Frequently asked questions
You can accurately estimate your EMIs with the use of a New Car Finance EMI Calculator. To determine the exact EMI due on your new car finance, all you need to do is choose the loan amount, rate of interest, and tenure.
Your new car finance EMIs depend on the following factors:
- Loan amount: The monthly payments you make are directly linked to the amount of the loan. As the loan amount increases, so do your monthly instalments.
- Rate of interest: The interest rate represents the percentage that lenders apply to the borrowed sum as interest. A greater interest rate leads to higher EMIs, while a lower interest rate results in lower EMIs.
- Tenure: The loan tenure refers to the duration for repaying the borrowed amount and is inversely connected to EMIs. A longer tenure decreases the monthly instalments, whereas a shorter tenure means higher EMIs.
To determine the potential EMI amount for the required loan, you can use our New Car Finance EMI Calculator. The interest rate for a new car finance is determined by your lender, taking into account factors such as loan amount, tenure, and credit history. After obtaining the interest rate for the desired loan amount and tenure, you can utilise the New Car Finance EMI Calculator to compute your monthly instalments. This tool helps in EMI planning and ensuring timely repayments.
Here are a few easy steps that can help you reduce EMIs for new car finance:
- Opt for a longer repayment tenure to spread the loan cost and lower your monthly instalments.
- Maintain a good CIBIL Score to benefit from reduced interest rates and lower EMIs.
The interest rate on new car loan finance depends on a number of things, such as your credit score, the length of the loan, the amount you borrow, and the market rates at the time.
Generally, borrowers with higher credit scores and a history of responsible credit behaviour are likely to get better interest rates. Bajaj Finance offers new car finance at interest rates starting 7.50% to 14%.