Key Features Of A Car Loan.

Are you looking to purchase a new car? In the market for a new car? How can a car loan help you? Well, first and foremost a car loan is a secured loan, in other words, the banks or lending institutions with which you choose to apply for a vehicle loan will keep your car as collateral. This implies, if in case, any situation arises where you are unable to pay back your loan or unable to make the EMI, then the banks may take the car as payment for the loan. Nevertheless, if you have defaulted on only 1 or 2 EMI’s you can personally speak to the bank inform them of your situation, and ask them for a leeway.

There are plenty of banks and financial institutions providing this loan. One of them is HDFC car loan interest rate, provided by HDFC bank, which is comparatively flexible than other banks.

HDFC bank requires the following documents to approve the loan:

As a valid proof of identity, the bank will accept your Voter’s Id or passport. If you are a salaried employee they also require your latest salary slip and Form 16 as income proof. For the self-employed individual, they require the Income Tax Report for the last 2 years.

Features-

Variable rate of interest - In this facility, the rate of interest on the applied loan will change throughout the entire period.

Fixed-rate of interest - This as the term implies means that the interest rate on the loan will remain unchanged and constant.

Car loans can be applied online as they are simple and the documentation procedure is not time-consuming. As soon as the entire application and approval procedure is completed the loan amount is transferred to the borrower’s bank account.

The term for the automobile loan ranges from 24 -72 months, if the auto loan you have applied for is for a shorter period the car loan interest rate will be low, however, the monthly payments will be on the higher side. The factors which affect your car loan rate are your CIBIL credit score, the loan term you have applied for as well as if you live in a metro or not.

Conclusion- All in all, if you are looking to buy a car and don’t have the necessary funds, some banks will finance up to 100% of the on-road price of the car, so, if you are one with an average income, you can still go ahead and apply for the loan. Nevertheless, do see to it that your credit score should be 700 or above and there should be no defaults on your previous loan or credit cards if any.   

Also read:- About Car Loan

How does loan-to-value affect the gold loan amount?

 

A gold loan is a secured credit facility where the borrowing individual or entity will have to present the lending institution (banks and non-banking financial companies) with a gold article in any form. The collateral is a must requirement here. The collateral presented has to be as per the lender's criteria and standards. The lending financial organization (banks and non-banking financial companies)  will grant the borrowing individual or entity financial resources as soon as they have assessed the security. The procedure is not lengthy and is attainable. The credit facility granted against the precious yellow metal has a shorter processing time,  and it means that the funds can be disbursed to the borrower within a few hours. 

The interest charge is affordable in this credit facility, and the supplementary costs attached are trivial. Besides the monetary benefits, there are some other uses of receiving funds from this facility. The borrowing individual or entity does not have to endure a  torturous process of arranging documents and managing paperwork as they only have to provide KYC documents. Kerala Gramin Bank's gold loan policy can be reached without heavy paperwork and with minimum documentation. A borrower can apply for it through an online platform as well if needed.  

The credit amount in a secured loan facility like a gold loan is based on the object's market value. The quantity and quality of collateral are other factors taken into account while assessing it. The amount determined is as per the set directions of the lending financial institution (banks and non-banking financial companies). All assets have some fair value assed depending on what is the demand for that particular asset in the market. The worth of the asset will be a determining factor of the loan amount. The borrowing individual or entity should keep tabs on the changes in the rate. The rate used for this facility will be the gold loan per gram rate. 

Any gold objects can be used for applying under this loan facility, such as coins, blocks, any ornaments, or anything made of this yellow metal. The purity of the gold object varies. One must have heard that the value for 18-carat, 22-carat, and 24-carat is different. For the different levels of purity of gold, the amount will be different considering the quantity. Still, there is a specific level of pureness required to avail of funds against it. 

The gold loan per gram rate will be different for varying degrees of purity.  The lender will not give away the entire value of the yellow metal as a credit to the borrowing individual or entity. Whether it is a bank or non-financial banking company, the lending institutions will block a part of the value of the object as their margin of safety. The margin of safety guards the lender against any rigorous variations in the gold price in the market. 

The margin is around 20%-30%, which means the amount extended will be 70% to 80%. The amount extended is using the loan-to-value ratio. Recently, the Reserve Bank of India increased this ratio to 90%.  Higher ratios lead to a higher amount. The borrowing individual or entity needs to look out for the lender who provides a good loan per gram rate and a higher loan-to-value ratio to make the most of this facility. 

Must Read-Gold Loans to pay defaulted Loans

What happens when you fail to pay a car loan

Loans allow you to pay the money taken in simple monthly installments with a specific interest rate unto a set duration. However, there might come a time when you may face hardships such as bankruptcy, joblessness, accident, health problems. When such a situation arises, what happens when you are unable to repay the loans?

For any kind of loan, including a car loan, the banks and lending institutions will check with you by email or letters if you even break a particular payment. As a borrower, you can indeed address the bank or financial institution and explain the issue of not making the payment and asking them to restructure the terms of tenure or interest levied on the loan. Failure to pay the loan for longer than three months may prompt the Bank or lending company to apply for judicial proceedings against you. The overdue will also draw default interest, which may lead to a burden over time.

The particular bank or lending company will send the credit-related data of the loans you take to the credit agencies. Default made on payments will harm your CIBIL credit report and reduce your chances to avail of a loan in the future.

The inability to pay your auto loan will force the banks or the particular financial institution to take possession of your automobile. So, be sure to check the car loan EMI calculator facility available on various bank websites, including ICICI car loan. This facility will help you decide the monthly payments you are comfortable with.

Do not feel afraid to approach your bank and notify them about your incapacity to repay the loan. The bank or lending institution will recommend to you the possible ways to clear your liabilities. You can ask them to decrease your EMI and increase the period of the loan.

Conclusion:

You can apply for your loan settlement when the interest accumulated on your loan is far greater than the principal amount. Nonetheless, it will show on your CIBIL credit history and influence your credit score. A resolved loan account is not recognized as closed by the lending institutions, banks, and credit bureaus.

Immoral treatment by the bank or financial company is illegal, and a customer has the right to be heard and shown respect. You can also seek legal help from a lawyer when you are forced to face the trial for repossession of your property.

Before you purchase any loan, make sure you can cope with your repayment method with your current income in mind. Moreover, the situation may become tricky in the future. Do not make any unnecessary expenses until you have paid your loan in full.

Also read this: Compelling Reasons Why You Need car Loans

Hidden charges in Gold Loans

 

A gold loan or the loan against gold is one of the most useful and economical credit tools that can be used to avail of quick funds with minimal documentation and an affordable cost.

The major part of the cost is usually the gold loan interest rate, but many times there are certain extra costs attached to the loan facility.

Some costs are the following such as:-

•  Processing fees-

Financial organizations (banks and non-banking financial companies) endure the administration costs to assess the application and evaluate the collateral. The lender spends a lot of time and effort, deploying their resources while sanctioning the gold loan. The processing charge is charged on the total credit amount sanctioned disbursed. 

• Inspection and documentation charges-

The lending organization (banks and non-banking financial companies) goes through the documents to confirm if the borrower is qualified and has the repayment capacity. For the gold object pledged, the lender sometimes has to call in an expert / professional to verify the collateral's quality and quantity. For that, they incur some expenses, and these expenses will be recovered from the borrowing individual or entity. As far as documents are concerned, they are primary KYC documents, and thus, for the papers, not many expenses are incurred, the amount is nominal. 

• Late payment charges-

Some financial organizations (banks and non-banking financial companies) charge modest fees from the borrowing individual or entity when they make delays in the payment of personal loan amounts. In case the borrowing individual or entity pays after the specified date per the agreement, the lender will charge this penalty. 

•  Preclosure charges-

Suppose a borrower has an overabundance of funds and can foreclose the loan by paying the entire amount of the gold loan before the tenure expires. In that case, the lending organizations (banks and non-banking financial companies) charge a fee for their lost interest revenue and recover in the form of a pre-closure fee. Under City Union bank gold loan policy, the individual or entity has to pay a small fee for preclosure. 

 

• Counterfeit statement charges-

If a borrower requires a duplicate statement of the payment schedule or any other related information, the financial institutions charge fees and provide the borrower with the required detail. 

• Goods and Services Tax (GST)-

The Goods and Services Tax is charged for the borrower's services, including both regular and additional, during the application process. Unlike other fees, this will be charged irrespective of the choice of the borrowers. 

The costs mentioned and discussed above are elective, except for the goods and services tax. It means that many lenders do not levy these charges, but as a borrower, an individual or entity should go through it sincerely and acknowledge it. Though in a gold loan, these costs are almost negligible. These costs are calculated on the total loan amount and can have a massive impact on the borrower's liability. 

Read More:- How Gold Loan Influences Your CIBIL Credit Score?

Applying For A Personal Loan Online

A personal loan is an unstable advance that can be utilized for an assortment of end utilizes, including clinical treatment, home redesign, travel, wedding, and some other dire budgetary prerequisites. 

With some financial institutions, you can obtain up to Rs.25 lakh and get a moment's endorsement on it with negligible documentation. You are required to satisfy the banks and money-lending organizations’ simple to-meet qualification boundaries and fundamental documentation procedure to benefit the cash you need around the same time of endorsement. For instance- Gramin bank of Aryavart personal loan provides you the facility of instant disbursal on fulfilling the necessary eligibility criteria.

Step by step instructions to Apply for Personal Loan Online:-

• The application process for an individual advance is straightforward and helpful. Continue with the accompanying strides to apply for Personal advances.

• Fill in the online application structure with your own, business, and money-related details.

• Choose your credit sum and reimbursement tenor to get moment approval. A bank agent will connect with you. Present all the important records to him/her.

• Receive disbursal of your advance within 24 hours of endorsement.

What are the reports required for an individual advance? 

To benefit a credit, you should present the accompanying archives:- 

1. Identification size photos 

2. KYC Documents – PAN, Aadhaar, Driving permit, Voter's ID, Passport 

3. Financial balance proclamations for a quarter of a year 

What are the qualification measures for an individual advance? 

To benefit a snappy individual advance, you just need to meet the fundamental qualification standards:-

1. You should be a living resident of India 

2. Matured somewhere in the range of 23 and 55 years 

3. Utilized with an MNC, open or privately owned business 

Individual advances are a reasonable choice for you to satisfy your various budgetary needs. Use an individual advance to meet different financing needs, for example:-

Health-related crisis - Avail individual advances online with negligible documentation to address health-related crises, which requires prompt financing. 

Obligation solidification - Consolidate numerous obligations into one with a moment, high-esteem individual advance. 

Advanced education - Provide total money-related help to your kid during advanced education with high-esteem individual advances. Meet all financing needs, for example, course charges, travel costs, lodging accuses, and a greater amount of modified individual advances in India. 

Home remodel - Manage the vital home redesign and fix costs with a moment credit and reimburse over an adaptable tenor of your decision. 

Utilized vehicles - Apply for an individual credit online to back the acquisition of a trade-in vehicle. Profit an advance at serious loan costs and reimburse in simple EMIs. You can calculate your monthly installments using the online personal loan EMI Calculator.

Wedding - Meet the very good quality costs of a fantastic wedding or plan post-marriage trips with the assistance of individual credit. 

Travel - Fulfill your movement objectives with reserves that benefited against straightforward qualification measures. Spread all the costs, including flight tickets and lodging appointments during your outing to a national or universal goal.

Conclusion:-

On the off chance that you meet the pay prerequisite dependent on your city of habitation, you can fit the bill for an advance.

Also read:- Managing old debts with personal loans

Key features of Gold Loans

The distinctiveness of a particular thing can be identified from the features it possesses. A product or service features help make it stand out and easily be identified from the crowd. A gold loan is one of the credit policies with attractive features that make it desirable for the borrowing individual or entity. It is extended by the lending institutions (banks and non-banking financial companies) to help the borrowing individual or entity financially by providing instant funds. The demand for this credit facility takes a leap every once in a while due to the constant updates and enhancement of this facility's features by the lending organizations (banks and non-banking financial companies).

The features of this facility may vary for different financial organizations. Some key features of the gold loans are as follows:

• The borrower can apply and access funds from the gold loan policy through the online platform. The borrower needs to fill in an application form and mention all details asked by the lender, scan the documents, upload them, and submit them for further verification without paying a visit to the lender. This option has made financial services reachable for individuals and entities. The Muthoot Finance gold loan policy can be applied on the web without any troublesome procedure.
• The interest rates charged by the lenders are comparatively low, and this is one of the points that are considered to be an engaging benefit of availing of this advance. The cost of interest charged by the lenders is indispensable, and it can have a massive impact on the total cost of availing of this facility. 
• Unlike other credit forms, this facility does not have a protracted and torturously lengthy process. The borrowing individual or entity does not have to be bothered for long to get funds under this option. The processing takes up to a few hours, and mostly, the lending organizations (banks and non-banking financial companies) even sanction and disburse the whole amount within 45 minutes, satisfying their motive of providing cash at the earliest. 
• Minimal documentation and paperwork is another feature of a loan against the yellow metal. In the case of a gold loan, the documents demanded are the primary KYC documents that can be easily prevented by the borrower without feeling the burden.
• The payment arrangement is manageable, and it has to be as per the borrower's repayment capacity. 
• If the borrower wants to estimate and understand the repayment method better, they can use the Gold Loan Calculator. This calculator is a helpful accessory for those who want to contemplate their expenses before applying for a credit of a certain amount.

The points discussed above are the attributes that help the borrower form an opinion about a gold loan. These facilities come along with advantageous characteristics.

Must Read-Quick Realities About Gold Advances

Used Car Loan Choice And Impact

 

A car loan is a secured loan that one can avail of from a bank or lending organization. ICICI bank is one of the banks that provides you with a car loan facility if you meet their criteria.

The car that you choose depends on your capability to pay back the car loan as per the EMI plan selected by you if you think you are not capable of paying the EMI on time or if you are a first-time car owner, I suggest you go in for a used car loan. Many banks provide a used car loan too, one being ICICI. A used car, in other words, is a pre-owned car.

Car loan interest rate is desirable with a smooth documentation process and a loan tenure of up to 5 years, all provided by the ICICI bank.

ICICI provides you with a facility known as “Insta car loan” in this facility for existing consumers. They can view and understand the offer presented by ICICI Bank for a used car loan by sending an SMS from a mobile phone number, which is filed by ICICI bank.

A used car loan customer can produce an approval letter online by understanding the below steps:-

1. The first thing you do is log in to your internet banking.

2. You then view car loans “pre-approved” via the offered widgets on the ICICI bank website.

3. You then navigate to the offer and select the manufacturer details of your choice.

If everything is as per your needs, you accept the offer and generate the approval letter. If something bothers you with the offer, you can always call the ICICI bank customer care to help you out.

4. Once you generate the approval letter, the next step is to visit the ICICI bank branch and submit the disbursal case.

5. Guess what? You can now drive home in the car of your choice! 

The lowest interest rate you can get for a used car is 13.75%. Since a used car has lost some of its value, the maximum loan amount too will differ. Also, a used car loan is available at both fixed and floating rates.

 

Features:-

The process for application of a used car loan is most of the time identical to that of a new car loan.

 Any individual with a permanent source of income can apply for a used car loan. The loan granted for the Used Car varies from 60% to 80% of the on-road value of the car. As the risk correlated with the used car loan is higher. So, the price charged on used car loans is on the upper side and begins from 13.75%.

 

Conclusion:-

The 1st reason you should choose, you can avail of it anywhere, many banks are wishing to provide you with used car loans, and if you have the money, you can buy another car.  

Also read this: Best Interest Rates On A Car Loan

Importance Of High Credit Score In Personal Loan

 

A personal loan is a loan that grants funds borrowers can use for any purpose, unlike a car loan or a mortgage, which are reserved singularly for the purchase of goods that is then used as collateral for the loan. Personal loans are available from banks, credit unions. A personal loan is a set amount of money used at a fixed rate and repaid over a fixed period. Personal loans can either be secured or unsecured.

Credit score:

A CIBIL Score is a customer's credit score. It is a three-digit numeric review of a customer's credit history and a representation of the person's credit profile. This is based on prior credit behavior, such as borrowing and repayment practices given by banks and lenders to CIBIL regularly (the details of this are mentioned in the customer's CIBIL Report). The credit score is based on details located in the 'Accounts' and 'Enquiries' segments of the CIBIL Report, including (but not restricted to) loan records or credit cards, payment statuses, outstanding amounts made past the due date. Ranking from 300 to 900, the closer a CIBIL Score is to 900, the higher are the possibilities of the customer's loan application getting approved. A CIBIL report is a credit report that covers the customer's CIBIL Score and credit review, personal information, contact information, employment data, and loan account information. It is essential to note that banks and lending institutions consider both the CIBIL Score and Report to assess a person's loan eligibility.

The ways that you can improve your credit score is mentioned below:

* Always pay your dues on time as banks and other lending institutions see late payments as negative points.

* Keep your balances low, do not use too much credit, and restrain your utilization also if you can apply for a new loan in moderation.

* Maintain a wholesome credit mix of secured (like home loan and car loan) and unsecured loans (such as a personal loan and credit cards) too many unsecured loans may be seen negatively.

* Watch your co-signed, guaranteed, and joint accounts monthly. Remember that you are equally liable for missed installments in co-signed, secured, or jointly held accounts, and your joint holder's (or the guaranteed individual's) oversight could impair your ability to access credit if you need it.

Personal loan EMI calculator:

Equated Monthly Installment - EMI, in other words - is the amount owed every month to the bank or other financial institutions until the loan amount is fully paid off. It includes the interest on the loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., the number of months, in which the loan has to be repaid. This amount has to be paid monthly.

The interest element of the EMI would be more abundant during the initial months and gradually reduce with each payment. The specific portion allocated towards the payment of the principal depends on the interest rate. Though your EMI payment won't change, the proportion of principal and interest components will change with time. With every consecutive payment, you'll pay more towards the principal and less in interest. 

Interest rate: 

• Fixed interest rate:-

The interest rate remains equivalent to the entire loan tenor. Thus, the personal loan EMIs will also be constant.

• Floating interest rate:-

An adjustable or variable interest rate is connected to an internal benchmark of a monetary institution. Modifications to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor. Both of these rates have advantages as well as disadvantages. Fixed-rate keeps EMIs constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate. Manappuram personal loan allows the borrower to select an interest rate type of their choice.

Conclusion:

In simple words, Credit scores are like your 10th-grade mark sheets, the score of which will determine if you are eligible to get into the right college or not. 

Must Read:- Get the best Two-Wheeler loan online

Terms And Conditions Of A Car Loan.

If you have visited this blog, you are most likely thinking of purchasing a car. You can apply for a car loan through a simple, fast and paperless process by visiting the bank website. When you visit the site, you will come across terms such as EMI, rate of interest and the car loan EMI calculator, which will help you in calculating the EMI of the car loan.

The conditions or procedures of getting this credit facility differ in each bank. Let me inform you of the primary process. The first step is choosing and finalizing the make and model of the car you want to purchase, next you check if you are eligible for the car loan by visiting the bank website. Then, comes deciding the amount of this advance that you want, it will depend on the loan tenure, how much you can pay now, and the interest rate. This can be done by using the EMI calculator that is available for free on bank websites. Once you decide on these three things are the make and model of the car, Your eligibility for the loan by checking the EMI calculator, and also checking your CIBIL score (which can be viewed on the bank websites) If you are not eligible there are some banks/financial institutions in the market that will help you out (you can call and email us for more information by checking our website)

The car loan EMI consists of the amount payable, processing fee, and the interest charged, the EMI of the loan depends on the tenure of the advance, the longer the tenure, the lower is the EMI; the shorter the tenure, the higher is the EMI. Apart from the car loan, rate of interest, and processing fee, some lenders might also apply a premium to the rate at which you are borrowing. You can apply for a car loan by submitting your Age, Income, and Identity proof. The time is taken to approve the loan changes from bank to bank. Once approved the amount will be transferred to your account and you may book your car!

There are various banks and lending institutions that provide you with a car loan. One of them is the HDFC bank, and they offer features like: 

1. Custom-fit car loan:  

• It has flexible repayment. 
• Zero foreclosure charges*.
• Top-up loan after nine months - Pre-existing car loan customers can get a top-up with no documentation.

2. Zip drive: This is a feature applicable only for HDFC car loan customers in which the car loan amount is sent directly to the car dealers through net banking.

Conclusion: The above information will help you prepare before going in to avail yourself for a car loan, as said earlier make sure you are eligible, i.e. your credit score should be at least 750, All of your previous loans EMI’s if any should be paid on time, you should have the above documents on hand. And if you have any other queries, we at Dialabank are always here to help you.  

Also read:- Compound Interest Waiver In A Car Loan

Who Can Apply For A Car Loan

 

One of the main factors that Banks and lending institutions take into consideration while determining an application for a car loan is the credit score of the particular person which should at least be 700,  this will maximize their chances of availing the car loan. Other than this the borrower should have a continuous source of income at least for the past two years, The borrower should not have defaulted on any of their payments which will decrease their credit score and greatly reduce their chances of availing a car loan.

There is a facility on various bank websites, including HDFC bank, which is known as a car loan EMI calculator. This calculator considers the principal amount, rate of interest, and loan tenure of the car loan and gives you the monthly payment, which you will have to pay to the lender, which in this case is HDFC bank.

The eligibility for a car loan varies in each bank, HDFC follows the below procedure:-

Salaried Individuals:-

​​​​​​​

• Borrowers should be working in an organization for a minimum of one year with a work - experience of a minimum of two years.

• Borrowers should have a telephone or postpaid mobile connection.

• Minimum earnings should be three lakh, including the income of the co-applicant.

• Latest salary slip and form-16 required.

Self Employed Individuals and Professionals (Sole Proprietorship):-

• The business’s tenure should be a minimum of 2 years, and the company should be up and running for at least the past two years.

• The minimum earnings of the borrower should be Rs. 3 lakh.

Self Employed Individuals and Professionals (Partnership Firms):-

• Those who can be considered self-employed individuals or professionals are those who are partners in the field of service, trading, or manufacturing.

• The minimum turnover of the company should be Rs.3 Lakh per annum.

The others who are eligible are self-employed individuals of public and private companies with a minimum earning of Rs.3 lakh per annum.

Part-payment charges:-

Part-payment is granted subject to fulfillment of 12 months (i.e., Post payment of 12 EMIs).

Part-payment will be approved twice during the car loan tenure. Part-payment is allowed only once a year. Part-payment will not increase the past 25% of Principal Outstanding.

5% on the part payment amount in case of part prepayment will be within 13-24 months from the first EMI (Equated Monthly Instalment). 3% on the part payment amount in case of part prepayment will be after the 24 months of the first EMI (Equated Monthly Instalment). The rack rate of interest or rate of interest that HDFC bank offers on car loans is 8.80% - 10%. The minimum age of a borrower should be 21 years.   Conclusion:- If you fall within the criteria mentioned above, you are eligible for a car loan without any hassle or troublesome procedure. Must Read-Common Terms of Car Loans That One Must Know

How does car loan tenure impact the EMIs

As the Indian middle-class family moves towards a more modern lifestyle, it has increased the demand for four-wheeler vehicles proportionally increasing the demand for car loans. The option of getting a car loan is convenient and advised for people with low monetary resources or those who do not want to invest such a large amount at once. 

EMI or equated monthly installment, at the basic level, refers to the fixed amount that you would be entitled to repay monthly to the car loan provider until the car loan matures. EMI is a part of every loan, in this case, the car loan is computed by the principal amount and a rate of interest. In this scenario, a car loan EMI calculator is the most important element in car loan repayment.

Since it is EMI that a borrower would be liable to pay, for a short to medium term depending on the choice of tenure. A lower EMI gives lucrative schemes to a borrower. But at the same time, a higher EMI for a shorter tenure might be more sensible.

EMIs are impacted by the following perks:-

• The amount of loan that you are seeking is the main parameter due to which the car loan EMI value fluctuates drastically. The more the principal, the higher the EMI.

• The term chosen for the car loan is another major factor that can impact the monthly car loan value of the EMI. longer tenure will result in reduced EMIs but one should note with longer tenure the interest amount to be repaid increases. Thus it is suggested to choose a balanced scheme according to one’s requirements. 

• As the EMIs are calculated at the rate of interest, this factor must be understood thoroughly. Different banks offer distinct interest rates. As the rate of interest increases, the EMI payable also increases. 

• Foreclosure or prepayment charges also bring significant changes to the EMIs. 

Following are the advantages of the car loan EMI calculator:-

• It gives you an opportunity to calculate the EMI amount which will be payable after the disbursal of the money. 

• It also provides you with a comprehensive view of the loan repayment. 

• The monthly and annual amortization tables can be viewed.

Conclusion:-

The loan tenure thus impacts the EMIs from a large perspective and one should be always aware of the fact that there are many more factors affecting the EMI.

 

Also read this: Benefits Of A Car Loan