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Looking to buy a car? Find your ideal car loan with the 20/10/4 rule
Credit: IndiaTimes- Published on February 29, 2024
Buying a car is an important financial decision. Get a loan covering 80-100% of the car's cost based on the Loan to Value ratio. Aim for a lower LTV ratio and manageable EMIs. Follow the 20/10/4 rule: 20% down payment, EMI not exceeding 10% of monthly income, maximum four-year loan tenure.
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