Dream Car Calculator

About Fintra's Dream Car Calculator 

India is currently ranked the world’s 4th largest market for 4-wheelers. Due to this, the demand for a secure and easy to use a car loan calculator has skyrocketed. Although the Internet offers various car loan calculators, not all will be accurate. Thus, Fintra has specially designed for you one of the best EMI calculating tool that will assist you to make an informed decision on how much funding you'll require to purchase your dream car, how much EMIs are likely to be, and other details.

How to use Fintra's Dream Car Calculator? 

After how many years from now, do you plan to purchase your Dream Car? Use Fintra’s easy-to-use Dream Car Calculator, which helps you to plan better and invest accordingly to strategise for your Dream Car. 

Enter the following credentials: 

- Dream Car’s Price

- Maximum Monthly Savings/Investments

- Current Savings for your Dream Car (₹)

- Expected Annual Rate of Return (%)

Hit the ‘Submit’ button, and Fintra’s hassle-free Dream Car Calculator will calculate the investment required to purchase your dream car package!

What are the benefits of car loans?

Obtaining car loans for paying for your dream car, you manage to retain some of your savings for other expenses. One of the greatest positive aspects of car loan benefits is that in India the loans are secured against the car itself, thus, you don't have to mortgage any of your assets to get a car loan. One can also use the car while servicing the car loan term, in a few years you have added to your original savings and obtained the chance to own your dream car while having paid off the car loan completely. Car loans are one of the safest ways of purchasing your dream car.

FAQs about Dream Car Calculator 

How can car loan EMI calculator help you?

Following are some benefits of using a car loan EMI calculator:

• Saves valuable time: Primary purpose of a car loan EMI calculator for car loans in India is to save your valuable time. Fintra uses a regulated formula for calculating the EMI details that produce results instantly as you feed in essential data.
• Accurate every time: Accurate results will always be seen because unlike manual calculations, the online calculator can never make a mistake.
• Helps to plan your budget: After analysing how much you need to repay in EMIs, you will be in a better position to plan future financing options. For example, if you are intending to purchase an expensive car, you need to obtain bigger loan amounts, and a longer tenor to repay the loan back. Thus, all these vital elements are determined by the car loan calculators in India.
• Breaks down the amount you need to pay: The car EMI calculator will also help to break down the total payable amount under various headings such as loan amount, interest applicable, and processing fees among others.

What are the vital documents required for obtaining a car loan?

Although the documentation requirements might vary from lender to lender, the following is the list of some commonly asked for documents: 

Income proof documents for Self-employed persons:

• Duly signed and filled application form available either on the website or physically at the bank's outlets
• Passport Size Photographs, generally 4-6 photos
• An identity proof- Passport, Pan Card, Driving License, Voters ID card, Aadhaar card or employee identity card in case of government employees
• Address Proof- Bank statement, Rent Agreement, Voters ID card, Ration card, Passport, Driving License, Telephone bill, Electricity or water Bills, Credit card bill or Property tax document
• Age Proof- A voter ID card, Secondary school leaving certificate (class 10), Birth certificate, Passport, Aadhaar card, Pension payment order or Receipt of LIC policy.

Income proof documents in case of salaried individuals:

• Latest 3 months' salary slips
• Form 16 with proper computation of income
• Salary account bank statement for six months
• Latest acknowledged IT return
• Business stability and ownership proof
• Last two years' computation of income
• Profit and Loss statement
• Balance sheet certified by a C.A.
• Latest six months' bank statement
• Last two years' sales
• Copies of acknowledged IT returns
• PAN Card 
• Documents proofing the Vehicle's information that may include the sales receipts from the seller.
• Submit copies of the Vehicle's Motor Insurance and Driving License.

What amount can you expect in terms of the car loan?

Depending on which bank you are obtaining your car loan the funding amount will vary, and it also depends on various conditions including the characteristics of the car and loan requirements. In most cases, the minimum loan amount will be equal to Rs.1, 00,000.

Can the loan cover the entire cost of your car?

Most banks will provide just 80% to 90% of the total cost of the vehicle as a car loan. However, few banks may cover the entire cost of the car. It's advised to compare the available offers thoroughly before selecting your loan option.