ECONOMICS
BUDGETING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Maria owns a $15, 000 car and owes $45, 000 in student loan debt.
|
|
|
Keith owns a $500, 000 home and has a $460, 000 mortgage.
|
|
|
Elyse owns a $25, 000 car that is entirely paid off but has $10, 000 in credit card debt.
|
|
|
Karina owns a $50, 000 car and has $5000 remaining on her car loan.
|
Detailed explanation-1: -Suppose you earn a salary of ₹ 20, 000 per month and maintain a savings of Rs. 10, 000. In this case, loan amount eligibility will be calculated with the help of a formula mentioned below. ₹ 1, 00, 000 x 10, 000/1640= ₹ 6, 09, 756 (approx.)
Detailed explanation-2: -Must be at least 21 years old and not more than 70 years old when the loan matures. The net annual salary should be at least Rs. 2.4 lakh p.a.
Detailed explanation-3: -Apply for Car Loan EMI Calculator The EMI for a car loan broadly depends on the period of the loan, interest rate, and the principal amount. So, the EMI will vary with the rate of interest and the loan tenure. For example: The EMI for a 7 lakh car loan at 7% interest and a loan duration of 5 years is Rs. 13, 861.
Detailed explanation-4: -Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25, 000 per month, you may become eligible for up to Rs. 2.5 Lakhs.