![]() Repayment refers to the periodic instalments that you make to settle the car loan. There are numerous ways by which one can repay a car loan – regular EMI, step-up EMI and step-down EMI. If you are changing your loan tenure, you should consider all the factors that will be affecting your monthly instalment. ![]() Although shorter tenure is preferred as the loan is repaid faster with lesser interest paid. Longer the tenure, lower is the EMI and shorter the tenure, higher is the EMI. Your EMI may increase or decrease depending on the tenure of your loan. ![]() Other than these primary factors, the monthly instalment may vary depending on the factors like: For example, personal loans have a tenure of upto 5 years whereas home loans can go upto a period of 30 years.Ī car loan EMI depends on the loan amount, tenure of the loan and rate of interest. A longer time period will have a higher interest rate for which you will have to pay higher EMIs. The tenure of the loan depends on the loan amount and the type of loan you are applying for. You can compare different loans on the Soulwallet website. It is always better to compare the different rates of interest and calculate the EMI for the same before choosing a loan. The interest rate can vary from one bank to another. The rate at which interest is charged on the loan amount can depend on the loan amount and institution you are borrowing the money from. The EMI depends on the interest rate charged on the loan amount, it can be floating or constant or even hybrid. To calculate your EMI, fill in the loan amount in the principal amount section. The loan amount depends on the cost of your purchase and the applicant. ![]() The EMI amount depends on the loan amount, higher the loan amount, higher is the monthly instalment that you will have to pay. The loan amount is the actual amount that is borrowed for purchasing your vehicle. ![]()
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