A 150,000 Rs UV to buy on a loan? Know how much you should pay
If you are planning to buy an SUV worth Rs 150,000 on a loan, you must first understand whether monthly salary and financial stability are worth providing it. While purchasing a car, you need to pay attention to not only on-road prices, but also EMI, maintenance, insurance and fuel costs. Many people are later burdened with debt because of their financial plans incorrect. Therefore, I decided to buy a car using a smart formula.
How do I decide on my budget based on my salary?
Many people realize their dream of buying a car by taking a loan, but without planning, a loan can increase financial problems. According to experts, the safest formula for taking a car loan is that your EMI does not exceed 15-20% of your net monthly income. So, if you are purchasing an SUV worth Rs 15, first check whether your salary can easily manage this expenditure.
Also Read: Family Safety “Beware”, these 5 cars give 6 airbags within 10 laks
How much does EMI cost for a 150,000 car?
Let’s say you have purchased a car worth Rs 15 and have deposited 20% (Rs 3 lakh) as a down payment. In this situation you will need to get a car loan of 12 Rs. Banks usually offer car loans at 9-10% interest rates over five years.
Based on this, the estimated EMI ranges from Rs 24,910 to Rs 25,496 per month. This amount depends on your monthly budget, so EMI calculations are made before taking the loan.
What should the salary be for purchasing a Rs 150,000 SUV?
Now, the question is how much you should buy a salary to buy an SUV worth Rs 15. If you adopt the formula proposed by an expert, your monthly salary must be at least Rs 1,25,000.
Apart from this, it is important to note not only other costs, but other costs as well.
– insurance: Annual car insurance ranges from 40,000 to 50,000 rupees.
– maintenance: Service and maintenance costs Rs 20,000-30,000 per year.
– Fuel cost: If the car is gasoline, it will cost up to Rs 8,000-12,000 each month.
All of these costs may be incurred by additional charges of more than 1 Rs per year. Therefore, it is very important to properly estimate these costs before purchasing a car.
Decide with thoughtfulness
If your salary is less than Rs 1.25 crore, you will need to choose an affordable car option based on your budget. Buying an expensive car without thinking about it can add to your financial stress in the future.
So, keeping EMI calculations, down payments and other expenses in mind, make the right decision. Balancing costs will not only help you buy your favorite car without hassle, but also help you avoid future financial crisis.
– Dr. Animesh Sharma
