THAR Roxx EMI ൽ വാങ്ങാൻ എത്ര രൂപ സാലറി വേണം ? | Can you afford THAR Roxx Lets Find Out

Introduction

This tutorial will guide you through the financial considerations for purchasing a THAR Roxx vehicle, specifically focusing on how much salary you need to afford the EMI (Equated Monthly Installment). Understanding these factors is crucial for making an informed financial decision.

Step 1: Assess the Price of the THAR Roxx

• Research the current market price of the THAR Roxx.
• Consider any additional costs such as registration, insurance, and taxes.
• Example: If the THAR Roxx costs ₹15,00,000, factor in an additional ₹1,00,000 for these costs.

Step 2: Understand EMI Calculation

• The EMI is determined by the loan amount, interest rate, and loan tenure.

• Use the formula for EMI calculation:

  EMI = [P * r * (1 + r)^n] / [(1 + r)^n - 1]
  

  Where:

  • P = Principal loan amount
  • r = Monthly interest rate (annual rate / 12)
  • n = Number of months

• For example, if you take a loan of ₹14,00,000 at an interest rate of 10% for 5 years, the monthly interest rate will be 0.00833 (10%/12).

Step 3: Calculate Your Monthly EMI

• Plug your values into the EMI formula.

• Example Calculation:

  • Principal (P) = ₹14,00,000
  • Monthly Interest Rate (r) = 0.00833
  • Loan Tenure (n) = 60 months

  EMI = [1400000 * 0.00833 * (1 + 0.00833)^60] / [(1 + 0.00833)^60 - 1]
  

• This will give you the EMI amount you need to pay each month.

Step 4: Determine Your Monthly Income Requirement

• A common guideline is that your EMI should not exceed 30-40% of your monthly salary.
• Calculate the minimum salary needed:
  • If your EMI is ₹30,000, then:
    • Minimum Salary = EMI / 0.30 or 0.40
    • Example: ₹30,000 / 0.30 = ₹1,00,000 or ₹30,000 / 0.40 = ₹75,000

Step 5: Factor in Other Financial Obligations

• Consider other monthly expenses such as rent, utilities, groceries, and any existing loans.
• Ensure that after accounting for these, you still have enough for your desired EMI.

Step 6: Explore Financing Options

• Research different banks and financial institutions to find the best interest rates and loan terms.
• Compare offers to select the one that fits your budget and financial situation.

Conclusion

To afford a THAR Roxx, you need to assess the total cost, calculate the EMI, and determine the monthly salary required based on your financial obligations. Always ensure that your EMI is within a manageable percentage of your salary to maintain financial health. After calculating all these factors, consider exploring financing options to secure the best deal.