EMI method helps middle class people to buy their favourite
cars with very less initial amount. This process allows the people to make
their budgeting process with easy and effective way. Usually EMI tool for car loans will have various fields to be filled out such as principal amount they are
ready to pay, their budget level, pay-off period etc. From the available fields
we must enter appropriate information. The major benefit of EMI option here is
people can know the amount details they need to pay towards the loan period.
Few common fields of EMI tool are:
Principal Amount: User must fill this field in order to
inform how much they ready to pay initially
Interest Payable: This field explains how much they ready to
pay as interest
Processing Fee: This field will tell total processing fee of
entire car loan process
Total Payment: By calculating each process this field will
sum up everything and provide total amount which is to be paid
EMI Amount: This is the resultant field which says how much
the person must pay every month.
After completion of calculating process further process would be applying for loan followed by this person need to enter personal information like name, contact details etc.