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.
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.
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 😊
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
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. 😊
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
I might sound dumb here but when ever you get more money if you put it to the loan account, principle will be reduced and the monthly interest is calculated on the outstanding amount so i dont think the 13% caluclation is right. And emi is compulsory and if you take shorter term and fail to pay the emi then they will charge you, and u can make as much as repayment in state bank without any fee unlike personal loan. But yes pre closure charges are there if you close the loan before 2 years.
You are absolutely right, actually, he didn't understand the calculation. Most of the people have just gone as he explained. As long as the interest rate is the same and the interest is charged at the outstanding amount, it's always wise to pay less if you can make a return at more than the loan interest rate.😂
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.
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.
I respect the feeling of this gentleman, but the best way mathematically to get rid of a loan with cheapest interest rate and least risk is increasing tenure and paying upfront as much as you can. Obviously without pre-payment charges or tenure fee.
Private loans will take interest even if fore closed. But govt Bank don't do it. If you pay more loan will close early. And interest is always on outstanding.
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!
Interest in initial months is higher because principle in initial months is higher. From the EMI, bank first deducts the interest for that month and remaining EMI component goes to reduce the principle component. From Bank’s perspective it is completely fair.
सर मेरे पास 2020 की डिझेल dizair tour कार हे कमर्शिअल बी चलता हू और पर्सनल यूज भी करता हू गाडी लगबग दोन लाख किलोमीटर चली है . रिसेल व्हॅल्यू 6 लाख तक मिल रहे है 4 लाख घर बनवाने मे युज कर के 2 लाख डाऊन पेमेंट कर के नई डिझायर लू क्या . मेरा साइड बिझनेस फोटोग्राफी है डिसिजन कैसा रहेगा सर प्लीज Sbi bank loun . Dizier LXI. On road almost .8 lakh. Dizair petrol cng almost 9.79 lakh sir Please help me सर iam कन्फ्युज । पुरानी युज करू या पेट्रोल ,सीएनजी लू या sir रिप्लाई I am still waiting
सर कोई उपाय बताए, मैं २०२२ में एक new कार लोन पर लिया हु, five year ke liye, but अब इसको बेंच कर नई कार दोबारा लेना चाहता हूं, लेकिन लोन पैर पकड़ रहा है।
👌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.👍
Hi sir, I doubt what you have informed.. when you do part payment it direcrly deducts the total prinicipal amount rather than going towards interest first. If what you are saying is correct, then the whole concept of part payment or prepayment or foreclosure doesnt make any sense. This wouldnt have been there if we are going to pay the interest. That would be foolish like you said. I guess when you do part payment you prinicipal/outstanding reduces which eventually reduces your total tenure. I read this from TOI, policy bazar and few other articles.
I am a bit confused as well. but I think he meant that if loan tenure if 5 years and you paid all the emis for first 2 years then whatever total intrest you would have eventually given is already given in first two years because in initial period most of the portions of your emi goes to interest and very less amount goes to base loan amount. so there is no point in closing the loan after two years because you’re intrest is already paid and almost all of the emi is going to your principal amount. let me know your thoughts.
Floating is fine, but make sure to check on the interest on regular periods. This is typically something useful for home loans which runs for 15-20 years, some people prefer a fixed interest rate than a floating one.
Property is appreciating asset ...so all calculation is different... People are able to afford house on loan ... In addition there is tax benefit on home loan
Pls help me with calculation. Federal bank loan 10% interest for 5 lakhs. I calculated 500000+ interest 137411 = total 637411 rupees. This i got it online. Not sure if i am right.
The best is to lease the car .... No insurance , no service charges, all ... Use your capital to grow your investment and interest earned as monthly car expenses...
Boss mere pass 2011 model chevrolet beat peteol LT hai, Jo second hand purchase kiya tha 2021 mein, ab mujhe lag ra ke new car lena chahiye, waise mera running bahut kam ha saal ke 1500kms, kya karna chahiye should still.use chevrolet beat or go for new car.
It depends . If you are paying 9% interest vs if you can get more than 9% investing same money in other business , then take loan . Also you missed the other point , sometimes loan is the only option to buy asset and people need car or home at any cost and they cant wait to earn that money .
These calculations are wrong. In shorter tenure with higher interest, you’d be paying more principal in initial months that’s why it “seems” like the interest is same (because the interest on reducing principal will be lower). However this is a flawed way of saying that taking a loan at 9% and foreclosing after 3 years is equivalent to taking loan at 13%. You also get to invest the differential emi amount in the interim which earns you some returns (ideally higher than the loan interest)
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..
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.
I think your calculations are wrong here. For a small loan like for a car and small duration the interest part in the emi is actually pretty low. Foreclosure will actually end up in less interest paid. Also extra emi will bring the loan tenure down. But will also bring down the extra emi we will be paying towards the loan with reducing principle and tenure. Foreclosure charges are also very minimal and sometimes even free with the clause that no prepayment is done in the initial 3-6 months. Every loan carries the same principle. Be it for house or a car
Still, I personally don't feel like to give all my money to dealer and get short hand of cash. Better involve bank's money, repay in EMI and let your back support be with you. Once you got a slot to part pay or foreclosure then do it.
Can you correct me if I am wrong, Amortization schedule has an interest component higher in initial EMI's because loan outstanding is high, interest is always calculated basis the rate of interest, if my interest rate is 8.5% the interest amount I will pay in my initial EMI's or my late EMI's interest rate would be 8.5 only
So when you try to make additional payments towards the car loan (through bonuses etc) then why don't you pay towards remaining principal.. in other words, principal only payment? In that case, interest will only count towards remaining principal. Is that allowed in banks?
My old car SX4 2010 was 2010 model was as good as new kept it like my baby but only due to the govt shitty 15 years rule I had to let it go. Purana 100 din sarkar rakhne kahan de rahi hai, they are forcing people to buy new cars on loan. 15 saal ka rule band ho jae toh there will be a drastic fall in car sales.
By having a longer tenure period you can invest the remaining money at hand in equity markets and get 12-15% compounded returns annually which will end up recovering your interest paid plus some extra 5-6% returns over time on invested money. I mean its good to have a longer loan tenure if you smartly invest the remaining money at hand.
Absolutely right sir but thing is the stupid NCR rule of 10 years for diesel and 15 for petrol is forcing many middle class people to go vfor new cars despite of the fact these cars are in good condition and go on for next 5 -7 years
New car ka depression jaldi lagta hai ager purana car chalienge to per month 1500 rupes oi new car 1700ki karib...lagbag 1.5 k profit .... calculat it 5years u will buy a 1 more second hand car infuter after five years if u buy a second hand car
God of Automobiles and related knowledge Most importantly this god is willing to share the knowledge ❤ After a tiring office day, all you need is information filled video in typical style of Mr. Gagan Gagan you're my Hero
I don't think you are right here, as the interest rate is same throughout the period and the interest applies to the outstanding balance only, irrespective of how much you paid.
I do not agree with you on this to avoid part payment. If I will make part payment so I will be going to save the interest on the amount which I had paid for the remaining tenure of loan.
Sir, I have previously taken terrible loans and foreclosed on a few of those loans. The fact that in the monthly EMI of a loan, "Interest" paid in the initial months is more than the 'Principal amount' is Terrifying, Heart-Breaking and Eye-opening. I never knew this before. Now I understand that the foreclosure of a Loan is a significant loss to the customer and a big profit to the Bank. Sir, your content is Excellent; the information is precious, and how you explain things is mind-blowing. Superb👍👍👍. I loved it❤. Sir, today, I promise you that I will never retake a loan. I will buy things only when I can afford them. It's my promise. You changed my Life, Sir. Thank you so much, Sir. I will always be grateful.
Good advice but your calculation is slightly inaccurate. If you are planning to part pay on the principal amount every few months , it wouldn't cost you much. Foreclosing at later years is obviously stupidity but if you are consistently doing part payments every few months then it won't be a bad decision since you are reducing your princple, so the interest would be charged on reduced principle amount
Ek number aadmi ho aap.. achhi achhi insights dete ho.. keep up the good work.. may u reach 1M subscribers soon bro ❤😊 I took car loan of ₹6,70000 recently for EMI 10,800 from BOB at 9.30% for 7 years. I should continue till 7 years and should not foreclose even if i have the amount right?
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
Very valuable piece of information but unfortunately people ignore it and finally learn the hard way through their personal experience.
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
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 😊
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
Best decision
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. 😊
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
I m planning to buy tata car.
Then which brand i should go for
Sabki alag alag soch hoti h😊😊😊
@@Noh_do_geong buy Toyota and maruti suzuki
Bro I want to buy
Tata Nexon/Mahindra 3xo which is best on Everyground
If any other option have please suggest bro...and safety is important
@@Sikhya555 3xo is more safer than nexon and overall it's better
I might sound dumb here but when ever you get more money if you put it to the loan account, principle will be reduced and the monthly interest is calculated on the outstanding amount so i dont think the 13% caluclation is right. And emi is compulsory and if you take shorter term and fail to pay the emi then they will charge you, and u can make as much as repayment in state bank without any fee unlike personal loan. But yes pre closure charges are there if you close the loan before 2 years.
You are absolutely right, actually, he didn't understand the calculation. Most of the people have just gone as he explained.
As long as the interest rate is the same and the interest is charged at the outstanding amount, it's always wise to pay less if you can make a return at more than the loan interest rate.😂
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.
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.
To the point explanation. Very clear.
Naya nou din hota hain to Purana sou din ka 👏👌. Very helpful. Thank you.
India is a country where if people starts following these guidelines, the car sales will drop 50% 😅😅
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..
Bhai best
Meine puri video dekhi..aur new car ka plan cansl kiya 👍
I respect the feeling of this gentleman, but the best way mathematically to get rid of a loan with cheapest interest rate and least risk is increasing tenure and paying upfront as much as you can. Obviously without pre-payment charges or tenure fee.
Private loans will take interest even if fore closed.
But govt Bank don't do it. If you pay more loan will close early. And interest is always on outstanding.
Very interesting advice, I knew about the amortization schedule but never thought about it from this angle. Thanks a lot!
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!
Interest in initial months is higher because principle in initial months is higher. From the EMI, bank first deducts the interest for that month and remaining EMI component goes to reduce the principle component. From Bank’s perspective it is completely fair.
I was about to take an uninformed decision, you saved me big time. Thank you Mycarhelpline
सर मेरे पास 2020 की डिझेल dizair tour कार हे कमर्शिअल बी चलता हू और पर्सनल यूज भी करता हू गाडी लगबग दोन लाख किलोमीटर चली है .
रिसेल व्हॅल्यू 6 लाख तक मिल रहे है
4 लाख घर बनवाने मे युज कर के 2 लाख डाऊन पेमेंट कर के नई डिझायर लू क्या .
मेरा साइड बिझनेस फोटोग्राफी है
डिसिजन कैसा रहेगा सर प्लीज
Sbi bank
loun .
Dizier LXI. On road almost .8 lakh.
Dizair petrol cng almost 9.79 lakh sir
Please help me
सर iam कन्फ्युज ।
पुरानी युज करू या पेट्रोल ,सीएनजी लू या sir रिप्लाई I am still waiting
सर कोई उपाय बताए, मैं २०२२ में एक new कार लोन पर लिया हु, five year ke liye, but अब इसको बेंच कर नई कार दोबारा लेना चाहता हूं, लेकिन लोन पैर पकड़ रहा है।
You have made a very useful video for the common man, big thanks to you for that sir. 😊😊
👌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.👍
Very Good Information... Spread this video to many of users now a days many of them are planning to buy new car
Hi sir, I doubt what you have informed.. when you do part payment it direcrly deducts the total prinicipal amount rather than going towards interest first. If what you are saying is correct, then the whole concept of part payment or prepayment or foreclosure doesnt make any sense. This wouldnt have been there if we are going to pay the interest. That would be foolish like you said.
I guess when you do part payment you prinicipal/outstanding reduces which eventually reduces your total tenure.
I read this from TOI, policy bazar and few other articles.
You are right
I am a bit confused as well. but I think he meant that if loan tenure if 5 years and you paid all the emis for first 2 years then whatever total intrest you would have eventually given is already given in first two years because in initial period most of the portions of your emi goes to interest and very less amount goes to base loan amount.
so there is no point in closing the loan after two years because you’re intrest is already paid and almost all of the emi is going to your principal amount.
let me know your thoughts.
@@anuraggoyarcorrect... So better have the loan till last year
Have taken a loan for a tenure of 12 months of Rs 5.5 lakh at 7.5% roi from IOB. Emi is around 47.5k per month. It is for Honda Amaze VX MT
USE THE OLA UBER RAPIDO
ETC
that will be less costly compare to complete cost of car ,
no headache of maintainence , parking etc
Go to Indian Bank, ROI 8.8 onwards zero processing fees, zero pre closure charges!
Taken but they are offering 8.8 percent on floating ROI and 8.6 on fixed ROI..i have taken floating one.. is it a good decision or bad ?
@@Mr_Gupta-jii absolutely yes, because in floating, it can go well below 7% depending upon market stability!
Floating is fine, but make sure to check on the interest on regular periods. This is typically something useful for home loans which runs for 15-20 years, some people prefer a fixed interest rate than a floating one.
Excellent podcast. Very educative. Very informative and a must watch video. Thanks a ton for your effort to produce this informative video.
You're real content creator....I like your all videos which are helping a lot...to everyone...!!❤
Property is appreciating asset ...so all calculation is different... People are able to afford house on loan ... In addition there is tax benefit on home loan
Pls help me with calculation.
Federal bank loan 10% interest for 5 lakhs.
I calculated 500000+ interest 137411 = total 637411 rupees.
This i got it online.
Not sure if i am right.
I went for the used car based on your suggestion and looking at how quickly cars start to look old...
Kuch baatein positive, kuch baatein negative impact wali thi.. but the base is little bit disturbing
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.
The best is to lease the car .... No insurance , no service charges, all ... Use your capital to grow your investment and interest earned as monthly car expenses...
Highly appreciate your honest awareness videos. 👍
Boss mere pass 2011 model chevrolet beat peteol LT hai, Jo second hand purchase kiya tha 2021 mein, ab mujhe lag ra ke new car lena chahiye, waise mera running bahut kam ha saal ke 1500kms, kya karna chahiye should still.use chevrolet beat or go for new car.
I appreciate your content...and going by the logic of pre closure, I think we should not think of closing it before hand.
It depends . If you are paying 9% interest vs if you can get more than 9% investing same money in other business , then take loan . Also you missed the other point , sometimes loan is the only option to buy asset and people need car or home at any cost and they cant wait to earn that money .
not like that. extra amt in hm loan can be deducted from the principal. and customer has choice either reduce tenure or emi.
Perfect awareness this applies to all type of loans. But car loan is a real nightmare with huge depreciation.
Sir koun sa base model best hai breeza or nexon. Running kam hi hai. Road ache hai. 2 kids hai.
Go for brezza
These calculations are wrong. In shorter tenure with higher interest, you’d be paying more principal in initial months that’s why it “seems” like the interest is same (because the interest on reducing principal will be lower).
However this is a flawed way of saying that taking a loan at 9% and foreclosing after 3 years is equivalent to taking loan at 13%. You also get to invest the differential emi amount in the interim which earns you some returns (ideally higher than the loan interest)
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..
Sir bikes ke liye bhi Aisa kuch shuru kijiye, bahot saare log badhenge aapke
Just about to go for a car loan (3 lacs only, which I can clear in 5 months).
Would a gold loan be a better option (at 9.5%)? Please advise.
Better to first save 3 lacs and buy them without 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.
If you're paying 30% tax then you're rich.
Is it a good idea to coat ceramic coating on my ev car or to rubber paint the floor
I think your calculations are wrong here. For a small loan like for a car and small duration the interest part in the emi is actually pretty low. Foreclosure will actually end up in less interest paid. Also extra emi will bring the loan tenure down. But will also bring down the extra emi we will be paying towards the loan with reducing principle and tenure. Foreclosure charges are also very minimal and sometimes even free with the clause that no prepayment is done in the initial 3-6 months.
Every loan carries the same principle. Be it for house or a car
How about buying a second hand car? Is it much better than buying a new one?(ofc considering the condition of the car)
Still, I personally don't feel like to give all my money to dealer and get short hand of cash. Better involve bank's money, repay in EMI and let your back support be with you. Once you got a slot to part pay or foreclosure then do it.
Can you correct me if I am wrong, Amortization schedule has an interest component higher in initial EMI's because loan outstanding is high, interest is always calculated basis the rate of interest, if my interest rate is 8.5% the interest amount I will pay in my initial EMI's or my late EMI's interest rate would be 8.5 only
So when you try to make additional payments towards the car loan (through bonuses etc) then why don't you pay towards remaining principal.. in other words, principal only payment? In that case, interest will only count towards remaining principal.
Is that allowed in banks?
Tushi te chha gaye Guru....Thoko Taali 👏👏👏
Too Good sir.. keep it up, by making such informative videos and educating the public
This is amazing information. I had no clue about this and has helped me make an informed financial decision. You are amazing sir
My old car SX4 2010 was 2010 model was as good as new kept it like my baby but only due to the govt shitty 15 years rule I had to let it go. Purana 100 din sarkar rakhne kahan de rahi hai, they are forcing people to buy new cars on loan. 15 saal ka rule band ho jae toh there will be a drastic fall in car sales.
आपकी वीडियो सारी बहुत अच्छी होती हैं। जियो भाई
Sir for your knowledge prepayment direct goes to principal amount not in interest
This kind of videos and information's are very important for all viewers to watch .. amazing info bro..
By having a longer tenure period you can invest the remaining money at hand in equity markets and get 12-15% compounded returns annually which will end up recovering your interest paid plus some extra 5-6% returns over time on invested money. I mean its good to have a longer loan tenure if you smartly invest the remaining money at hand.
I had initially planned to do the loan for 5 years and then prepay, got educated from your video. Now took the loan for 3 years only
Nice explanation sir.
Very informative👍👍
Thank you so much. Now I will complete my loan tenure. Thanks a million!
Absolutely right sir but thing is the stupid NCR rule of 10 years for diesel and 15 for petrol is forcing many middle class people to go vfor new cars despite of the fact these cars are in good condition and go on for next 5 -7 years
This should be illegal. Vehicles can be maintained in good condition till 25 years.
Old car की R.R.C. करा लो ना भाई!
12 to 15 k में हो जाती है!
New car ka depression jaldi lagta hai ager purana car chalienge to per month 1500 rupes oi new car 1700ki karib...lagbag 1.5 k profit .... calculat it 5years u will buy a 1 more second hand car infuter after five years if u buy a second hand car
I have taken a Car loan of 8 years in books, but paying installment of 7 times of my emi payable to get it exhaust in 1 year
God of Automobiles and related knowledge
Most importantly this god is willing to share the knowledge ❤
After a tiring office day, all you need is information filled video in typical style of Mr. Gagan
Gagan you're my Hero
Appreciate your efforts
I don't think you are right here, as the interest rate is same throughout the period and the interest applies to the outstanding balance only, irrespective of how much you paid.
If one does not buy car.. their is always public transportation available for the people..
And how is the quality and frequency of those? especially in cities like Pune?
Such a Fatherly advise this is❤
I do not agree with you on this to avoid part payment. If I will make part payment so I will be going to save the interest on the amount which I had paid for the remaining tenure of loan.
I make 2 lakhs net post taxes, still i got 7 lakhs of amaze and took 5.65 loan for 5 years, the emi comes at 11500
Bcz of this man, I got up to 1.65 lakhs discount on skoda kushaq ambition.❤ I watch your video regularly. You share facts and genuine information.
How bro and where???
Please share with us also 😊
@@ThePinguPenguin corporate discount +exchange discount + dealer discount.
Ha ji sahb ji thik hai hm log
Aasha krta hu aap bhi theek honge
Very very true lot of difference in quality in old and new cars
Agar per month Additional payment such as 1000+ EMI is good or not
Excellent information you content is an eye opener for the society.
You are wonderful. Thanks for your precise advice..
nice information sir,
but agar annual income ke hisaab se car lene jaun to kwid and espresso hi apaegi 🤣🤣🤣
Sir, I have previously taken terrible loans and foreclosed on a few of those loans.
The fact that in the monthly EMI of a loan, "Interest" paid in the initial months is more than the 'Principal amount' is Terrifying, Heart-Breaking and Eye-opening.
I never knew this before.
Now I understand that the foreclosure of a Loan is a significant loss to the customer and a big profit to the Bank.
Sir, your content is Excellent; the information is precious, and how you explain things is mind-blowing.
Superb👍👍👍. I loved it❤.
Sir, today, I promise you that I will never retake a loan. I will buy things only when I can afford them.
It's my promise. You changed my Life, Sir.
Thank you so much, Sir. I will always be grateful.
Suggestion: Take loan as required. Don’t upgrade it 👀
Second hand market is looting the buyers. Hence people prefer first hand
Very well explained. Thank you for the valuable information.
Thank you Sir really very helpful information 🙏🏻
Very useful information.
Thanks for your guidance.
Bhai tum EMI ko Lumpsum se calculate kyo kar rahe ho
Good advice but your calculation is slightly inaccurate. If you are planning to part pay on the principal amount every few months , it wouldn't cost you much. Foreclosing at later years is obviously stupidity but if you are consistently doing part payments every few months then it won't be a bad decision since you are reducing your princple, so the interest would be charged on reduced principle amount
You are rocking! Love you. Want to watch video on upcoming Duster
hats up for ur unforgettable advice, kindly help us through such videos
Ek number aadmi ho aap.. achhi achhi insights dete ho.. keep up the good work.. may u reach 1M subscribers soon bro ❤😊
I took car loan of ₹6,70000 recently for EMI 10,800 from BOB at 9.30% for 7 years.
I should continue till 7 years and should not foreclose even if i have the amount right?
Sir you are the best clarity giver.
Sir, Aapke Baat karneka Tarika bohot accha hai...by any chance aap Radio Jockey reh chuke hai?
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
samajh gye bro bohot achhi jankari di aapne
thanks👌👌👌👌❤👌👌👌👌
Sir punch lena sahi hai kya diwali is year ya new year discount pr lu?
Depends which car are you looking to buy
@@mycarhelpline Tata punch cng
@@mycarhelplineTata punch Adventure Rythm AMT
🕉️👆👌👍❤️💓🇮🇳💯🌹🙏