₹35,005
17.00% interest rate per annum
Total Interest
₹10,033
Total Amount
₹2,10,033
Loan Amount: ₹200,000
Total Interest: ₹10,033
At finance vaastu, get Car loans up to Rs. 10 lakh to purchase Four-wheelers, both new and used. Here’s how you can get one easily -
Sign up using your mobile number
Enter necessary information and check your eligibility
Upload the necessary documents
Select the loan amount and tenure
Get the loan disbursed within a few hours!
If you want to know the formula for calculating an EMI, then you can check it below-
E = P x R x (1+R)^N
————————
[(1+R)^N-1]
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
Let’s say Ms. Priya has borrowed a sum of Rs. 5 Lakhs (P) with a 9% rate of interest (R), and she has chosen a repayment tenure of 48 months (N). She can calculate her EMI using the following formula:
EMI = 5,00,000 x 0.0075 x (1+0.0075)^48 / [(1+0.0075)^48-1] = Rs. 12,396.
Please note that the interest rate is calculated monthly by using the formula given below:
Annual Rate of Interest/12/100
So, to calculate it for this case, it will be (9/12/100 = 0.00875)
This formula is not specific to a Car loan calculator and can be used to calculate EMIs for all types of loans.
The three-digit numerical summary that is found in an individual’s credit report is known as the credit score. This report contains the individual’s previous loan details, as well as their repayment, and financial habits. We, at finance vaastu, give loans to individuals whose CIBIL score is as low as 650. However, a higher CIBIL score depicts better credit behavior and makes it easier for them to get a loan at a lower interest rate.
Where you stay also sometimes affects the interest rate for your two-wheeler loan EMI. This determinant is applied to check the debt-to-income ratio. For example, if you stay in a metro city like Bangalore, your cost of living will be more than an individual who lives in a Tier Two city. As a result, it will be assumed that your salary is higher. Some lenders may offer prepayment concessions that are based on factors such as how soon you can repay your loan.
There are majorly two types of loans - a secured loan and an unsecured loan. A secured loan is given against collateral, while an unsecured loan doesn’t require you to pledge any collateral. So, depending on the type of loan, your interest rate will differ. Unsecured loans usually have higher interest rates. A higher interest rate will lead to a higher EMI.
Down payment refers to the sum that you give to the Car dealer or the Car showroom while purchasing your Car. Obviously, if you give a higher down payment, you can have to apply for a smaller loan. For example, if you pay 60% of the amount as a down payment, your two-wheeler loan will only be for the remaining 40%. This might prompt the lender to offer you a lower interest rate. If you wish to get a loan for 100% of the purchasing amount, then your interest rate might be on a higher scale. You can easily use finance vaastu two-wheeler interest rate calculator to get a better understanding of your interest amount.
One of the major factors that the EMI rate depends on is the loan amount. So, the higher the amount borrowed, the higher will be the interest rate and the EMI rate.
If your repayment tenure is long, then your monthly EMI will also be less, and vice versa. But do keep in mind that if your repayment tenure is long, the amount of money you pay as interest will be higher.
Explore our wide range of financial services, from CIBIL score improvement to personalized loan options. Simply fill out the form, and we’ll connect you with the best solutions for your needs—whether it’s enhancing your credit or finding the perfect loan.
