Everyone dreams of buying their own car, but due to rising prices this dream remains unfulfilled. Even cheap cars cost lakhs of rupees. Taking a loan can be an option, but the challenge of repaying the EMI on time remains. If your salary is ₹50,000, you should choose a car that fits your budget and reduces the EMI burden.
Planning to buy a car with salary of Rs 50,000
In India, the salary for employed people is fixed, in which the needs of the household and children also have to be met. Therefore, it is important to plan properly before buying a car.
Which cars will fit in your budget?
On a monthly salary of ₹50,000, choose cars that are affordable and have emi low yes. For example, ₹4 lakh to ₹6 lakh Cars priced at Rs. will suit your needs and budget.
Available Car Options:
- Maruti Suzuki Alto:
A reliable and economical option, offering low maintenance and better mileage.
- Maruti S-Presso:
A compact car with stylish design and advanced features.
- Maruti Celerio:
Economical, fuel efficient, and suitable for a family car.
Example: Car Buying Cost and EMI
if you ₹4.5 lakh on-road price If you plan to buy a car, then you can set its budget like this:
- Down Payment:
Make a down payment of ₹1 lakh.
- Loan amount:
You will have to take a loan of ₹ 3,55,254.
- Interest Rate and Tenure:
- Interest Rate: 9%
- Loan tenure: 7 years
- Monthly EMI:
Your monthly installment on this loan will be around ₹ 5,176.
Things to keep in mind while buying a car
- Estimate the budget correctly:
- Limit EMIs and other expenses to 20-25% of your salary.
- Keep in mind children’s education, household expenses, and emergency fund.
- Fuel and Maintenance:
- Choose a fuel-efficient car.
- Low maintenance cars are cheaper in the long run.
- Loan Terms:
- Compare interest rates.
- Choose the loan tenure as per your paying capacity.
- Insurance and Registration:
- Include insurance and registration fees in the total cost of the car.
