Luxury Cars through Car Loan
Car loans up to 200 lakhs for corporate entities and 100 lakhs for an individual with special offers for made in India vehicles and imported ones. Flexible repayment tenure with a maximum of 7 years which is 84 months can be availed. Luxury cars on average cost more than 25 lakhs plus the overheads like state government tax and registration etc. Why use such large funds with you all at once when you can use just a margin of those funds to get the luxury you deserve and pay the remaining amount due slowly in form of EMI’s ( equated monthly instalment).
An offering like Bank of India Car Loan which provides you with a loan without a guarantor for Indian residents and at the best in segment interest rates is too good to be true. This way you will still be having the necessary funds with you for any sudden requirement and also aren’t insecure about using all that funds at once. Many times banks also have an exclusive tie-up with luxury automobile brands to bring exclusive prices and interest rates for people to avail the purchase of the vehicle through them.
There is a very large untapped market for luxury cars in India. Intelligent finance options for customers will unleash never seen possibilities. Buying a beamer at the EMI of a Fortuner is one of the best in class offer given by banks these days. If you are worried about the details and the amount of EMI needed by you every month a Car Loan EMI Calculator is the tool in need. It is a very simple to use tool where you put in your loan amount needed or principal amount as you can say and the tenure of the loan that is the number of years or months you need the loan for and finally you put in the rate of interest per annum at which the loan is being offered to you and the EMI or equated monthly instalment would be calculated in a blink of an eye. During these pandemic times when one cannot or simply avoids going out of the house to inquire about any loan or EMI, this calculator comes in very handy.
It even helps you in comparing the difference it would make if you increase or decrease the tenure of the loan or the interest rate. For example, suppose you avail of a car loan of 10 lakhs at 10 per cent interest per annum for a tenure of 3 years, you would be paying back an EMI of 32,267 for 36 months amounting to the total of 11,61,619 which includes 1,61,619 of your money as an interest to the bank but if the interest rate is deducted by just 0.5 per cent you could be saving more than eight thousand rupees. Therefore in such cases where each and every point matters the EMI calculator helps in not only calculating the amount needed for the EMI but also the amount of change in the cost to the borrower if the rate or tenure of the loan is changed.
Conclusion:
Not just average cars but also luxury cars can be bought using the finance option in the form of a car loan to not only save you from investing huge capital in a depreciating asset all at once but also providing you with the ease to pay slowly rather than all at once. This is not an option to be ashamed of but instead the smarter one the one where you have full control over your finances and use the financial product in the form of a car loan to its fullest.
