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What you should know about refinancing a car loan

When you find the best car loan deal in the market, you want to pay it off and never look back at it. However, before you go all cruising, ever thought about a refinancing option? When does auto loans refinancing come into the picture? Before that, it is imperative to know the concept of refinancing. It is when you find better interest rates from other lenders. This results in saving money.

When you opt for car loans refinancing, you receive new benefits, features, and terms. Let us know the situations which lead to refinancing:

Not sure how PMAY works? Here are all the answers

Launched by the Indian Government, the Pradhan Mantri Awas Yojana is the most renowned initiatives. Considered as a practical scheme, it intends to offer Housing for All by 2022. The initiative aims to eradicate slums from urban areas and provide slum dwellers with a pucca house instead of the kutcha houses made of low-quality raw materials. Although it is simple, most of the applicants are still unaware of the scheme.

Following are some answers to solve your query:

Using an EMI calculator, figure out how much your car loan would cost

A car loan is a great facility offered by banks and Non-banking finance companies. It enables you to buy your dream car without having to pay lump sums amounts or draining your savings. You can repay the loan in equated monthly instalments over tenures lasting up to seven years. Moreover, you can avail of 90% to 95% finance against the loan. However, before taking on this high-value loan, you must ensure you know how much it will cost you.

A car loan EMI calculator is one such tool that can help you analyse the cost of the loan. Here’s how you should use it to your advantage.

How does personal loan influence your credit score?

We are sure we will all need credit at some stage in our lives, whether it is to buy a phone, fly to our favourite destination, or purchase a new gadget. Lenders have created a wide range of loan options to meet customers' diverse financial needs. However, if you apply for the loan, your credit score will almost certainly be affected. Let us take a closer look at the relationship between a personal loan and a credit score.

Which loans provide tax benefits?

It is a simple word, but many of us fear it and want to encounter a situation where we need to apply for a loan. This is because these are long-term financial commitment as you need to repay them with massive interest rates. However, this is only one side of the context. The other side is that loans are helpful and bail you from emergencies and offer you funds for meeting the temporary financial needs.

A guide on an education loan

Quality education is necessaryto lead a successful life. To attain it, students often go in search of top institutions. As the cost of education is higher in most of them, you can meet the expenses without exhausting your savings. There are many ways to finance your academic courses after the introduction of loans.

Know the features of Pradhan Mantri Awas Yojana

Owning a home is a dream for many and having a decent shelter seems farfetched for the economically weaker families. The increasing costs and economic conditions make it challenging. The growth of slums is also putting national development goals on the backfoot. This is why the government initiated the Pradhan Mantri Awas Yojanain 2015.

It aims to make home loans affordable for everyone coming under the lower-income groups, middle-income class, and other weaker sections. It has proposed to build up to two million homes by the end of 31st March 2022.

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