UAE Car Loan Calculator

Car Loan Calculator in UAE

Purchasing a car is undoubtedly a significant milestone in our lives. When fulfilling this goal, we can pay upfront or secure a car loan for financial assistance. Obtaining the right car loan offers a convenient and flexible way to purchase a car. With careful planning and budgeting, we can save ourselves from spending up all our savings with flexible repayment plans.

With that said, a wide range of car loan options are available in the UAE with flexible repayment terms, low-interest rates, and several other benefits. The right car loan, however, is the one that fits your budget with easy repayment terms. 

To find which loan plan meets these requirements, a car loan calculator in the UAE plays an essential role. This online tool can help you understand the true cost of the car loan and allow you to budget for your car loan monthly repayments.

What is a Car Loan EMI Calculator in UAE?

A car loan calculator is a tool used to determine the monthly payments and total cost of a car loan. It allows you to input information about the loan amount, interest rate, and loan term to calculate the monthly payment. This tool is handy for those who plan to purchase a car and want to find a monthly repayment plan to see whether the car loan fits into their budget.

Another added advantage of car loan calculators in the UAE is that you can easily compare the different loan options, which helps you make an informed decision about which loan is right for you. With a car loan EMI calculator, you can also easily see the impact of changes in the loan amount, interest/ profit rate, or loan term on the monthly repayment and the total cost of the loan, giving you greater control over your car purchasing decisions. 

How to Use Policybazaar Car Loan EMI Calculator?

You can use the car loan EMI calculator on the Policybazaar UAE platform. Apart from offering the total monthly instalment on the loan, it also shows separate interest amounts and monthly instalments to give you a clear picture of your car loan. The tool is quite easy to use - no technical knowledge or jargon is required to use it efficiently.

Follow the given steps to use the Policybazaar UAE car loan EMI calculator in the UAE – 

• Step1- Visit policybazaar.ae and choose 'Car Loan' from the dropdown menu.
• Step2- Scroll the car loan profile page and locate the ‘Car Loan EMI Calculator’.
• Step3- You would be required to key in the following information to get the results - 
  • Loan Amount: The amount you are borrowing to finance your car purchase
  • Interest/ Profit Rate: The interest or profit rate offered by the lender on the loan amount
  • Loan Tenure: The number of years over which you will repay the loan
  • Down Payment: The initial payment made by you at the time of taking out a car loan

Based on your information, the Policybazaar UAE car loan EMI calculator will estimate the equated monthly instalments or EMIs you will have to make on the loan.

You can also tweak the values and choose a suitable combination of the loan amount, loan tenure, interest/profit rate, and down payment amount.

Benefits of Using Policybazaar UAE Car Loan EMI Calculator

As mentioned earlier, the Policybazaar UAE car loan calculator is an effective tool for anyone looking to purchase a vehicle and wanting to comprehend the financial implications of different loan options. Moreover, our calculator will help you make informed decisions about how much you can afford to borrow and how long you should finance the loan.

Some of the other benefits of using the Policybazaar UAE car loan EMI calculator are listed below – 

• No Usage Limit: Policybazaar UAE car loan calculator provides a flexible and convenient way to explore different financing scenarios and determine the best option for your needs. To do this, you can use the tool as often as you like to compare the various loan options and compare them with each other.
• Easy to Use: As stated earlier, the car loan calculator on Policybazaar UAE is straightforward to use and requires minimal information. By entering a few basic details of the loan, you can rapidly estimate the monthly payment and overall cost of the loan.
• Makes Comparison Easier: With no usage limit benefit, you can tweak the values in the calculator and quickly compare the loan option and choose the most cost-effective option.
• Helps in Budgeting: By providing an estimate of the monthly payment and total cost of the loan, this calculator determines how much you can afford to spend on a car loan and plan your budget accordingly. This can help you make a wise choice about your finances and ensure that you have enough money to cover your daily expenses and loan repayments.
• Saves Time:  Using the Policybazaar UAE car loan calculator saves you time compared to manually calculating a loan's cost. This can help you make a decision quickly without any hassles.
• Full Transparency: Another advantage of using a car loan calculator is that it provides a clear and transparent understanding of the car loan cost, reducing errors and misunderstandings.
• Take into Account Other Factors: Generally, car loan calculators include the loan amount, loan tenure, and interest amount. Policybazaar UAE, however, is one step ahead by providing a separate field for the down payment amount to give you a nearly accurate monthly repayment amount. 

How Does the Policybazaar UAE Car Loan Calculator Work?

Once you have provided the required details in the respective fields, the Policybazaar UAE calculator will instantly make the calculation to give you the results. You can change the values and see how the monthly instalment amount changes. 

Its worth noting that the EMI calculated by the Policybazaar UAE car loan calculator is only an estimate. Your actual monthly instalments may differ depending on various factors such as your credit score, fees, charges, and other associated terms and conditions with the loan. Nevertheless, a car loan calculator is helpful for getting a rough idea of the monthly repayments you can expect on a loan. 

Keep in mind that once you have computed the monthly instalments on the loan, you can also tap on the 'View Plans' button to explore the different plans available in the UAE. This will take you to the 'Car Loans' quotes page, where you research, compare, select, and apply for the plan.

Factors Affecting Policybazaar UAE Car Loan EMI Calculation

Let’s now understand how Policybazaar UAE car loan monthly instalments are affected. Given below are some of the major factors – 

• Loan Amount: The loan amount refers to the total amount you are borrowing to finance your car purchase. The higher the loan amount, the higher the monthly payments will be.
• Interest/Profit Rate: Interest or profit is the amount that the lender charges a borrower for the finance for a specified period. It is generally expressed in percentages of the total loan/finance amount. A higher interest rate will result in higher monthly payments, and a lower interest rate will result in lower monthly payments.
• Loan Tenure: Another factor affecting the monthly instalment is the period in which you will be paying back the loan. While a longer loan tenure will result in a lower monthly payment, you will end up paying more in total interest over the life of the loan. On the other hand, although a shorter loan tenure will result in a higher monthly payment, you will pay less in total interest over the life of the loan.
• Down Payment: The amount you put down as a down payment can also affect the monthly payment. A larger down payment will result in a lower monthly payment because you are borrowing less money. Our calculator generally puts 80% of the vehicle amount as a down payment.

Considering these factors, the Policybazaar UAE car loan calculator provides estimated monthly instalments and gives an accurate estimate of the total cost of financing.

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Frequently Asked Questions (FAQs)