As the name suggests, Aspire Home Finance company gives you the opportunity to make your wish come true! As the famous saying says, ‘Home is where the heart is’, this housing finance company helps people get their dream home and their heart together. Having said that, this housing finance company also provides a specialized scheme for female borrowers wherein it give affordable home loan scheme. The name of this scheme is MALA - Mahila Awas Loan from Aspire. Isn’t it beautiful that a woman can get a home loan at an affordable price? It is indeed!
Aspire Home Finance Corporation Limited is a Motilal Oswal Group company which aims to provides one of the best home loan deals in the market. Here at Aspire, you get the loan for the ready/under construction, residential property/construction of a residential property of a residential property on own land. In addition to this, the refinance facility is also offered by AHFCL to the customers who have a running loan from another bank.
Have a look at the interest rates offered by Aspire Home Finance rate as per the different profession:
After going through all these attractive benefits, don’t you want to apply for a home loan online at AHFCL? Well, to apply for home loan, a person must meet the eligibility criterion set by AHFCL. So, have a look at the eligibility criteria below:
Aspire Home Finance gives home loans to the below-listed applicants only:
1. Application form duly signed by the applicant along with the photograph
2. ID proof & Resident Proof
3. Processing fee cheque
4. Last 6 months bank statement
5. Documentation for salaried applicants:
After you have got everything ready, you would look for the application process, right? But, before applying, you should also check the monthly installments in advance so as to be prepared for the smoother repayment.
Home Loan EMI Calculator-
Just like any other loan calculator, a home loan calculator or a home loan EMI calculator is the tool that is used to calculate the monthly EMI, the total interest outgo, and the total amount (interest+principal) for your chosen loan amount. This calculator takes into account the loan amount, interest rate and the tenure for your loan. For example, if you have taken the home loan of ₹25 lakhs for 25 years at the annual rate of interest of 12%, the details of your payment are as follows:
Total Interest Outgo-₹1,65,464
Total Amount (Interest+Principal)- ₹26,65,464
You must be thinking why is it important to know the above details before getting the loan? Well, you must know that there are many benefits of a loan calculator and some of them are as follows:
Benefits of using Home Loan Calculator or Housing Loan Calculator-
Accurate results- One of the main advantages of using an EMI calculator is that it gives you accurate results, unlike manual calculation where the possibility to make mistakes is more.
Time-Saving- Since everyone is getting busier each day, a tool like this makes it convenient for people to save time.
Flexible Adjustable-You will be surprised to know that you are free to use the calculator n number of times.
Easy Comparisons- With the help of the calculator, you can compare all the home loan offers available in the market and then choose the best one for yourself.
More than EMI- The calculator gives the information more than the monthly installments like the total interest outgo and the total amount (principal+interest).
Suits your Budget- When you check the installments in advance, you can see if you will be able to manage that particular amount without affecting your other financial liabilities.
Accounted Processing Fee- The interest rate offered by the banks do not count processing fees, a loan calculator would let you know the payment excluding the other charges. However, there are some calculators that would count the processing fees also.
Thus, with all the above information in hand, your home loan journey will definitely be smoother.
The fixed deposit can be classified as a type of investment where you deposit an amount for a fixed period of time and you receive the interest over the fixed amount. This is one of the safest and risk-free investment. As the banks are directly involved in securing the money that has been deposited in it. The Fixed deposit interest rate is one of the main concern of most of the people. You can read the article below to know every detail about it.
It is one of the oldest and most trustworthy ways of securing the money and earn the interest over it. The main reason for the popularity is the trust that the scheme has maintained over the period of time. For general people who do not want to take the risk and wants the guaranteed returns, always opt for the scheme of term deposit.
You can invest for a short-term, mid-term, or large term as per your convenience. The depositor can put the money for the minimum of 7 days to the maximum of 10 years. You get a lot of benefits in this scheme. You can opt to reinvest the money and gain the interest over the amount. The fixed deposit helps you in tax deduction. If the amount of less than 1.5 lakh is deposited for the tenure of 5 years then no tax is levied on it. Whereas the tax can be leveraged on the interest amount. Here you get the high-interest rate as compared to the interest rate on the savings account.
The Points to Remember for Maximum Outcome-
Factors affecting the interest rate for the fixed deposit- There are many internal as well as external factors that affect the rates of the fixed deposit. Some of them are briefly:
RBI regulations- The Reserve bank of India is the head regulator for the banks. They often make changes in the policies. Due to this monetary policy and changes in it, the interest rate fluctuates accordingly.
Inflation- one of the important factor. When the inflation hit the economy the rates of all the commodities increases and the prices become dearer for all the items. In such a scenario, the rates increase so as to increase the flow of cash in the bank so as to pacify the inflation and bring the economic situation in control.
Demand and supply of credit - The demand and supply of credit in the economy plays its own role in the rate change. If the demand for money is more and supply is less from bank’s end then the rates increases. It increases so as to encourage the depositor to invest in the fixed deposit which ultimately increases the bank's credit and they are able to fulfill the requirements. It is exactly opposite if the situation is different where the demand is less and the supply is more.
Current economic scenario- The current situation that is prevailing in the economy also decides the rates for fixed deposit. If the bank has enough liquidity then the interest rate is low while it is more when the liquidity is less. Thus if the economy is stable then the rates tend to decrease accordingly.
Thus, there are many things which affect the fixed deposit rates. You should consider these factors before investing in any term deposit scheme. It is one of the ways to increase the savings but it might give fewer returns as compared to the other risky investment. While here with the help of Fixed deposit interest calculator you can know the amount you will be receiving at the end of the tenure. You will have exact details about the returns. This can help you to be assured of a certain amount after you have completed the tenure.
You should compare the interest rate provided by different banks and NBFCs before depositing the amount. Every bank provides different rates and you can go online to check the offers given by all the banks. Choose and select the one which is more beneficial for you. Also, read the fine prints carefully before agreeing to the clauses. To obtain the maximum benefits you will have to look out for all the details before opening an account with your desired bank which gives you maximum benefits.
There comes a time when you require some funds to meet your personal aspirations or the contingency needs. This is where your old friend personal loan can come to help you. Banks and non-banking finance companies (NBFCs) provide a personal loan for various purposes like the wedding, education, medical emergency, purchasing a durable or car, etc. So, no dream is bigger with a personal loan. Let’s get through the journey of a personal loan online from its basic features to the lender offers.
Top Banks Providing Personal Loan In India-
SBI Personal Loan-
SBI Personal Loan Eligibility-
SBI Personal Loan Application-
You can apply for a personal loan by visiting the branches of SBI or the website. The latter option could well be the most convenient of the two. Being online allows you to get the receipt of the application form easily instead of asking for the same at the branches of the bank. You can easily fill the details online to submit your application to the bank, which would then process your case further. If all goes well, the bank would disburse the loan within 2 days to a week.
HDFC Bank Personal Loan-
HDFC Bank Personal Loan Eligibility-
HDFC Personal Loan Apply-
Want to apply for personal loan at HDFC Bank? Visit any of the bank branches. If visiting the branches is not what you like, there is an option of going online to apply for a personal loan. Within 2 days to a week’s time, you would get the disbursal if there is no discrepancy in the documentation.
Axis Bank Personal Loan-
Axis Bank Personal Loan Eligibility-
Axis Bank Personal Loan Apply Online-
Bring home the needed funds by applying for a personal loan at Axis Bank. You can either visit the branch or opt for the online option. The second option will add to your convenience as you can apply via your mobile or computer with the help of an Internet connection.
Calculator Personal Loan-
You can use the calculator to find out the loan servicing cost. The eligibility calculator will determine the amount of loan you are expected to receive based on your income and savings. The personal loan EMI calculator will show the amount of installment you need to be ready with to pay off the loan each month. The EMI constitutes a portion of both principal and interest amounts. The amortization calculator, on the other hand, gives a schedule of the interest and principal and interest repayment each year. It also shows the outstanding balance of the loan amount every year.
Now I guess, the path for a journey full of happiness is clear with the comprehensive know-how of a personal loan. Use this as a guide to steer yourself comfortably amid all the challenges that the life presents from time to time.
Credit Card is a plastic money that can be used to make payments. It is an instrument that allows the user to make credit- based purchases. The card issuing bank/ company pays on behalf of the customers temporarily. And the customer can pay back the amount later within the credit period. It is considered the best mode of payment for making purchases that involve huge amount.
The amount is directly credited to the seller’s account and the cards holder can make an easy purchase. He doesn’t have to worry about cash and can purchase good and services anywhere and anytime. Moreover, it is easy to handle and carry the card in comparison to the cash. Apart from this, there are various benefits of using a credit card. The customer gets several privileges and additional services. Yes, it’s true.
Axis Bank Credit Card make payments simple and provide a host of benefits. The bank has designed multiple types to suit the usage and spending pattern of every individual. The different categories of cc provided by the bank are:
Types of Axis Bank Credit Cards:
The Bank offers a wide variety of cards under the category of:
Premium Cards- The customer gets the travel benefits on the usage of premium cards. They can earn good reward points and win travel vouchers. The holder can even avail the discounts on dining and movie tickets. The cards offered under this category are:
MY Cards- The customers have the option to design their own CC with the image of their choice. The customer has the opportunity to win the flight tickets and holiday vouchers worth ₹ 10,000. The MY Cards collection comprises of:
New Launches- These cards are designed to complement the user’s lifestyle. The applicant gets the free air tickets on joining and can reap many other advantages on the card purchase. The collection of cards include:
Co Branded Cards- Get a card at zero percent joining fee and earn unlimited miles. The miles earned can be redeemed for exciting rewards. The card provided under Co-Branded Card category is:
Other Cards- This category lets the user avail multiple benefits. Each card in the collection offers exciting rewards. The user can avail the benefits such as fuel surcharge waiver and luxury lifestyle vouchers. The names are mentioned below:
How to Apply- It is convenient and easy to get the CC. The customer can apply for Axis Bank Credit Card apply online and get it delivered at the residence.
Special Features- What demarcates the product from other banks are its unique features. The salient features are:
Benefits- The Axis Bank Cards offers the following benefits:
With so many benefits and customized services offered by the bank to turn the customer’s experience into a delightful one, it becomes easy to select the one that can win you the best.
The credit cards are small rectangular cards that are made out of plastic. The credit card is one of the important inclusion that is important in the digitalised world. It is the card that is used to make payment anywhere and everywhere. You can purchase all the items which are sale in this world with the small card. It is a type of loan that you take from the credit card company for a brief period of time. You make the credit card bill payment to repay the company.
It is one of the important things that is necessary for you to remember. The bill contains all the details about the uses and payments made through it. The credit cards is one of the powerful tools when it comes to the making payments. It is always handy when you are short of cash and during emergencies. The interest rate is high on the late bill payment while if you purchase the items through credit card and submit the bill on time then no charges are levied on it.
So, if you are the responsible buyer then it is one of the best modes of payments. The credit cards can be used to make payments online as well as offline. To continue the benefits of the card and get the best out of it, making the bill payment is the necessary step.
What are included in the Bill?
You should have the knowledge about what is included in the bill of the credit card:
Credit card number : The number of your credit card that is engraved in your card.
Summary of the account : All the purchases made by the card, a summary of it is mentioned with the address of the store or place of purchase, and amount of purchase made.
Payment due: The amount of payment due for the month.
Minimum amount due: Minimum amount payable in order to avoid the blockage or discontinuation of service.
Available credit limit: The credit limit available to the card holder.
Applicable interest rate: The interest rate that will be applicable in the case of late payment or minimal amount due for payment.
Payment due date: The due date up to which you can pay the bill.
How to make bill payments?
The bill can be paid through both online as well as offline method. For the offline method, you can visit the branch of the credit card company and make the payment through cash or cheque.
For the online mode of payment, there are several options like through net banking, debit card, other portals, directly through the credit card portal, mobile applications etc. In the digitalised world there are many options available to us through which we can make the payments at any point in time and from everywhere. You can save your time and energy by paying the bill online. The time to reach the branch can be saved. Also, the money that is required to physically travel to the branch is saved. You can sit in the comfort of your home and make payment. Also, the mobiles have been such powerful tool that if you suddenly have to pay your bill you can do it practically anywhere and everywhere because of it.
ICICI bill payment of credit card-
Through net banking- you have to follow 4 simple steps:
Thus, the online payment is the best way to do pay the credit card bills. Since now you have all the information about the credit card bill payment you will be able to pay it easily and quickly. As a cardholder, you should be responsible and smart about the uses of the credit card. It is important to handle it with care and pay the bills regularly to avoid any interest rate that can be levied in the case of late payments. So we can extract the best benefits if we are responsible enough to handle the card and make smart and careful purchases through it.
EMIs are preferably one of the most consequential outflows from your monthly income and it is always a better idea to try and minimize your burden! But let's find out what exactly is your home loan EMI? EMI stands for Equated Monthly Installment which refers to a predefined amount you have to pay to your bank/lender on a fixed date, every month, for the full tenure of your loan period, until you have completely repaid the loan with the interest due.
Each Home loan EMI involves payment towards the principal amount and the interest for the entire duration of the loan. During initial years, a higher proportion of the EMI is generated by the interest payment on the principal amount. As the loan matures, the interest component tends to decrease and the principal amount creates a higher percentage of the monthly payment.
Higher down payment : Once a loan is sanctioned, choose to make a large down payment so that the principal amount is reduced. The calculation of interest payment is done on the principal, so smaller the principal, the lower would be the interest payment and EMIs would be smaller. It might appear difficult to arrive at a large down payment, but it will be useful in the long run and result in considerable savings in EMI payments. This is applicable in the case with long-tenure loans like a home loan which includes EMI payments over decades.
Choose a longer tenure : In the case of a long tenure loans, the EMI tends to reduce proportionately as your principal and interest are divided over a maximum number of months. However, your actual monthly outflow will be smaller, you will be paying out your EMIs for a longer period of time along with payment of interest for a longer period. So while your monthly burden tends to be smaller, you might be paying extra throughout the tenure of the loan.
Making an early prepayment : While making early pre-payment, you will considerably reduce your EMI for the majority of your tenure. It is better to consider prepaying part of your loan during early months/years of the tenure so that your principal decreases, hence you save interest on further payments.
Negotiating with the bank : If you have a good reputation with your lender and have been disciplinary making your repayments on time, then you may seek permission from your lender for a reduction in the interest rate. If you have exhibited good repayment behavior, there might be chances for a reduction in the interest rate by your lender, therefore, reducing your EMI burden.
Shifting your loan to another lender : If you find a lender who's providing you better terms and conditions on your loan, it might be a good alternative to change your lender. However, it is necessary to calculate the costs involved in prepayment of your loan with your current lender and to ensure that the costs do not exceed your savings you will benefit from your new lender.
Home Loan EMI Calculator Formula-
EMI Calculator uses the following formula to calculate your EMIs applicable on a home loan :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI= Equated Monthly Installment
P= Principal Loan Amount
R= Monthly Interest Rate
N= Number of Monthly Installments
For example : To calculate EMI for a principal value of ₹ 1 lakh, 10% interest rate and 12 months tenure; following will be the calculations:
Principal amount : ₹ 1,00,000
Rate of Interest : 10%
Tenure : 12 months
Calculated EMI : ₹ 8792
It is to be observed from the above example, there are three underlying factors behind EMI payments: principal amount, interest rate, and tenure. The EMI payment is directly proportional to the amount of loan and interest rates, and are inversely proportionate to the tenure of the loan. The higher the loan amount or interest rate, the EMI payments tend to become higher and vice versa. In the case of tenure of the loan, the total interest amount payable increases with the increase in tenure, hence, the EMI payments subsequently fall with an increasing tenure.
Home Loan EMI Calculator Excel-
The applicants of home loan can easily calculate their home loan EMIs on MS Excel. They need to use the function PMT in order to calculate EMIs.
The following syntax needs to be used while calculating EMI in MS Excel.
Syntax : PMT (rate, nper, pv)
The variables used in the above formula are :
rate – Rate of Interest on the loan
nper- Total number of payments for the home loan
pv- Present value/principal
Article Source: https://goo.gl/7UswEF
The demonetization of higher currency notes, as expected, brought about a massive rise in the bank deposits, making it easy for the lenders to lower their home loan rates. While Bank of Baroda (BoB) has slashed its 1-year MCLR to 8.35%, State Bank of India (SBI) cut the same by 90 basis points to 8%. Whereas, the private lender ICICI Bank cuts its 1-year MCLR to 8.20%. So, do you know how does MCLR influence the home loan rates? If not, then this article could tell you the same. So stay tuned as we crack the mystery of MCLR below.
Origination of MCLR
The Reserve Bank of India developed the concept of Marginal Cost of Lending Rate (MCLR) to reverse the trend of the inadequate response from the banks with respect to the changes made in the repo rate by the central bank. The repo rate signifies the rate at which the commercial banks borrow from the RBI for their short-term needs. All floating rate loans from April 1, 2016, onwards have already come under the MCLR regime. Typically, it’s home loan that is readily available at floating rates by most lenders. And when you think of its tenure that’s as long as 30 years, you can make hay in times of falling MCLR.
However, the downside is the escalating lending rates in the wake of increasing MCLR induced by the hike in repo rates. But since the MCLR is on a declining trend and could continue to fall for a fair length of time, the home loan rates are expected to plunge further. So, the time is ripe for home loans as one would speak of.
What Does MCLR Include?
The bank arrives at MCLR based on the following points.
Operating Expenses-The day-to-day operational cost of the bank is referred as operating expenses
Cost for Maintaining Cash Reserve Ratio- Cash Reserve Ratio (CRR) determines the amount of cash that the commercial banks have to keep with the RBI. The bank does not receive any interest on the said deposit, thus becoming its cost.
Marginal Cost of Funds- The costs borne by the banks in the form of interest offered on savings and fixed deposit accounts, as well as the short-term borrowing rate i.e. repo rate.
Tenor Premium-This is an additional interest slab over the base rate based on the loan tenure.
Approach of Bank Towards Setting MCLR
The bank publishes the MCLR on a monthly basis subsequent to revising it once a quarter. The MCLR for different periods is announced by the bank. The bank publishes MCLR for a fortnight, month, a year, two years and three years. Whatever changes are brought in the 1-year MCLR, the interest rates on a home loan undergo a change. The banks are mandated to specify the rate reset frequency in the loan agreement paper.
There is a catch here to unfold. Want to know what is it? Many borrowers carry the false notion that every MCLR change brings a change in the lending rates. Actually, the loan will be serviced at 1-year MCLR as applicable on the date of loan disbursal for 1 year. For example- You got the receipt of the home loan on 31st August, 2016. The 1-year MCLR applicable at that time was 9.05%. The benchmark rate will continue to apply for a year i.e 31st August 2017. After that, the loans will be repriced. The MCLR changes are applicable for new loans only.
Differentiate between Benchmark Rate and Lending Rate
The lending rates are a sum of 1-year MCLR plus the spread. At the start of the ongoing year 2017, SBI bowled a 'Googly' to stump out many of its competitors by announcing a 90 basis point cut in the benchmark lending rate. At the beginning, everyone thought that the home rates had fallen to 8%. But in reality, the MCLR was brought down to 8% from 8.90% earlier. The lending rate was 8.60%-8.65% per annum, 60-65 basis point above the benchmark rate. Even though the lending rates fell, but the spread over the 1-year MCLR was more than what was earlier. Before the development, the spread over SBI's 1-year MCLR was 20-25 basis points, lower than what it is now. In this way, the bank has reduced the transmission of rate cut benefits even by offering the home loan at lower rates.
Home Loan Rates of Few Banks and Housing Finance Companies
State Bank of India- 8.60%-8.65% p.a.
Bank of Baroda- 8.35%-9.35% p.a.
ICICI Bank- 8.65%-8.85% p.a.
HDFC Limited- 8.65%-8.75% p.a.
Indiabulls Housing Finance- 8.65%-8.85% p.a.
So, this was MCLR and its impacts on the floating rate home loans. Hope you have understood the phenomenon well to get your dream home soon.
Article Source: https://goo.gl/9KzGo8
When it comes to investing the money in a financial instrument, the focus is not only on the earnings you can make but also the safety. And when it is about mutual fund investments, which are market-linked, there can be risks of varying degrees. While for some, equity mutual funds can be the best bet. But many may not find them appealing. Different investors have different risk-taking capacities, which actually dictate their investment style. So, the definition of best mutual funds can vary across the classes of investors. Therefore, I have chosen the moment to elaborate on the best mutual funds for different investors.
For people with a greater risk-taking ability, the equity mutual funds are the best investment they can opt for. These funds invest in a wide range of equity and equity-related instruments to raise the value of your investment. The investment objective of these funds is primarily to build the capital as the time moves along. The risk factor in these investments can be extremely high as the subdued market movement can erode the value of your investment. But if your investment horizon is long, say 10-15 years, the risks get averaged out and the investment value grows substantially higher.
Investors with Low-Risk Appetite
Retirees or investors with lower risk-taking ability can take advantage of the stable income generation plans of debt mutual funds, which invest in a myriad of debt securities such as bonds, monthly income plans, and others. The prime motto of these funds is to ensure the safety of the investment. So, if you have a low-risk ratio, these funds are the ones you should subscribe for.
Investors who have a moderate risk ratio can opt for balanced funds to start off their mutual fund journey. Balanced funds, which invest in both equity and debt instruments in different proportions, aim to appreciate the invested capital and ensure safety at the same time. Balanced funds can be debt or equity oriented. While the debt oriented funds would mostly like to put your money in debt instruments, equity oriented ones would invest predominantly in equity and equity-related securities.
Investors Looking for Liquidity
If you are looking for investments that can offer higher liquidity, the answer lies with liquid funds that invest in instruments with a very shorter maturity period, typically ranging upto 3-6 months. Fixed Maturity Plans (FMPs), treasury bills, call money and government securities are the investment area of liquid funds.
Above funds are based upon your risk profile and wants. But it’s important to know your risk profile at the same time. Do you know the ways to assess the risk profile? If ‘No’, then read the below points carefully.
Present Situation- The present circumstances such as your amount & sources of income, assets & liabilities, age, dependents, and the capital ready for investment also influence your risk appetite.
Past Experience- Your approach to a mutual fund investment could well depend upon the experience you would have had earlier. Using that experience, you can judge your risk profile.
Investment Attitude- But it’s the behavioural traits of investors that ultimately dictate the choice of mutual funds. If you are comfortable bearing short-term losses for higher gain in the long-term, it would mean a higher risk-taking ability on your part. Else, your risk capacity is either moderate or low.
The choice of mutual fund investments would also be influenced by the investment goals you may have set for yourself to accomplish over a period of time. Commonly, investors have the following goals to achieve through mutual fund investments.
To achieve a maximum of the goals stated above, it can be easily inferred that the best route is to invest in equity funds that aim to appreciate the invested capital. If you are in for a long haul, equity funds can make your life better.
I hope you now know your risk profile and the best funds for yourself to sail through in your investment journey. Do not pick funds without assessing your risk profile as it can put you in a state of bother.
Article Source: https://goo.gl/4M9uLl
Different individuals have different dreams in life. And, among those many dreams, buying a sparkling car is surely on the wishlist of many, right? But, today with the rise in monthly expenses, it is nearly impossible to do the savings for your wishes. So, what to do? What is the best solution to fulfill your wish, even if you don't have enough finances or savings for the same? Well, my friend, the answer is a car loan. Yes, if you avail the same, you will take a one-step further towards your wish and would be able to get the keys of your favorite vehicle. Yes, my buddy, believe it not, but a car loan allows you to fulfill your most possessed passion in the most hassle-free manner. But, before you go for the same, it is important to pay attention to ICICI car loan interest rate.
Being one of the largest private sector banks, this lender over the years has created its own space in the banking sector, this is the reason that each of its product has been thoughtfully designed to meet the specific needs of all. So, let's have more clarity on the topic below.
The bank offers the loan with fixed rates, which means your interest will remain the same till your loan gets repaid. The bank offers the credit facility for new and used cars at competitive rates with flexible tenures. The interest rates range between 10.75%-12.75% p.a. (new cars) and 15.50% (used cars), both on monthly reducing balance for a tenure of 1-7 years. Now, one thing that needs to be mentioned here is the fact that those who are availing this credit facility for the first time, instead of taking an impulsive decision, they should take a calculative decision. What, didn't get the same? Let's just give you more clarity below.
Before saying 'Yes' to a lender, it is really crucial for you to know which lender is offering the best deal. And, that can easily be done, if you compare different lenders on various parameters, especially the interest rates. Yes, different lenders offer you the credit facility at different rates, once you started comparing them, you would be able to know which lender to choose, and which one is offering the best deal. You must be wondering how comparing the lenders, rates and the best deal has a connection, isn't it? Well, let me tell you, my friend, it's gonna be an eye-opener for you. Let's just reveal the suspense below.
The moment you compare different lenders, you will be able to find the one, which is offering you the credit facility at lowest rates because the higher the rates are the more burden will be on your shoulders. So, always try to find a lender, which offers you the best deal i.e. the credit facility at lower rates so that the less burden will be there on your pocket. Suppose, Rakhi Singhal, a 28-year-old Software Engineer by profession is looking to avail a car loan, thus for the same, she has applied in a bank. After evaluating his profile, two lenders are ready to offer her the loan of ₹6 Lakh for a tenure of 5 years. The catch here is that one is offering the interest rate of 9.50% p.a. and another one is at 12.75% p.a. So, whom Rakhi will choose? Let's find out below.
Loan Amount: ₹6 Lakh
Interest Rate: 12.75% p.a
Tenure: 5 years
Interest Outgo: ₹2,14,511
Total Amount Payable:₹ 8,14,511
Loan Amount: ₹6 Lakh
Interest Rate:9.50% p.a.
Tenure: 5 years
Interest Outgo: ₹1,56,067
Total Amount Payable: ₹7,56,067
Moreover, with the help of both the scenarios above, it would be easy for you to understand how a lower interest rate can actually make a big difference in the EMIs, interest outgo and total amount payable towards a car loan. Hence, it would be better that Rakhi will choose the lender offering lower rates as that credit facility will be lighter on her pocket, thus to make his journey memorable. So, now that you know why it is important that you should know about ICICI car loan interest rate before so as to grab the best deal for your favorite car.
Article Source: https://wishfin.blogspot.in/2017/02/before-buying-your-dream-car-know-about.html
Everybody wishes to have his/her own dream car. After all, the feeling of driving one’s own car is so special and mind blowing. There are many people who wish to own a car but the lack of finance stops them from buying their favorite car. In case you have figured out which car to buy and you are looking for a helpful lender to offer you a helping hand, then I have some news for you. You can avail a Syndicate bank car loan at attractive interest rates.
The bank won't disappoint you and will offer you a good deal which you won’t be able to resist. You can obtain finance from the bank for the purchase of a new as well as used car. Both salaried employees and self-employed individuals can look forward to the bank for their vehicle needs. Carefully examine this article to know all the relevant information about the product offered by Syndicate bank.
The first basic step of availing any loan from the bank is to meet the imposed eligibility criteria set by the bank. Check out the eligibility norms set by Syndicated bank for a car loan here-
Quantum of finance-
Before availing any loan product, it is very important to keep in mind the interest rate offered by the bank. Higher interest rates clearly means you will have to pay a higher amount to repay your loan successfully. Syndicate bank offers a car loan to suitable loan applicants at an interest rate of 9.40%.
The bank offers a flexible repayment tenure ranging up to seven years for a car loan. The tenure provides flexible options to the applicant to repay his/her loan.
List of documents required for a car loan-
The interested applicant is supposed to complete the documentation work for successfully obtaining finance from the bank. Don’t forget to see the list of documents-
Syndicate Bank Car Loan EMI Calculator-
It is very important to consider the EMI amount you will have to pay, while availing a loan from the bank. In case your EMI amount is on the higher side your monthly budget can get disturbed. Now you must be thinking, how can you calculate your monthly installment? After all, that EMI calculation process seems to be confusing and tricky, isn't it? You don’t have to worry about the manual calculation anymore. Syndicate Bank Car Loan EMI Calculator have been specially designed for this purpose. You have to do nothing but just type in your loan amount details along with the rate of interest and tenure period. This will give you instant information regarding your monthly installment and the total interest payable.
Let’s make it clearer with the assistance of an example. Suppose Abhishek wants to avail a car loan of Rs. five lakhs from the bank. He approaches the bank and secures an interest rate of 10.35% for a period of seven years. With the help of this magical tool, we can easily find out the EMI amount. The EMI amount will turn out be Rs. 8,391 and the total interest payable will be Rs. 2,04,869. That means Abhishek will have to pay a total amount of Rs. 7,04,869 in order to completely repay the loan amount.