI):

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Car Loan Guide India

    Car loan is perhaps the most common and standard loan available in market. Unlike home loan where approval is not only subject to your financial eligibility but also the property that you are buying, car loan is just subject to your financial eligibility.

    If you are planning for a new car and/or car loan, there are a few important things that you must know for better decision making.

Car Loan Pros and Cons

Pros of car loan,

• No charge on prepayment. This allows you to prepay principal (apart from regular EMI) whenever you have surplus money and thus close your loan before time.
• Attractive interest rates. Currently (2021) car loan interest varies from 8% to 9.5% per annum. This interest rate is way too high for western countries like USA etc. where interest rate remains below 2%, but for India it's an attractive interest rate as the personal loan interest rates still fall between 11% to 18% per annum.
• If you are availing car loan from SBI, you can unrestricted online prepayment facility, so are free to prepay any amount anytime from anywhere and instantly reduce your principal outstanding and closing your loan faster. Some other banks and financial institutes also offer online prepayment for car loan like ICICI, HDFC but with certain restrictions.
• Almost 100% finance options available including RTO charges. So you don't have to pay anything from pocket as down-payment upfront.
• Loan tenure up to 7 years. No lower limit as anyhow the prepayment is free, so you can start with max tenure of 7 years, but choose to close loan earlier as per your financial changes.
• Major car loan landers in India are - SBI, ICICI, HDFC, AXIS etc.

Cons of car loan,

• You pay car loan processing fees and taxes.
• Your car gets hypothecated on the name of loan lander. Car RC (Registration Card) also mentions the hypothecation information.
• Until hypothecation is removed, you won't be able to sale your car or perform any change in registration information.
• To remove hypothecation, you need to clear loan, collect NOC (No Objection Certificate) from lander and apply to vehicle registration office (RTO) to remove hypothecation and to issue new RC. Overall it's a tedious process and not worth if loan amount is lesser - better you first accumulate full amount and then buy car with 100% down-payment. 

Car Ownership Cost

    There is a saying in Indian Sindhi Culture "Car palad maane haathi palad" which means owning and maintaining a car is as costly as owning and maintaining an elephant!

    You have account the space car takes for parking, car insurance, car PUC (Pollution Under Control), service and repair cost, running fuel cost.

    Thought owning a car is an expensive affair, there are tons of advantages that car offers. Owning a car has already slid from luxury to necessity in most parts of world.

    Checkout below video which explains the car ownership cost and, advantage of owning a car and the verdict.

Car Air Perfume Guide

    The very first accessory or the add-on people opt is the car air perfume. Car perfume is really needed in car otherwise car smells bed within few days of use.

    There are variety of perfumes available in market and it's difficult to choose the right one as a beginner.  Btw by verity I don't mean the flavors but the designs and brands.

    Checkout this user review video which explains various types of car perfumes and the pros cons in detail. This will surely help you find the right car air freshener.

Car Door Visors

    This is often the second accessory people consider after the car air perfume. Car door visors are also called car window visor and car rain visors.

    There are few advantages of having car door visors, but yes there are few disadvantages as well. Checkout this detailed video covering user experience of opting car door visors.

Learn to Drive Manual Transmission Car

    If you want to learn to drive car then the only way is to practice. Learning car is more like learning the dance. You can learn dance by just studying it, you need to practice to become a dancer.

    So does car learning require only the practice? and no theory! Nope, it does require theory as well, but just a little. Car is a big machine, and to operate such big machine does requires reading user's manual and understanding the fundamentals, otherwise you may make mistake and a mistake with car like monster machine can be dangerous for you and others.

    Checkout below video and follow subsequent videos in series. These videos will clear all your fundamentals about car, specially the brake, clutch, accelerator, gear etc.

   

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