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In today's world, cars have become a necessity. And to some, they hold aspirational value. Whatever your reason to own one may be, one of the things that pinches us is the interest we pay on our car loan.
So, what's the best way to buy your dream car? Start a SIP at the same time you start paying for your car EMI! Still not convinced? Read on to see how a SIP can help you recover the interest paid on your car loan.
| EMI WITHOUT SIP | EMI WITH SIP | ||
| COST OF CAR | ₹ 10,00,000 | COST OF CAR | ₹ 10,00,000 |
| DOWN PAYMENT (10%) | ₹ 1,00,000 | DOWN PAYMENT (10%) | ₹ 1,00,000 |
| CAR LOAN AMOUNT | ₹ 9,00,000 | MONTHLY SIP AMT 1% OF LOAN | ₹ 9,000 |
| LOAN INTREST RATE | 9% | TOTAL SIP INVESTMENT IN 7 YEAR | ₹ 7,56,000 |
| LOAN TENURE | 7 | ASSUMED RETURN ON INVESTMENT | 12% |
| EMI / Month | ₹ 14,480 | INVESTMENT VALUE | ₹ 11,48,316 |
| TOTAL INTREST PAID | ₹ 3,16,334 | GAIN FROM INVESTMENT | ₹ 3,92,316 |
It’s easy to see that the gain from your SIP investments is now able to recover the total interest amount you have paid for your car loan.
Systematic Investment Plans (SIP) can not only help you buy a car but can also help you recover the interest you pay on your car loans. As every borrower strives to pay their monthly EMIs on time, if you instil the same discipline by investing just 1% of the car loan amount in monthly SIPs, the gains from your investment will recover the entire car loan interest cost.
Mutual Funds have the power to bridge the gap between your reality and aspirations with the Power of Compounding. Be it your dream car or your dream house getting to the destination in a smart way is the key.
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VISTA INITIATIVES established in the year 2015 with the sole aim of providing an ethical, transparent and cost-efficient platform which addresses all the financial needs of the Client.
Ananta Society, Zirakpur,
SAS Nagar Mohali
Punjab 140603
vistainitiatives@gmail.com
+91 6306194559
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Risk Factors – Investments in Mutual Funds are subject to Market Risks. Read all scheme related documents carefully before investing. Mutual Fund Schemes do not assure or guarantee any returns. Past performances of any Mutual Fund Scheme may or may not be sustained in future. There is no guarantee that the investment objective of any suggested scheme shall be achieved. All existing and prospective investors are advised to check and evaluate the Exit loads and other cost structure (TER) applicable at the time of making the investment before finalizing on any investment decision for Mutual Funds schemes. We deal in Regular Plans only for Mutual Fund Schemes and earn a Trailing Commission on client investments. Disclosure For Commission earnings is made to clients at the time of investments.
AMFI Registered Mutual Fund Distributor – ARN-102845 | Date of initial registration – 04-Jun-2015 | Current validity of ARN – 03-Jun-2027
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