Customers have the choice to choose fixed interest loan or variable interest loan
January 22, 2014 (Newswire.com) - Owning a car is the dream and passion for many people. But due to various circumstances, most of us only think about it and do not take any attempt to fulfil our dream. In order to make customers dreams come true, many banks are now offering great opportunities to get car loans.
With the introduction of varieties of car loans, buying any car has become easy for many people around the world. However, there are certain criteria to be met in order to become eligible for getting the auto or car loan from the bank.
Check out the important guidelines:
Becoming eligible for car loan:
Car loan is an effective tool to own a car and this is adopted by millions of people. To get qualified, customer must have a regular income in order to make customers become eligible for paying monthly EMI. On meeting the minimum requirements demanded by the bank, Customers can get the loan approved.
Customers need to be over 18 years of age, be employed in a reputable organization with regular monthly income that is feasible to pay the EMI and also meet the other expenses. Customers must provide other essential documents such as the employment proof, ID proof and residential proof to become eligible for the car loan.
Car Loan EMI Calculator - How to Calculate EMI?
EMI is the Equated Monthly Instalment's which is a fixed amount paid every month as the repayment option towards the loan amount taken for buying car. The two main things to be considered for calculating the EMI are the interest and principal loan amount.
The total loan to be paid will be divided across particular number of months making it flexible for the borrower to easily pay off within specified duration or term period. However both the types have their own advantages to offer.
Advantage of EMI Calculator for Car Loan
The EMI calculator has many advantages to offer. To point a few of them:
• EMI calculator will help Customers know how can afford paying the EMI and complete the loan within the given tenure
• It will help the customers to know the time or term period within which they need to pay
• It will help Customer know the interest rate
• Customer can try to adjust with the EMI amount and term period in order to make it become flexible to affordability to pay every month
• Customer can compare the quotes with other banks or lenders
• Customer can determine the overall interest rate per month or per annum.