Recalculate your Car Loan EMI and Total Interest Due in a snap!
Monthly amount paid to your Car Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
Find better loan rates, special discounts, cashback offers from all banks only with BankBazaar.com's real time interest rate calculator.
|Check the Lowest Car Loan EMI -Nov 2017*|
|Bank Name||Interest Rate (New Car)||Interest Rate (Used Car)||Maximum Loan Available||Lowest EMI per Rs.1 lakh for 7 years tenure|
|Andhra Bank||9.20% (Fixed)||B.R. + 3.25%||85% of on-road price (New Car) 60% of market value (Used Car)||Rs.1,619 (New Car) Rs.2,086 (Used Car)|
|Axis Bank||11% (Fixed)||N/A||95% of ex-showroom price||Rs.1,712|
|Bank of Maharashtra||9.20% (Floating)||9.70% (Floating)||85% of on-road price (New Car) 50% of market value (Used Car)||Rs.1,619 (New Car) Rs.2,086 (Used Car)|
|Central Bank of India||8.90% (Floating)||10% (Floating)||90% of on-road price (New Car) 75% of market value (Used Car)||Rs.1,604 (New Car) Rs.2,071 (Used Car)|
|Corporation Bank||9.15% (Floating)||N/A||85% of ex-showroom price||Rs.1,617|
|Federal Bank||9.92% (Fixed)||11.15% (Fixed)||90% of ex-showroom price (New Car) 75% of depreciated value (Used Car)||Rs.1,656 (New Car) Rs.2,121 (Usd Car)|
|HDFC Bank||9.25% (Fixed)||13% (Fixed)||100% of ex-showroom price (New Car) 80% of market value (Used Car)||Rs.1,622 (New Car) Rs.2,088 (Used Car)|
|ICICI Bank||10.75% (Fixed)||15.50% (Fixed)||100% of ex-showroom price (New Car) 80% of market value (Used Car)||Rs.1,699 (New Car) Rs.2,162 (Used Car)|
|IDBI Bank||9.95% (Fixed)||N/A||90% of ex-showroom price||Rs.1,658|
|Indian Bank||9.95% (Floating)||12.90% (Floating)||85% of on-road price (New Car) 60% of market value (Used Car)||Rs.1,658 (New Car) Rs.2,122 (Used Car)|
|IndusInd Bank||10.65% (Fixed)||N/A||85% of ex-showroom price||Rs.2,157|
|Kotak Bank||11% (Fixed)||17% (Fixed)||90% of ex-showroom price (New Car) 90% of market value (Used Car)||Rs.2,199 for both new and used cars|
|OBC||9.90% (Floating)||12.40% (Floating)||85% of on-road price (New Car) 70% of market value (Used Car)||Rs.1,655 (New Car) Rs.3,222 (Used Car)|
|PNB||9.60% (Floating)||11.20% (Floating)||85% of on road price (New Car) 70% of market value (Used Car)||Rs.1,640 (New Car) Rs.2,105 (Used Car)|
|SBI||9.60% (Floating)||13.05% (Floating)||85% of on-road price for both new and used cars||Rs.1,640 for both new and used cars|
|Tamilnad Mercantile Bank||11.30% (Floating)||11.75% (Floating)||85% of on-road price (New Car) 70% of market value (Used Car)||Rs.2,189 for both new and used cars|
|Union Bank of India||9% (Floating)||12% (Floating)||85% of on-road price (New Car) 50% of market value (Used Car)||Rs.1,609 (New Car) Rs.2,076 (Used Car)|
|United Bank of India||9.35% (Floating)||N/A||85% of on road price||Rs.1,627|
*Interest Rates and offers are subject to change according to market rates and without prior notice by the bank
In today’s world, an individual cannot make a big purchase without the help of a large surplus of money that’s provided by financial institutions that operate in India. There are people who are blessed with a loaded bank account, but for those who aren’t, it’s banks and lenders who come to their rescue.. So, when a person wishes to purchase a new car but they do not have the surplus to do so, they apply for a car loan with a lender or bank. Now, applying for the right loan amount can be a task as this requires a lot of research to ensure that the borrower applies for the right car loan. The borrower will have to make a number of complex calculations to figure out the EMI (Equated Monthly Installment) that he/she would have to pay every month. This could lead to a errors which can be disastrous to the borrower's finances. This is where life is made easy and hassle-free with the use of an Car Loan EMI Calculator.
Calculating the EMI on a car loan has been made simple and error-free with the use of a Car Loan EMI Calculator. A Car Loan EMI Calculator is a tool that helps determine the EMI that needs to be paid towards the repayment of a car loan. It helps a person decide and select a suitable car loan amount and also helps them manage their finances.
The Calculator runs on a formula which computes the information that a customer provides to help calculate the EMI which has to be paid. Most EMI Calculators will require information pertaining to the loan tenure, loan amount, interest rate, processing fee, etc. The more information that you provide helps the Car Loan EMI Calculator come to a more accurate result.
With today’s world moving fast towards modernization, people have also been striving to purchase a four-wheeler of their own to help make their travel a lot easier. A car loan can come as a relief to a lot of people who do not have the monetary resources to purchase a car on their own.
There are a number of sites which offer a Car Loan EMI Calculator to help a customer calculate the EMI that they would have to pay. The customer can visit the official website of the bank or they can even visit a banking portal like BankBazaar.
BankBazaar has a Car Loan EMI Calculator that is simple to use and is easier to understand. The calculator gives you a detailed breakup of your car loan. BankBazaar’s EMI Calculator is a very useful tool that a lot of people use to determine the EMI that needs to be paid on a car loan. You will have to input a few details pertaining to your car loan to obtain an accurate answer related to the the EMI that you would have to pay. The EMI Calculator will require your loan amount, processing fee, loan tenure, and interest rates to arrive at a result. The BankBazaar Car Loan EMI Calculator can also compute the information you have provided my considering any prepayments that you intend on making during the loan tenure.
Once you have provided the information required, you will have to click on “Calculate”. Once this is done, you will get the EMI that has to be paid on the car loan amount. An amortization table is also provided along with a graph which makes it easier to understand the repayment of your loan.
It is important to find out any and all information on your car loan and this includes doing ample amount of research on the loan that needs the be paid, interest rates offered by other banks, EMI amount that you need to set aside every month, and more.
Car Loan EMI Repayment Structure using BankBazaar's EMI Calculator
Before applying for a car loan, it is advisable to know a little about the EMI that you will have to pay towards the repayment of the car loan amount to the bank. EMI or Equated Monthly Instalment is a fixed amount of money that a person will have to pay every month to repay their car loan amount. An EMI that has to be paid consists of two main components which are the interest that’s levied on the loan amount and the principal loan amount. The total interest that has to be paid on the loan amount is spread across the loan tenure. The interest that is paid on the loan makes up a large part of the EMI in the initial stages of the loan repayment tenure.
The Car Loan EMI Calculator that's available on the official website of BankBazaar is a simple and easy-to-use tool. It provides us with an abundance of comprehensive information that’s accurate and error free. The tool helps you make an informed decision on the car loan that you would want to apply for.
A Car Loan EMI Calculator can come in handy in a number of situations. The calculator acts as the backbone in the entire process that’s involved in securing a car loan. The calculator can help in a number of ways, right from planning out your monthly budget that you will have to set aside, to the make and model of the car that you would like to purchase. Here are some of the points that you will have to keep in mind when using the online Car Loan EMI calculator:
There is some good news for people who are paying an EMI towards a car loan. EMIs which are paid towards a car loan shall see a reduction as the Reserve Bank of India reduced repo rates by 25 basis points and it now stands at 6%. This means that the cost of credit which is required by an individual who intends on making a big-ticket purchase will further decrease.
The Car Loan EMI Calculator that’s available on the official website of BankBazaar uses the mathematical formula given below to calculate the EMI:
E = P x R x (1+R)^n/((1+R)^n – 1)
E is the EMI that is payable on a car loan amount
R is the rate of interest that is levied on the car loan
P is the Car Loan Principal Amount
n is the car loan tenure (in months)
The EMI Calculator works in a very simple way. An individual will have to provide details pertaining to their car loan such as loan amount, interest rate, processing fees, and loan tenure. Enter these details into the EMI Calculator and then click the “Calculate” button.
If the borrower intends on making a prepayment towards their car loan, then the borrower can provide this information in the respective tabs on the tool. An option is provided under prepayments where you can select “Yes” or “No”. Select the appropriate option depending on your choice.
If “Yes”, you will have to provide the details related to the prepayment frequency, prepayment fee, prepayment amount, and the category to which the prepayment applies. If the borrower does not wish to make a prepayment, then select “No” and click on the “Calculate” button. Your car loan schedule along with the amortization table will be provided.
The borrower can calculate their EMIs with different rates of interest and tenures to arrive at a suitable car loan option. This would help in making sure that the borrower isn’t under any added pressure when repaying the car loan.
The EMI of a car loan depends on three major parameters – Loan Tenure, Principal Loan Amount, and Interest Rate.
There are other factors which also affect the Car Loan EMIs which are paid and these are:
Car loan can be used to purchase new or used cars of any make or model available on the market. Banks, Non-Banking Financial Companies, and other lending institutions offer easy access to funding in the form of auto loans for purchasing all types of vehicles. Any individual with a steady income and stable occupation aged between 21 to 60 years can apply for a car loan from the top banks in the country. From expensive luxury cars to economical passenger cars, you can purchase any car of your choice with a car loan.
Now that you have obtained a car loan at a low interest rate for an appropriate loan tenure, how do you repay the loan? Car loan is repaid in the form of Equated Monthly Instalments (EMI). Your loan EMI shouldn’t exceed 50% of your salary. Choose the loan amount based on your repayment capacity. To find out how much your car loan will cost you in a month, use a car loan EMI calculator.
|Car Loan EMI is calculated using the formula:|
|EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]|
Human error is inevitable in manual calculation. Therefore, it is wise to make use of the online car loan EMI calculator that is available on the bank website as well as third-party comparison portals.
State Bank of India offers car loans for new and used cars at attractive interest rates for a long tenure of up to 7 years. SBI finances up to 85% of the car price. Any self-employed or salaried person aged 21 to 65 years can apply for a car loan at State Bank of India. From passenger cars to commercial vehicles, SBI car loan can be used to purchase most makes and models of cars that are available on the Indian market. Customers prefer SBI car loan for its low EMI payments, speedy loan disbursement, minimal paperwork, and loan amount for on-road price of the car.
To calculate how much the car loan will cost you monthly, check your car loan EMI payments using the SBI Car Loan EMI Calculator online. This tool is not only easy to use but also free of cost. All you have to do is enter the chosen loan amount, loan tenure, interest rate offered by the bank, and the processing fee charged by the bank into the tool. You will get accurate and instant results in the form of an amortisation table which contains the principal loan amount, monthly EMI payments, outstanding balance after each EMI payment, and overall interest payment. Amortisation table shows the loan repayment schedule of your car loan over the chosen loan tenure.Check SBI Car Loan EMI Calculator
HDFC Bank offers car loan up to 100% of the value of the car at attractive interest rates for a loan tenure ranging from 1 to 7 years. No guarantor is required to obtain a HDFC car loan. The process of applying for a car loan at HDFC Bank is customer-friendly with fast loan disbursal and minimal paperwork. With just a few clicks of your mouse, you can carry out instant and accurate car loan EMI calculation online. Just enter the chosen loan amount, tenure, interest rate, and processing fee in the car loan EMI calculator and click on the 'Calculate' button. You will get the monthly EMI and total interest due.
HDFC Car Loan can be repaid in equated monthly instalments. Choose the car loan amount depending on your repaying capacity. A high debt-to-income ratio means there is a high chance of defaulting on your loan. Delayed or skipped loan EMI payments can negatively affect your credit score which is why it is important to keep your EMI payment below 50% of your salary. With the use of HDFC Car Loan EMI Calculator, you can get instant and error-free results. The tool can be used any number of times for free of charge.Check HDFC Car Loan EMI Calculator
With ICICI Car Loan, you can own the car of your dreams. ICICI Bank offers car loan up to 100% of ex-showroom price of the car for a loan tenure of up to 7 years. Another advantage of choosing ICICI bank to obtain funding for purchasing a car is that existing customers can get pre-qualified car loans. ICICI Bank offers car loans for new car, pre-owned car, and loan against car. You can apply for ICICI car loan online but before that it is important to calculate your car loan EMI payments for the chosen loan amount. The interest rate varies with different types of car loans.
ICICI Car Loan EMI Calculator is pretty simple and easy to use. Just slide the slider across the scale to choose your preferred loan amount and loan tenure. Then enter the interest rate and processing fee charged by ICICI Bank. Click on the 'Calculate' button. You will get instant results containing the monthly EMI, overall interest payment, and an amortisation table. The table will show your loan repayment schedule consisting of monthly EMIs, outstanding balance after each EMI payment, principal repayment, and interest payment.Check ICICI Bank Car Loan EMI Calculator
Whether you want to purchase a new car or an used car, Axis Bank offers 3 types of car loans for you - new car loan, pre-owned car loan, and loan against car. You can get up to 100% on road funding from Axis Bank for your chosen car for a loan tenure of up to 7 years. In the case of pre-owned car loan, you can borrow up to 90% of the valuation amount for a loan tenure of up to 5 years. For loan against car, you can get Rs.10 lakh onward for a maximum loan tenure of 15 years. You can apply for Axis Bank Car Loan online. Similarly, you can also carry out Axis Bank car loan EMI calculation online for free.
Use the Axis Bank Car Loan EMI Calculator to check your monthly EMI payment for the chosen car loan amount. All you have to do is enter the loan amount, loan tenure, interest rate, and processing fee in the tool. You will get a colourful amortisation table with details such as interest payment, monthly EMIs, outstanding balance after each EMI payment, and principal repayment. As the payment schedule is represented in tables and presented in colourful bars and graphs, it is easier to read.Check Axis Bank Car Loan EMI Calculator
Canara Bank offers car loans at reasonable interest rates for the purchase of any make and model of car available on the Indian market. Government employees and women can enjoy added benefits offered by Canara Bank. You can get up to 85-90% of the total price of the car from Canara Bank for a loan tenure of 5 to 8 years for new and used cars.
Canara Bank Car Loan EMI Calculator is easy to use and free of cost. EMI for different loan tenure can be calculated using the car loan EMI calculator. This tool will give you an analysis of your car loan payment schedule in the form of an amortisation table. Just enter the loan amount, interest rate, loan tenure, and processing fee in the tool and click on 'Calculate'. Just like that, with a few clicks of your mouse, you can get accurate and instant car loan EMI results.Check Canara Bank Car Loan EMI Calculator
Depending on how many units were sold in the previous fiscal year, here are the top 5 most sold cars in India:
For sample, the EMI calculation for top sold cars in India is calculated using a fixed interest rate of 11%, loan tenure of 2 years, and a 2% processing fee. Take a look at the below calculation to get an idea of how much your monthly EMI will be for a particular make and model of car:
|Make and model of car||Price of the car/Loan amount||Interest rate of car loan||Loan tenure||Processing fee||Equated Monthly Instalment (EMI)|
|Maruti Alto||Rs.5 lakh||11%||2 years||2%||Rs.23,304|
|Maruti Dzire||Rs.5.9 lakh||11%||2 years||2%||Rs.27,499|
|Maruti Swift||Rs.5.22 lakh||11%||2 years||2%||Rs.24,329|
|Maruti Wagon R||Rs.4.5 lakh||11%||2 years||2%||Rs.20,973|
|Hyundai Grand i10||Rs.5 lakh||11%||2 years||2%||Rs.23,304|
It is easy and simple to use car loan EMI calculator online. What's more? One can use the EMI calculator any number of times for free of cost.
A floating rate of interest is an interest rate which fluctuates. There are a number of factors that affect the rate of interest when it’s floating in nature. Factors like inflation, liquidity, taxes, etc. all play a vital role in the interest rate that’s levied on the car loan. There are two main areas that demand your focus when you apply for a floating rate of interest – pessimistic (inflationary) and optimistic (deflationary) scenarios.
In an inflationary scenario, the rate of interest typically increases from its current rate. When this happens, the EMI that you will have to pay will also increase. However, in a deflationary scenario, the rate of interest will reduce by a certain percentage from its current standing. This will lead to a reduction in the amount that’s paid to the lender as an EMI.
The Car Loan EMI Calculator that’s available on the official website of BankBazaar is a very helpful financial tool that assists an individual in making smart decisions on their car loans. Some of the features and benefits that are offered with the Car Loan EMI Calculator are listed below:
Having a large amount of money in hand opens up a number of doors for an individual, especially if they have major plans like a marriage, home renovation, medical expenses, going on an international trip, buying a new two-wheeler or four-wheeler, education fees, etc. These major events in an individual’s life would require a certain amount of capital to ensure that these plans come to fruition without much hassle. In such situations, a loan from a bank can be a real lifesaver as this capital can be used to cater to the needs that arise throughout the lifespan of an individual.
Life can be unpredictable at most times but in a world that runs on money, a capital can help you get out of a sticky situation. Let us consider the life of Ms. Kumar. She has been independent her whole life and has not depended on her parents or relatives for any type of financial security. This doesn’t mean that she has had a smooth life without facing any problems.
As a young girl, Ms. Kumar always wanted to become a doctor. As we all know, the tuition fees for a medical course can be quite stressful on a person’s finances. But, Ms. Kumar didn’t have the financial capital required to finance her education. This is where an education loan from a reputed bank helped her out in a big way. The education loan offered by the bank financed her education fees apart from other benefits that were offered with the loan.
But the college which she had to attend was quite far from her place of residence. This meant that she had to figure out her own mode of travel to commute back and forth from college and her home. Lucky for Ms. Kumar, the same bank offered her a two-wheeler loan and at an affordable rate of interest. This helped her purchase a new two-wheeler to help with her commute. This helped her a lot to minimise the amount of time spent on travel thereby giving her a lot more time to study and do well in her course.
Years went by since Ms. Kumar took a loan to begin a new stage in her life. But, with time came new responsibilities. Her younger sister is getting engaged and the money that Ms. Kumar had saved has nearly depleted with the clearing of initial bills and purchases made for the engagement. Funds were running dry and Ms. Kumar and her family were beginning to panic. Luckily for her, the education loan along with the two-wheeler loan which she availed in the beginning was paid back in full and on time, without making any delays in payments. This gave her a good credit score which most banks prefer their customers to have. Thanks to the good credit score, Ms. Kumar got a personal loan approved from the bank without much hassle. She was able to use this personal loan to finance her sister’s engagement and make sure that her sister was happy and content.
Ms. Kumar loves to travel. More than anything else, she loves road-trips. With all the responsibility of her career and family falling on her head, it was time for Ms. Kumar to reward herself for all the selfless deeds she has done in her life. So, Ms. Kumar decided to purchase a four-wheeler. The car that she wanted to buy would help her travel around the country without much hassle. With a good credit score and customer history with the bank, it was simple and easy to procure a car loan from the bank that has come to her aid in the past. She was able to purchase the vehicle and also check the loan installments that she would be spending using Car Loan EMI Calculator the first thing that she did was go on a road trip with her closest friends. This is the kind of happiness that an individual cannot purchase but has to experience.
A successful doctor, a responsible sister, and a loving guardian, Ms. Kumar filled these roles in her life with ease thanks to the capital provided by various loans sanctioned by the bank. This would not have been possible if Ms. Kumar didn’t maintain a good credit score, apart from other requirements which were needed to be met to procure a loan.
Almost all passenger cars along with multi-utility vehicles can be financed by a car loan.
Yes, you can avail a car loan on your existing four-wheeler. You can visit the BankBazaar website to find a bank that offers a car loan for used cars that matches your needs and requirements.
Anybody who falls under the following categories can avail a car loan:
You can find out the prepayment penalty that is levied on a car loan by contacting the nearest branch of the bank which has sanctioned the car loan to you. You can also visit the official website of the bank or a financial website like BankBazaar to help address your queries.
No. The Car Loan EMI Calculator is available on the BankBazaar website for no charge at all. You do not have to make a new login ID to use the Car Loan EMI Calculator on the BankBazaar website.
BankBazaar’s car loan EMI calculator will help you make smart decisions when it comes to repayments and choosing a loan. Here are some things that will be simplified in no time when you use BankBazaar’s online car loan EMI Calculator.
BankBazaar’s car loan EMI calculator is very intuitive and is easy to use. This wizardry is designed to make a tedious task very simple - just enter the values using sliders and get instant projections on EMI and amortization schedule.
If you encounter any problem with the calculator or if you need some light on a particular aspect of the calculator, all you have to do is get in touch with BankBazaar’s friendly customer support team and they will sort the issue.
BankBazaar’s car loan EMI calculator is very simple to use - as simple as using a normal calculator.
This tool is offered for free and will help you crunch your numbers in no time!
BankBazaar’s car loan EMI calculator will display the amortization schedule and break up of amount payable in a visually appealing graphic format. It will also be easier for you to interpret and understand the data that way.
You can use BankBazaar’s car loan EMI calculator any number of times - till you arrive at the perfect combination of tenure and principal and an affordable EMI.
Use the car loan EMI Calculator to see which car loan deal suits you the best. Compare car loans based on interest rates, processing charges and prepayment penalty and use the calculator to see how these parameters affect your EMI. With BankBazaar’s car loan EMI calculator, comparing loans just got smarter and hassle free!
You can calculate the EMI for your car loan by using the Excel spreadsheet. Follow the steps given below to easily find the car loan EMI using excel.
In an Excel sheet, you can compute the EMI for your car loan using the function PMT.
The PMT function in EXcel will compute the constant periodic payments required to partially or completely pay off a loan with an interest over a tenure.
The syntax of the function is as follows :
Let us use an illustration to understand the Car Loan EMI Calculator formula.
Ex: Consider a car worth Rs. 5. 95 lakhs. For a loan to purchase the car with a down payment of Rs. 1.5 lakhs, the loan amount would come to Rs. 4. 45 lakhs. If the interest rate is 12% per annum and the tenure is 4 years, the Excel PMT formula would look like,
PMT(0.12/12, 4*12, 445,000) where the period considered is months.
This formula will give you a result of Rs. 11, 718. Also, in Excel the result will come in red or negative which denotes cash outgo.
You must add processing charges and other fees to get an accurate result.
BankBazaar’s car loan EMI calculator will let you make smart loan decisions and repayments. Here are some points which you can infer from the car loan EMI calculator that will help you make better decisions when it comes to a car loan.
BankBazaar’s car loan EMI calculator will project the instalment amount using which you can understand your loan affordability. After all expenses & other investments that you make using your salary, you must be able to comfortably afford the EMI amount.
If you are planning to make prepayments, you can use BankBazaar’s car loan EMI calculator to find out how the prepayment will affect your EMI repayment schedule and also see if you will really benefit from making a prepayment.
You can use an online car loan EMI calculator to compare different car loan products on a detailed analytical basis.
Using the results projected by the calculator, you can plan your monthly budget as well as the repayments.
The amortization calendar will help you plan the repayments. As the schedule will help you understand how the interest outgo will change over time, hence helping you to manage the finances better.
Loan parameters needed for using the Car Loan EMI calculator:
You need to know the loan amount, processing fee and the interest rate of your car loan, home loan or personal loan. If you plan to prepay your loan, then figure out the exact or approximate amount you intend to prepay and the periodicity of such payments depending on your loan agreement.
Use the sliders and input boxes provided in the calculator to key in or match these loan parameters.
The calculator will then work out the exact pattern of your loan repayment. Aspects such as the amortization table, the total interest outgo, the timelines of your loan repayment etc. will be displayed in accurate detail enabling you to make smart loan decisions!
Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar.com’s EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.
Starting Balance: The starting balance of any given period corresponds to the principal amount that is owed to the bank at the beginning of that period.
Interest Paid: This is the portion of your monthly payment that is applied towards interest.This portion will keep reducing each successive month as the car loan matures. The rest of your monthly payment is applied towards the car loan principal.
Principal Paid: This is the portion of your monthly payment that is applied towards the loan principal. This portion will keep increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
Ending Balance: The ending balance of any given period corresponds to the principal amount that is owed to the Bank at the end of that period.
You can switch to Annual view of your Car loan amortization.
Planning of foreclosing your car loan? Read on to know if it’s a good idea.
When an individual applies for a car loan to purchase their dream vehicle, they are given a tenure in which the car loan would have to be repaid. There are times when a bonus at work or a sudden surge of money comes into the applicant’s life. So what should they do with the extra money? Repaying the car loan with a big payment can surely bode well for the applicant as he/she ends up saving a lot of money that would have been paid as interest. This is called pre-closure or foreclosure of a car loan. But, is this a good idea? Know more on this page as it talks about the various advantages and disadvantages of foreclosing of a car loan. Read More
Prepaying your car loan? Read more to ensure you make the right decision.
It is a well-known fact that loans can come as a saving grace in times of financial hardship especially when you have to make a big purchase. With banking portals making it easier to apply for a car loan online, a lot of people prefer to apply for car loan rather than pay for the purchase from their own savings. During the loan repayment tenure, you may come across a large sum of disposable money and though the logical thing to do is foreclose the car loan, it is advisable that you take a step back and study your options. This page talks about the various advantages and disadvantages that come with the foreclosure of a car loan. Read on to help you make a more informed decision when it comes to the foreclosure of your car loan.Read More
What is Car Loan Transfer?
There are a number of different car loan products that offer different advantages and benefits. With so many options available, it can be difficult to come across the right car loan option. There are times when a person has applied for a car loan and has later come across a better car loan option. Car loan transfer is a route that a lot of people in this position opt for to get out of their current predicament.
It is a simple process that helps clear out the previous car loan amount that a person has initially applied for. With this feature, a car loan applicant can close their previous loan amount and make payments towards the new car loan that’s better for the applicant. This page talks about the procedure of a car loan transfer and the steps to follow to ensure that it’s done right.Read More
Cash or Car Loan? Read on to see what works out better
Car loans make it easy to purchase a car as it does not need us to dip into your savings when making the purchase. But what do you do when you do have the surplus needed to pay for the purchase? As banks end up taking a chunk of your money as interest, should you purchase the car with your own money or a car loan? There are other ways in which you could utilize this surplus of money that you have on hand. Read on to know more about how to make the purchase of your car. Read More
What does the future hold for car loans in India?
With a steady increase in the population of India, car sales have grown in India over the past couple of years. Banks and NBFCs have also begun developing car loan products to cater to the needs and requirements of the people. The future of car loans in India looks quite lucrative with the various benefits and advantages that come with it. Read on to see what’s in store for car loans in India. Read More
Avis Budget Group Inc launched a fleet of cars that are completely connected through the internet to the car rental company and other vehicles via wireless technology. This New Jersey-based company's Mobility Lab is expected to connect 5,000 cars in Kansas City so that they can share real-time data about the traffic flow within the city. Vehicle connectivity is a step towards the manufacturing of self-driving cars.
By 2020, Avis aims to have its global fleet fully connected. In 2016, the company's rental fleet accounted to 4 lakh vehicles in the US. The customers of the rental company can use a mobile app to lock and unlock car doors, and locate the car. According to the chief innovation officer of Kansas City, there will be discussions with Avis regarding the usage of the city's wireless network by the company's connected car fleet for over 54 blocks. The discussion will be about using the data provided by the connected fleet to improve traffic flow models, tourist experience and the city's parking apps.
11th December 2017
Last year, the sales of commercial and passenger vehicles took a hit as a result of demonetisation. This November, the sales have increased significantly, putting the growth of the industry at the top most in last 6 years. The 50.4% increase in commercial vehicle sales is partly owing to the infrastructure boost led by the government through the implementation of Goods and Services Tax.
Passenger vehicle sales saw a 14.3% rise along with a 23.5% rise in two-wheeler sales, resulting in a total 24% increase in domestic sales, which amounts to 1.9 million units. Maruti Suzuki reported a 14.3% increase in sales to 1,44,297 units this November while Hyundai Motor India reported a 10% increase in sales to 44,008 units. Tata Motors showed a 72% rise in sales in the commercial vehicle segment to 35,307 units. Two-wheeler sales increased to 1.53 million units with a 30.25% rise in scooter sales and 23.35% rise in motorcycle sales.
12th December 2017
German car manufacturer, Volkswagen has a 5-year plan to be a leader in the electric car segment. By December, 2022, an estimated $40 billion is expected to be spent on the production of Volkswagen electric cars. Tesla Motors Inc had recently launched Model 3 sedan, the company's first mass-market car. So far only 260 units have been made owing to production constraints. By the end of the first quarter of 2018, the company expects to produce 5000 units per week. By 2019, an electric truck called Tesla Semi is expected to be built. Tesla plans to launch a Roadster electric sports car in 2020.
Japanese carmaker, Toyota plans to make all its vehicles emission free by 2050. Renault-Nissan plans to launch 12 all-electric car models by 2020. Also, Nissan Note e-Power, a hybrid gasoline-electric car is currently in the development process. General Motors plans to sell 1 million electric vehicles in China by 2026. Ford plans to invest $5 billion in the production of electric vehicles by 2022. It also plans to launch minimum 13 models of hybrid or electric vehicles in the next 5 years.
8th December 2017
Currently, Hyundai Ioniq has been sold in 3 variants - all electric, hybrid, and plug-in hybrid in the US, East-Asian, and European markets. India aims to have all-electric vehicle fleet by 2030. Hyundai is expected to join the Indian electric car market to make this ambitious plan possible. However, given the hefty price tag of Hyundai Ioniq, it is practical to manufacture electric cars in India than importing the Ioniq. According to the MD of Hyundai Motor India, Y K Koo, the company will be better off implementing electric cars in the lower-segment products like the Grand i10 or i20 than SUVs and premium cars.
6th December 2017
General Motors Co. (GM) has a goal of commercially launching its self-driving automobiles in the year 2019 in a few cities of the United States. These automobiles will be completely autonomous vehicles that can be used in urban environments.
The president of General Motors said that one of these self-driving cars would provide revenues worth around hundred thousands of dollars. The current revenue that GM earns with one of its present cars is $30,000. Most of these self-driving cars will be used as self-driving cars, and this includes GM Chevrolet Bolt.
5th December 2017
Mahindra & Mahindra is planning to launch a new 7-seat MPV with its monocoque body, a sloping bonnet and big headlights. The all-new MPV goes by a codename - U321. Other features of the MPV include 16-inch wheels, LED daytime-running lights, high-set tail lamps, and a top-hinged tailgate extending down to the bumper for easy loading of luggage. The vehicle has 3 seating rows with 7 or 8-seat option. Its dashboard will feature a touchscreen with Android Auto app. This new MPV will be the first of Mahindra car models to use a 1.6-litre diesel engine developed along with SsangYong. It promises 130 horse power. The new MPV will be priced at Rs.10-15 lakh.
1st December 2017
Lamborghini Urus will be launched on 4 December 2017 at Sant'Agata Bolognese, Italy. The car is powered by 4-litre twin-turbo V8 engine. Maurizio Reggiani, the Chief Technical Officer of the Italian car company said that Lamborghini Urus carries the design and shape of super sports cars that is signature to Lamborghini. The vehicle sound changes as per the modes - Strada, Corsa, and Sport. Car enthusiasts and long-time fans of the Italian car manufacturing company are eagerly awaiting the launch of the Urus. Until then, they are happy to get their hands on the car’s promotional videos and teasers.
30th November 2017
Oncel Tuzel and Yin Zhou, computer scientists at Apple Inc submitted a paper on autonomous vehicles to an online journal. According to them, self-driving cars can spot pedestrians and cyclists using fewer sensors. A software called VoxelNet can help computers detect 3D objects. Self-driving cars use 2D cameras and depth-sensing LiDAR units to identify the objects around them. Without a normal camera linked to the cars in real time, they can't detect small faraway objects. However, with the new software, Apple Inc scientists claim that with only the LiDAR data, pedestrians and cyclists were spotted easily. The experiments didn't involve road tests, only computer simulations. In December 2016, Apple had asked federal regulators not to restrict testing of the AI technology with regards to self-driving cars. In April 2017, Apple had filed a testing plan for self-driving car with the California regulators.
29th November 2017
Tata Motors' Nano will be re-launched as an electric car with a new name called Neo. While Tata Motors supplies the bodywork of Nano, Jayem Automotives will incorporate the electric motor and powertrain for the new model. The first 400 units of Neo will be sold to a leading taxi company, according to sources.
The 2 companies, Tata Motors and Jayem Automotives have formed a 50-50 partnership. Neo will run on a 48-volt battery. It will be designed and marketed by Jayem Automotives. The car can run up to 150 km with air-conditioning on a single charge. The Managing Director of Jayem Automotives, Anand is a former F3 champion. The company is known for its expertise in design, development, and production of performance variants of automobiles.
27th November 2017
Toyota Motor and Maruti have forged a partnership to produce the first electric vehicle from Maruti in less than 2 years. A moderate-range electric vehicle may cost Rs.10.40 lakh. Without major government subsidies, long-range electric vehicles could be too expensive to be adopted into the mainstream. India's aims to achieve all-electric vehicles by 2030. Suzuki, the parent company of Maruti will need to build an entire value chain in the country. The automaker announced the establishment of a lithium-ion battery manufacturing facility with Toshiba and Denso.
Mahindra & Mahindra, an early entrant in the EV segment is also planning a production of electric vehicles after its majority stake in REVA electric car in 2010. Bajaj Auto plans to produce e-rickshaws next year. Hero MotoCorp has invested Rs.205 crore in Ather Energy, an Electric Automotive startup. Battery manufacturing companies, Amara Raja and Exide Industries are also looking into lithium ion and lead-acid batteries.
27th November 2017
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards