Monday 28 April 2014

Basic EMI Process of Car Loans

EMI method helps middle class people to buy their favourite cars with very less initial amount. This process allows the people to make their budgeting process with easy and effective way. Usually EMI tool for car loans will have various fields to be filled out such as principal amount they are ready to pay, their budget level, pay-off period etc. From the available fields we must enter appropriate information. The major benefit of EMI option here is people can know the amount details they need to pay towards the loan period.

Few common fields of EMI tool are:

Principal Amount: User must fill this field in order to inform how much they ready to pay initially
Interest Payable: This field explains how much they ready to pay as interest
Processing Fee: This field will tell total processing fee of entire car loan process
Total Payment: By calculating each process this field will sum up everything and provide total amount which is to be paid
EMI Amount: This is the resultant field which says how much the person must pay every month.

After completion of calculating process further process would be applying for loan followed by this person need to enter personal information like name, contact details etc.  





No comments:

Post a Comment