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Make sure you can afford car loan EMI before you avail it

Make sure you can afford car loan EMI before you avail it

Friday, June 9, 2017, 10:36 AM

Along with interest rate, your car loan EMI amount will depend on loan amount and loan tenure. Make sure that you can afford the EMI before you take the final call. Consider your disposable-income, your existing EMIs on other loans, insurance premiums and SIPs for long-term investments before arriving at the EMI figure. Your total EMIs should not cross 40% of your monthly income.
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