Never take more than 30% of car price as loan. Put in as much money as you can because the car is not an asset. It depreciates quickly. New car new model comes... your car value goes down. Never go behind features because many of them we don't use. Engine power, basic facilities, air bags, low maintenance, decent mileage and good AC.
Absolutely love your clarity, Sir, absolutely. Your grasp on this topic is fantastic. Personally I have never ever purchased a car on loan. But this helps in talking to my friends about not getting in debt.
Thank u sirji.. Ye influencer ko dekh dekh k new car soch rha ta lene ko.. Wagonr 2016 model chala rha hu.. 80K hi chali h bs.. Ab isi ko chalaunga.. Till 15yrs..EOL of the car
👌Very true information. I regularly watch ur video as till date I don't own any car. Now this festive season, I m planning to buy my very first car - may be Ignis Alpha (MT)..........if I could snatch maximum discount offer Otherwise I will have to go for its Zeta (MT). I don't want to take any kind of loan but to buy totally in Cash. Tentative my monthly driving would be 1000 kms and mostly in city. Once again, a big TQ to Mycarhelpline team for making good informative videos.👍
If I’m taking a loan with longer duration say 7 years to have lower emi, then foreclose it within 3 years, the overall net interest will be lower than continuing it for 7 years. You should not only see it from a interest rate perspective, you should also consider the net interest paid. I’m sure if you calculate, continuing a 7 years loan will not be better than foreclosure. After 3 years, you can use the emi amount to invest in different instrument and that can anyway cover the interest paid during 3 years.. I think your approach is one directional, but it was a food for thought 😊
@@avinya151 didn’t get your point. What I’m trying to say is, you compare the net interest paid in both cases and then decide. Just don’t look at from interest rate perspective
Rather invest that money in something that will give you a return that is higher than the remaining interest on your emi! Paying back a loan in the way you mention is not the best sound advice (unless you just wanna remove the pressure of emi payments and are willing to pay a premium for that mental peace)! Paying back the loan in 3 years is never gainful if you put future value into perspective.
That's very stupid, if u know u can payback in 3 yrs then wait for 3 yrs. Unless u got jackpot lottery and now u have money at dispersal that's ok. Best is calculate the emi by years. For cars generally emi term is 5yrs, beyond that it's higher interest . Similarly for home loan 20yrs is sweetspot.
@@techcloud2510in 3 years car price will be increased with the amount you pay in interest on your current loan so taking loan is somehow beneficial as you also get car for that 3 years 😊
You calculated the interest considering the EMI of Rs.16013 but if you consider it for a 3 years period the EMI @ 8.85% p.a. works out at Rs.31730/-. If a person avails a loan for a term of 7 years and instead of paying stipulated EMI of Rs.16013/- he keeps on paying Rs.31730/- p.m. his loan will be closed exactly at the end of 3 years with actual interest charge of 8.85%. Interest is charged on the outstanding balance of the loan. Even in your cited example if you calculate the interest on the outstanding balance at the end of every month, you will find that interest is charged @ 8.85%. Get the facts verified from your chartered accountant & delete the video as it is misleading. It is an advice from one of your regular viewers.
Keeping EMI minimum reduce compulsory obligation and one can pay every month extra amount if one can pay higher EMI. This will effectively reduce tenure and also with no fear of penalty in case of emergency. But loan shoykd be from Sarkari Bank. 😊
Very pertinent video. I recently bought a Grand Vitara. Out of 17 lakhs, I made a downpayment of 10 lakhs. For the remaining 7 lakhs I wanted a loan of 1 year. Yes one year. All banks flatly refused, PSU banks said minimum tenure is 2 yrs, while pvt banks said min tenure is 3 yrs. Afyer lot of haggling I managed to get a 2 yr loan from ICICI but they charged me 0.2% higher than a 3 yr loan. Still I saved substantial interest cost. Loan should be of min tenure even if the EMI hits u hard. After few EMIs u get adjusted to the new montly expense and u dont feel the burden so much.
Just because of the sheer paperwork that is involved. My last car loan was from SBI and it was quite a hassle. On the other hand I had a pre approved loan from a pvt Bank and all I did was make a call and sign the loan agreement. There is one more reason. My new car arrived at the dealership much earlier than expected and I didn't want to leave the car with them more than 1-2 days.
The information is good for knowledge. But before going as per advice just consider the amount as per part or preclosure payment and then paying till last EMI. If you are closing the loan in between. You can still use the rest of the EMI for your other financial needs.
Never buy tata car , first time buyer need to be very alert from trapping in specifications feature game which is explained by Tata showroom salesperson. Use your brain.... Low fuel economy, frequent repair , low resale value, high maintenance, delay in spares availability, poor customer service and many more are key features and specifications of Tata motors. Take feedback from old Tata customer they never buy again
To add to what the author of the video mentioned, if you do get the money that is enough to close the loan, instead of using it to actually close the loan, invest it in something safe that will provide you with enough returns that is higher than the interest component that is left on the loan!
Great knowledge helping us to make a better solution. Loan is always dangerous as we are not just paying the % interest but other amount also to earn that money which is always more than the actual amount+30% of actual amount, which we pay in income tax.
Mera problem hai jab bhe me loan lene gaya hu cars ke liye humesha flat interest he deta hai indusind... Mujhe loan reducing me chahiye.. Ye indusind reducing provide karta hai dikhata toh hai search karne pr..
Never take more than 30% of car price as loan. Put in as much money as you can because the car is not an asset. It depreciates quickly. New car new model comes... your car value goes down. Never go behind features because many of them we don't use. Engine power, basic facilities, air bags, low maintenance, decent mileage and good AC.
Ohk..bro.. noted 👍🏻
got tiago in 2020, loan was 7.6%, planning to pay till 7 years. not prepaying anything😅
Yes only a commerce student can understand this..
Thanks
@ravir-ke3ds...Can u suggest cars with above said specs please...thank you
Car k bare me jitani financial help apse mili hai or kisi se nahi 🙏 dhanwad
Absolutely love your clarity, Sir, absolutely. Your grasp on this topic is fantastic. Personally I have never ever purchased a car on loan. But this helps in talking to my friends about not getting in debt.
Very valuable piece of information but unfortunately people ignore it and finally learn the hard way through their personal experience.
Thank u sirji.. Ye influencer ko dekh dekh k new car soch rha ta lene ko..
Wagonr 2016 model chala rha hu.. 80K hi chali h bs.. Ab isi ko chalaunga.. Till 15yrs..EOL of the car
Very interesting advice, I knew about the amortization schedule but never thought about it from this angle. Thanks a lot!
Highly appreciate your honest awareness videos. 👍
Excellent podcast. Very educative. Very informative and a must watch video. Thanks a ton for your effort to produce this informative video.
Nice explanation sir.
Very informative👍👍
आपकी वीडियो सारी बहुत अच्छी होती हैं। जियो भाई
👌Very true information. I regularly watch ur video as till date I don't own any car. Now this festive season, I m planning to buy my very first car - may be Ignis Alpha (MT)..........if I could snatch maximum discount offer Otherwise I will have to go for its Zeta (MT). I don't want to take any kind of loan but to buy totally in Cash. Tentative my monthly driving would be 1000 kms and mostly in city. Once again, a big TQ to Mycarhelpline team for making good informative videos.👍
Keep up the good work bro. Really appreciate the efforts you put in. Highly informative.
Very Good Information... Spread this video to many of users now a days many of them are planning to buy new car
To the point explanation. Very clear.
Naya nou din hota hain to Purana sou din ka 👏👌. Very helpful. Thank you.
You are wonderful. Thanks for your precise advice..
Tushi te chha gaye Guru....Thoko Taali 👏👏👏
Too Good sir.. keep it up, by making such informative videos and educating the public
I appreciate your content...and going by the logic of pre closure, I think we should not think of closing it before hand.
Thank you so much. Now I will complete my loan tenure. Thanks a million!
Thank you Sir really very helpful information 🙏🏻
I really appreciate the way you make these kinds of videos. It does help people to make informed decisions. Keep up the good work. Cheers
Very valuable information Gagan ji
Very well explained. Thank you for the valuable information.
hats up for ur unforgettable advice, kindly help us through such videos
Appreciate your efforts
Very Informative Video Sir.....Thank You.
Sir you are the best clarity giver.
samajh gye bro bohot achhi jankari di aapne
thanks👌👌👌👌❤👌👌👌👌
Very useful information.
Thanks for your guidance.
This kind of videos and information's are very important for all viewers to watch .. amazing info bro..
Thank you My Car help line for the wonderful advice
Very very true lot of difference in quality in old and new cars
If I’m taking a loan with longer duration say 7 years to have lower emi, then foreclose it within 3 years, the overall net interest will be lower than continuing it for 7 years. You should not only see it from a interest rate perspective, you should also consider the net interest paid. I’m sure if you calculate, continuing a 7 years loan will not be better than foreclosure. After 3 years, you can use the emi amount to invest in different instrument and that can anyway cover the interest paid during 3 years.. I think your approach is one directional, but it was a food for thought 😊
So brother if I have taken the loan of 7 years than it is okay to pay till 7 years and will not think about the foreclosure
@@avinya151 didn’t get your point. What I’m trying to say is, you compare the net interest paid in both cases and then decide. Just don’t look at from interest rate perspective
Rather invest that money in something that will give you a return that is higher than the remaining interest on your emi!
Paying back a loan in the way you mention is not the best sound advice (unless you just wanna remove the pressure of emi payments and are willing to pay a premium for that mental peace)!
Paying back the loan in 3 years is never gainful if you put future value into perspective.
That's very stupid, if u know u can payback in 3 yrs then wait for 3 yrs. Unless u got jackpot lottery and now u have money at dispersal that's ok. Best is calculate the emi by years. For cars generally emi term is 5yrs, beyond that it's higher interest . Similarly for home loan 20yrs is sweetspot.
@@techcloud2510in 3 years car price will be increased with the amount you pay in interest on your current loan so taking loan is somehow beneficial as you also get car for that 3 years 😊
You are rocking! Love you. Want to watch video on upcoming Duster
You calculated the interest considering the EMI of Rs.16013 but if you consider it for a 3 years period the EMI @ 8.85% p.a. works out at Rs.31730/-.
If a person avails a loan for a term of 7 years and instead of paying stipulated EMI of Rs.16013/- he keeps on paying Rs.31730/- p.m. his loan will be closed exactly at the end of 3 years with actual interest charge of 8.85%. Interest is charged on the outstanding balance of the loan. Even in your cited example if you calculate the interest on the outstanding balance at the end of every month, you will find that interest is charged @ 8.85%. Get the facts verified from your chartered accountant & delete the video as it is misleading. It is an advice from one of your regular viewers.
That's correct, but many a times lenders don't permit extra EMI so they can make Max money out of the loan.
Bhaiya bahut smart ho, lekin bank aapse zyada smart h, extra emi nahi bhar sakte 1 ya 2 saal tak
@@vikaskapoor653govt bank se loan lo
Exactly, you are right!
it is misleading..
Thanks a lot, very good information.
I am a big car enthusiast. But never seen a guy like him. Really appreciated ❤
Thank you so much sir for the informative video.
Nice video, thank you sir!
Thank you for your wise advice
Keeping EMI minimum reduce compulsory obligation and one can pay every month extra amount if one can pay higher EMI. This will effectively reduce tenure and also with no fear of penalty in case of emergency. But loan shoykd be from Sarkari Bank. 😊
Thanks sir...for great suggestion.
very much appreciation for u sir
Very pertinent video. I recently bought a Grand Vitara. Out of 17 lakhs, I made a downpayment of 10 lakhs. For the remaining 7 lakhs I wanted a loan of 1 year. Yes one year. All banks flatly refused, PSU banks said minimum tenure is 2 yrs, while pvt banks said min tenure is 3 yrs. Afyer lot of haggling I managed to get a 2 yr loan from ICICI but they charged me 0.2% higher than a 3 yr loan. Still I saved substantial interest cost. Loan should be of min tenure even if the EMI hits u hard. After few EMIs u get adjusted to the new montly expense and u dont feel the burden so much.
Just asking for knowledge, why didn't you go with Psu as you said they were giving for 2 yrs tenure ?
Just because of the sheer paperwork that is involved. My last car loan was from SBI and it was quite a hassle. On the other hand I had a pre approved loan from a pvt Bank and all I did was make a call and sign the loan agreement. There is one more reason. My new car arrived at the dealership much earlier than expected and I didn't want to leave the car with them more than 1-2 days.
Thanks Arindam
@@arindamdas936how much interest rate icici they charged you for 2 years tenure ?
U should never take loan
Very informative information 🎉
Thanks for opening my eyes ❤
Absolutely on point 💯🔥👍
You are absolutely right sir.
Very informative video.
Have liked this video.
Great efforts
thanks for educating us.
The information is good for knowledge. But before going as per advice just consider the amount as per part or preclosure payment and then paying till last EMI. If you are closing the loan in between. You can still use the rest of the EMI for your other financial needs.
Thank u so much for this video
Is it a good idea to coat ceramic coating on my ev car or to rubber paint the floor
Brilliant Information & gain knowledge about loan
Really appreciate your thoughts..
Sir thank you for awaring us to make a good decision
Never buy tata car , first time buyer need to be very alert from trapping in specifications feature game which is explained by Tata showroom salesperson. Use your brain.... Low fuel economy, frequent repair , low resale value, high maintenance, delay in spares availability, poor customer service and many more are key features and specifications of Tata motors. Take feedback from old Tata customer they never buy again
Good suggestions sirrrrrrrrr
Great video as always
Honest and good advice..keep it up
You're real content creator....I like your all videos which are helping a lot...to everyone...!!❤
Excellent explanation.
I went for the used car based on your suggestion and looking at how quickly cars start to look old...
Perfect awareness this applies to all type of loans. But car loan is a real nightmare with huge depreciation.
Great and honest ❤
In case of psu banks, it’s clearly mathematics. If you take 5 year lone or 7 year or 70 year lone interest you paying will be of outstanding amount.
Very good knowledge. I suggest that you park the prepayment money in nifty or sensex or any large cap funds to recover the interest cost.
This is amazing information. I had no clue about this and has helped me make an informed financial decision. You are amazing sir
To add to what the author of the video mentioned, if you do get the money that is enough to close the loan, instead of using it to actually close the loan, invest it in something safe that will provide you with enough returns that is higher than the interest component that is left on the loan!
Bilkul sahi analysis
Good Morning Sir.Have a Nice Day
Ha ji sahb ji thik hai hm log
Aasha krta hu aap bhi theek honge
Superb information! 👏🏼👏🏼👏🏼👏🏼👍🏼
Thank you for the Info
Excellent advice 👌.
Well managed.,... Very nice advice...
Fantastic sir....
How about buying a second hand car? Is it much better than buying a new one?(ofc considering the condition of the car)
Agreed 100%.. very honest suggestions… ❤❤
Salute boss.🎉
Excellent information you content is an eye opener for the society.
Great knowledge helping us to make a better solution. Loan is always dangerous as we are not just paying the % interest but other amount also to earn that money which is always more than the actual amount+30% of actual amount, which we pay in income tax.
If you're paying 30% tax then you're rich.
Thank you 🙏🙏
Good educational video
Bahut badhiya
Thank you very much for empowering customers!
Thank you was helpful
Great job 👏
You are right bro.
India is a country where if people starts following these guidelines, the car sales will drop 50% 😅😅
Thanks man 👍
Sir planing to buy xuv500 2015 w6 . Is it worth buying at 6.5 lakh ?
Han ji sab kaise hai aap
Loving it
Mera problem hai jab bhe me loan lene gaya hu cars ke liye humesha flat interest he deta hai indusind... Mujhe loan reducing me chahiye.. Ye indusind reducing provide karta hai dikhata toh hai search karne pr..
Sahi baat he 😊
Acko drive se car lena sahi ha kya ?
Absolutely brilliant!
Awesome info
Good advice
He shows reality..