Rule for Buying a Car
Looking for buying a car, then you can not ignore the 20/4/10 Rule and it can be followed to the max to be able to maintain the quality of the life.
This rule helps keep your finances under control when you're buying a new car. Here, 20 stands for the down payment amount, i.e., 20 percent of the car price should be paid by you. However, it is better to make as much down payment as possible.
4 stands for the number of years of financing. Although lenders have a tenure of up to 7 years, it's better to stick to 4 years.
10 stands for the ideal percentage of your net-take home salary that should go towards the car loan EMI
Hope kitna loan lena hai car ke liye ab clear ho jayega as one need to calculate the same post take home salary after considering having paid the income tax.
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