Hyundai Creta: This vehicle is offered in the market in both petrol and diesel options. The on-road price for the base model of the Hyundai Creta in Delhi is Rs 12.89 lakh. Additionally, this car can be acquired through a car loan.
Suppose, Rs 11.60 as loan
A loan amount of Rs 11.60 lakh may be available from the bank for the purchase of the Hyundai Creta, although the exact amount is contingent upon the applicant’s credit score. A higher credit score may enable the borrower to secure a larger loan amount. When obtaining a loan for the Hyundai Creta, the bank will impose a specific interest rate, which will necessitate a fixed monthly payment in the form of an EMI. If the borrower contributes more than the required monthly installment, the duration for loan repayment may be shortened.
Now, understand the EMI calculation
To proceed with the purchase of the Hyundai Creta, a down payment of Rs 1.26 lakh is required. If a loan is taken for a duration of four years at an interest rate of 9 percent, the monthly EMI will amount to Rs 28,900. For a five-year loan term, the monthly EMI will be Rs 24,100 at the same interest rate of 9 percent. In the case of a six-year loan, the EMI will be Rs 21,000 at an interest rate of 9 percent, while for a seven-year loan, the monthly payment will be Rs 18,700.
It is important to note that variations in the car loan amount may occur according to the bank’s policies. Therefore, it is essential to thoroughly review all documentation when applying for a car loan.
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