The first utterance you will hear
from the private lending institution or the bank when you are applying for a
car loan to buy your dream car is EMI, which denotes Equated Monthly
Installments. It is the amount to be paid to the Bank or other private lending
institution each month, until the car is paid back in full. The EMI consists of
interest on the balance car loan amount and a fraction of the principal to be
repaid. This EMI can be calculated easily by means of a car loan calculator. The car
loan calculator is a simple way for individuals to pay back the loan in lesser
monthly payments, as the huge car loan will be divided into the same monthly
installments within your means.
Summary: Simultaneously, the car
loan calculator is an effortless way for banks to conceal the huge interest
rate constituent with the help of petite EMI.
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