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.
Investing through SIP is beneficial, but how much to invest? Once a month, fifteen days or everyday? take your decision like this
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 you invest 5 thousand rupees every month 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.
Best SIP for 5 Years Investment 2022: Choose this best SIP this year, you can earn more returns than bank FD in five years
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
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