Buying Car without Loan: If you plan properly and deposit money to buy a car, then you can make your car dream come true without taking a loan.
Buying Car without Loan: Every person dreams that he has a car of his own or if they already have a car then they want to replace it with a new car. For this, some people take loans from banks or other financial institutions, while some people add money for a long time. However, apart from this, there is also a third option in which you neither need to take a loan nor accumulate money for a long time. Instead of accumulating money for a long time, planning and investing it can raise money to buy a car in a short time. For this, SIP is a better way in which by depositing a small amount every month, you can raise the money to buy a car without any problem.
Plan like this for a car of 5 lakhs
If you are planning to buy a car worth 5 lakh rupees, then every month you have to save 5 thousand rupees. However, if you increase by 10 percent on a yearly basis, then money can be collected to buy a car soon. If every month you invest 5 thousand rupees through SIP and every year you increase the investment capital by 10 percent, then if you assume that the return will be 12 percent, then in 60 months a capital of Rs 5 lakh will be ready in your account. This means that if you save up to Rs 3 lakh little by little in five years, you can buy a car in five years without taking a loan. If you had collected money instead of investing in any scheme, then you would not have been able to accumulate money by buying a car so soon.
10 lakh car
- Investment every month – 5 thousand rupees
- How many months to invest – 90 months
- Annual increase in investment – 10%
- Estimated Return – 12%
- Total Fund – Rs 10,10,842
