Hi everyone, I have question for all.
Table: Eligibility Criteria for Car Loan
| Requirements | Salaried Individuals | Business Persons |
| Citizenship | Indian | Indian |
| Age | 22-60 Years | 22-70 Years |
| Minimum monthly income | Rs. 50,000 | Rs. 75,000 |
How to do?
- Car Name
- Total cost of vehicle
- Down Payment
- Number of years
- Markup rate option
- Car Name (Choose from given list of vehicles)
- Down payment should be from 20 to 50%.
- Mark up will be charged 10 to 15%
- Number of years of installments should be 3, 4 or 5.
example for 3 years plan as formula to calculate installments Total payment - down payment (700000-200000 = 500000)
installments for 3 years
500000/36 = 13888
Calculate mark up per annum (12%)
500000*0.12 = 60000
60000/12 = 5000
Total payment per month = 13888+5000=18888