Almost all of us dream of owning a four-wheeler. After all, it is not just a status symbol but also a necessity. A car is useful in many situations. For example, in an emergency, whether it is a pregnant woman or a patient, you may need to take them to the hospital quickly, and a two-wheeler is not always reliable. Similarly, during heavy rain or extreme heat, a four-wheeler offers comfort that a two-wheeler cannot. Most importantly, a two-wheeler cannot accommodate an entire family. However, due to high prices, many people find it difficult to afford a car.
However, to do this, you need to know a simple formula. Only then can you get a car worth Rs 10 lakh for just Rs 6 lakh. Now, buying a four-wheeler on a low budget is possible. You can own a car with an EMI of just Rs 5,000 per month. Various banks and NBFC companies offer different types of auto loans. Now, let’s see how you can bring home a four-wheeler with an EMI of just Rs 5,000 per month.
Let’s say the total cost of a four-wheeler is Rs 10 lakh. A loan for 7 years (i.e., 84 months) can be taken for a car worth Rs 10 lakh. The EMI for this loan will be Rs 5,000 per month. Here, the interest rate on the car loan is 9% per annum. The total interest on the loan amounts to around Rs 3,10,770. For a four-wheeler worth Rs 10 lakh, the down payment will be Rs 6,89,230.
Eligibility for Loan Approval:
To qualify for this loan, you need to have a monthly salary of over Rs 20,000. Additionally, your CIBIL score should be above 750. The loan will be approved based on your salary slip or income tax return.
Additional Offers and Considerations:
Before purchasing the car, check if any company is offering exchange bonuses or free insurance. Many banks and finance companies are approving such loans through digital KYC processes.
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