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Since the world has been progressing in different ways, new businesses and products are being launched, just like Car Loan Calculator.The need for going from place to place is essential and the acquisition of conveyance is much needed for everyone whether you are a businessman or a salaried employee. But the major problem any buyer usually comes across with is the lack of information about the premium details and having no any know-how of the Car installment to be paid for the dream car leasing he or she wants to buy.So here we will also provide a casual insight into the Auto Loan Calculator, for Auto Loan schemes employed by well-known banks for instance, HBL Car Loan Calculator and Meezan Bank Car Installment Calculator. Also you can learn about how the loan is calculated and further processed keeping into consideration the religious aspects. Let’s start with the Islamic Bank Car Loan scheme which is one of the most prominent examples we can refer to.
Islamic Banking Auto Financing facility is based on the Sharia compliance for leasing vehicles is different from normal Auto financing. There are indeed multiple terminologies for a specific process and in this case, it is termed as Murabaha or at some places, Car Ijarah.
Different banks have the Calculation Software such as Bank Alfalah car installment calculator and HBL Car Loan calculator have it on their website respectively where you can estimate by entering your tenure and budget and then you will be shown the estimated price for Car on Loan. At the basis of Interest Rates comparison, people choose Banks for Car Financing, people are more inclined towards Meezan Bank, Dubai Islamic bank and HBL Car Loan options due to least interest rates offered by these banks.
Car Loan Calculator presented by “Pakwheels” on their website, is indeed very helpful in determining what bank or auto dealer to contact because it shows a clear comparison from where you can choose your trusted bank or auto dealer for Auto financing. This specific Car Lease Calculator takes the following parameters:
After the interested buyer puts in the abovementioned details, the names of banks and auto dealers are generated and are shown on the next screen from where, only task the buyer is left with is to choose the most trusted bank/auto dealer.
Mentioned below, is a general formula for Car Loan calculation. In this formula, the time period has been assumed as annual.
Interest (i X P)__
i= rate of interest
P=Principal Amount (the amount to be fully paid)
N= Number of Years/ Tenure of the vehicle
Interest = ( i/12 X P )
(1-( 1+i/12)N X 12
The value generated from this formula is the actual annual rate for loan installments. To make it more optimized, the principal value obtained is divided by 12, thus yielding the value of monthly Car Installment on Bank Leased Cars. As the final word, this formula is being used by many organizations that deals in automobiles. Variations of this formula are being utilized and various packages are also being offered as leverage to convene the buyer attention.