Anisha Raj (Student) (22 Points)
24 November 2017Hi.
I am a recent LAW graduate and have been working for a couple of months in a firm. I live away from home and hence have to manage my finance. I am planning to buy a car to commute. I just wanted to know what are the minimum EMIs for a small budget car and any help on how I can pay EMIs without having much of a burden on my regular budget. Please Advise. Thank You
Sagar Devani
(Corporate and International Taxation)
(1174 Points)
Replied 24 November 2017
There are various factors while making such a plan. The cost of Car, your salary, your expenses, etc.
We can prepare one if you want. DM me.
Divya Rao
(Sr. Finance Adviser)
(26 Points)
Replied 24 November 2017
Hi,
I understand It can be a bit tasking on your finance if you are planning to buy a car at this stage. Assuming you have just got a job and staying away from home. Your major expense can be that of house renting. As an financial advisor I would advise you that Firstly jolt down your al lexpenses and then keep aside the miscellaneous expenses. Consider the left over finance as your car investment. Investing in a car means checking for car with
1, Good resale value
2. Budget Car
3. Mileage Car
4. Affordable EMI with reliable banks
Once you have selected your car. Check for banks that provide easy car loan options. Also there are many sites online that can help you estimate the EMIs that you will be spending.
Considering all this factor you must be able to handle your finances.
Divya Rao
(Sr. Finance Adviser)
(26 Points)
Replied 02 March 2018
Hi Anisha,
There is this amazing tool that can help you calculate your monthly loan Emi's instantly and its absolutely FREE!! Do give it a shot to clearly maintain your budgets.Check out Car Loan EMI Calculator
CAclubindia
