There is always a need to be independent for a working woman or a homemaker. Travelling for business purpose or working late has become a common affair for every woman nowadays. This has increased the aspiration to own a four-wheeler vehicle as well. Today, women cannot rely on app-based cabs, office cabs, or public transport.
The story is not different for homemakers. With their husband busy in the office, they have to take care of the house, drop kids to school and pick them up, and so on. Since they don many hats, the women today need to be on the constant move. Over the years the number of women drivers have increased. This has risen the application for an auto loan.
The biggest advantage of women car finance is that banks offer lower interest rates. So, it appeases their financial burden.
What are the EMI options that women receive?
The application process for car loans is easy and hassle-free. However, repayment can get tedious and tricky. Therefore, before applying for the credit, you have to check your financial profile and eligibility. You can use the car loan eligibility calculator to get better clarity.
Once done, women have the choice to opt for one of the car loan EMI options:
· Fixed EMI: This is a standard option that every lender offers. It is a combination of fixed interest rate and the entire tenure. Here the interest rates are lower than all the other types. Women have the flexibility to either pay it at the beginning or the end of the month, depending on your situation.
· Step-up EMI: This is ideal for the homemakers as they do not want to take too much pressure in the first year after purchasing the four-wheeler. The EMIs are lower in the first year, and it increases gradually. So, as your income increases regarding incentives, increments, bonuses, etc. the EMI increases too.
· Balloon EMI: This is pretty similar to the step-up EMI. You could pay in lump sum towards the end of the repayment tenure to reduce the financial stress in the beginning. The lump sum will be 20 per cent of the principal amount.
· Step-down EMI: In this type of car loan EMI, the interest rates are higher at the beginning and gradually decreases. Since the interest rates are high, the total interest paid out is less as the principal gets paid back immediately.
A woman car loan is reasonable, attractive, and best for the independent ladies out there. With the help of car loan EMI calculator, you can grab the ideal deal of your choice.