Car loan interest rate calculator | Car EMI Calculator Online | Car Loan Interest Rate in India
Looking for an easy way to calculate your car loan interest rate and EMI? Look no further than our online car loan interest rate calculator and EMI calculator! Simply enter your loan amount, repayment tenure, and interest rate into the tool and click submit. You’ll receive a detailed report of your EMI, interest amount, and repayment options.
For salaried borrowers, the minimum monthly take-home pay is Rs.20,000/- after all statutory deductions and existing loan liabilities plus EMI. The maximum loan limit is 36 times your gross monthly income. Non-salaried borrowers must have a minimum income of Rs 5.00 lac p.a. in metro centres and Rs 4.00 Lacs p.a. in other centres as per ITR/assessment of ITR during the preceding year. The maximum loan limit is three times your average gross annual income for the last 2 years.
Margin requirements for new cars are 15%, while pre-used cars require 20% of valuation in case of certified dealers and 30% of valuation by an approved valuer or surveyor, or IDV, for other cases. Vehicles up to 5 years old are eligible.
To apply for a car loan, you’ll need to provide your age, address, ID and signature proof, income documents (salary slip/Form 16/ITR with computation of income), bank statement or passbook copy, photocopy of vehicle RC book and insurance certificate, and PAN card. Self-employed customers must also provide a GST certificate, shop act or business proof, repayment track of existing or completed loan, TDS certificate, and PAN card.