Planning to take a car loan? Here're the rates and charges offered by banks

Increasing the loan tenure reduces EMI burden but enhances interest outgo

Do not stretch yourself excessively when taking a car loan. This could adversely affect your ability to meet your regular expenses, savings and investments. Be more cautious, if you have other equated monthly instalments (EMIs)

• Borrowing excessively could increase the chance of a default, which would in turn hurt your credit score, and hence your ability to borrow in future

• Make a considerable down payment and reduce the loan amount

• Suppose you take a loan of Rs 10 lakh at an interest rate of 8.9 per cent, and for a tenure of three years

• In this case your EMI will be Rs 31,753,