Watch This To Save Money On Car Loans
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- Опубликовано: 16 окт 2022
- Vehicle loans are expensive but should you be prepaying them?
Common Indian sentiment is that loans are bad so prepay them as soon as possible. But that needn’t always be the right decision.
Certain vehicle loans give us tax benefits like EV loans, you can claim up to Rs 1,50,000 of interest as a deduction under section 80EEB. This brings down the effective interest rate of the loan, making it much cheaper than what’s shown in its face value.
Business owners and self-employed who purchase a vehicle for their business and profession can claim the entire interest on the loan as an expense against their total income. Making it very lucrative to take long-term loans.
Another added benefit to buying a car for business purposes is that you can claim income tax depreciation on the vehicle. Essentially claiming 15% (40% for EVs) of the value of the car against your income as an expense. However, this will not affect your effective interest rates.
P.S. I’d rather not take a vehicle loan, just take a cab everyday and invest the cash you would have invested on a car.
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#financewithsharan #vehicleloan #carloan #electricvehicle #money #personalfinance #invest
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I really like you vids,
They help a lot of people.
Omg I’m your biggest fane tysm!!
@@LetsEscapeTheMatrixToday bro its a scam
See the channel not verified
ONLY if you use your car for business purposes from the list of possibilities provided in the Income Tax rules.
Bro you got one 💀
Still you can get depreciation benefit
They use the car for business and personal purposes. They do get a slightly less tax benefit but it's definitely worth it.
@@CA_Hariharaniyer2023 what benefit?
Yeah Indian income tax officer is gonna stand in front of my house recording when I use my car for business and when for personal use
I want to know which bank Manager is that much honest.
sharan
It is always good to pay loan first because if resession hit you are f****d😆
This feels like what I'm studying in CA Intermediate 😂😂
Thank u so buddy for so much information taxation and all other things
I'm realy dumb, i couldn't understand half of what he said even having watched it twice
same here
Same here lol Infact most of his videos goes above me
You are not dumb bro.. you and me are stupid common man
well to save you guys a modicum of self respect, to Sharan's credit, he is massively dumb. I should know (graduate in accounting /taxation, MBA+Ph.D), he preys on people's lack of local taxation laws. Not one video of his will be watched by or listened to by real financial literate folks like us. By default, prepay every loan as soon as possible, hold solid gold / silver and not bonds, hold real estate specially rental properties, hold FDs now specially with higher returns, and dont listen to barely graduate, almost illiterate finfluencers like chooran hegggday
It is fine bro
Generally CAs anf commerce students will understand
We don't get your physics as well.
Man if u claim deduction under 80EEB ( Int exp) how will u claim depreciation and anyways 80EEB is no longer claimable
What tax God knows. Tax saved is tax paid in the inflation of goods.
I guess I understand what he says ... Correct me if I am wrong ... 30% income bracket mean individual earning 1 lakh per month ... if he is buying ev car his effective rate of interest is 5.8% so instead of prepaying the loan he can invest the money in something else which would give him approx 6% returns per year which would equalise the amount you spent as emi for ev loan ... People who are salaried employee best repay the loan as soon as possible.
Do you have class for beginners? I really don't know about finance.
Next level of marketing for tata Tiago ev while showing ev car in the video 😅
I really enjoyed the sound of the vehicle 🚗 when you say what about the combination vehicle
How do we claim depreciation on the car or a house which we rented etc?
I didn't understand last point please elaborate
Hi sharan! What about senior citizen s.do they come in the self-employed people bracket.
Hey brother can you make a detailed video on this topic?
It's all good for business tax paying people's... doesn't work for salaried
If you. Have a loan on property.will you rep same
Depriciation is irrelevant for loan pre-pay.
Has it calculated in WDV of car.
and for bankers the effective interest rate is 3.2% on EVs.
Nice video
You could be a better finance minister of India
nice.
What about a hybrid car?
Can you plz explain about PPF scheme about its benefits and how to invest
So that 6% interest income will also be taxed @30% slab the effective interest will be around 4.2%. You have to get a minimum interest from market for atleast 8.57% p.a.
Sharan bro is there any scheme for EV 2 WHEELERS THAT IS MORE THAN 3LAKHS ?
Can you please help me how to check the unclaimed shares details
What about hybrid cars
Are you from Karnataka
First one to comment 😊
I really like your content and try to implement them
Thankyou for this 💕
Sharan sir can I get detail regarding this tax savings
Broo no drama bro we need those sharp voice clips like syke!!!
Bhai thoda bahut Hindi me b bol liya kro
Please do one ps-1 ponniyin selvan
I have availed car loan from Punjab National Bank at 7.85 % pa. fixed rate for 3 years. there is no prepayment charges and penalty.
One thing that these people who have just basic knowledge of tax fail to understand is that for tax purpose dep is not in individual asset but a bracket of assets and dep is 15% wdv which takes a long time (much more than you might think of). Also you cant claim capital loss bcs it can only be setoff when whole set of assets is completely sold out without any asset purchased later still in bracket. So yea 30% saving is just a myth
Dedn under 80EEA will also help
Fun + education 😎
Hello,
Could you please help me in understanding the Bank rules and regulations on Car Loan as I really want to get rid of my car loan the tenure is for 5 years and now its 3rd year running now but I want that to be cleared off in this 3rd year only.
Is there any option as I can pay extra Half of the EMI every month and clear the loan at the earliest possible way. (HDFC BANK) but they should not charge any additional charges if my loan is getting cleared off.
⬆️⬆️⬆️ thanks for the comment..
Contact the What'sap line above for more information, and new investment plan ✉️🇮🇳🇮🇳
I'm an self-employed was planning for prepayment now a big no...I THANKS A MAN his name IS FINANCE WITH SHARAN 😀
What tax benefit for electric vehicle
From this year not available
One on education loans for salaried employees please 😅
Love from AP.
Noiceee
Bro , even in video he double the amount.. Both holding money…
I love your videos.... Please come to Sandeep Maheshwari's show.
Does the tax benefit still working
Now I'm searching the channel Finance with the goddamn banker
How we can save interest on electric vehicle??
"Percent" or "percentage" 😮😊
Content is good but sometimes it's hard for those people who couldn't understand English properly as it's easy for us to understand more in Hindi then any other language.
Hope you will work for that part of people also.
😂😂😂😂
How much cash you keep in 2022?😨
I don't agree on this..
Even if u get tax benifits u still end up paying more, better repay loan.
Step by step guide to get stuck in an embarrassing situation by buying en EV:
Step 1: Be from a village or suburb where no charging stations are available.
Step 2: Buy an electric vehicle with a whopping 400 KM range and takes around 500 rupees of electricity for a single full recharge.
Step 3: Drive to one of your relatives house, that's 200 KM away, in a weekend with your family.
Step 4: Take the relative's kids for a ride on your EV and drive for around 100 KM.
Step 5: Now as your battery has almost drained, put the charger on and consume 500 rupees worth of electricity.
Step 6: Now as much as you want to pay that amount and as much as your relative wants to take the money, both of you won't be able to do that out of potential face loss.
Step 7: The relative would curse your EV silently and pray that you never visit them in the future.
Step 8: Come back home with a sour taste in your soul.
Congratulations on saving 5% tax and the environment (Electric producing units that operate on coal laughing in the corner).
Well said! And pay 6-8 lacs in 8 years to replace the battery....
Electricity is produced by solar and wind also
And wait for the planned obsolescence to take charge immediately after your warranty expires .... If only the thing lasts until then 😂😂😂
@@maheshgods And how much electricity is produced from solar and wind combined as compared to fossil fuels?
These solar and wind things are just a hobby of fancy environment activists. Solar and wind will never be able to provide energy security to nations.
The real solution for clean energy is nuclear power. But again these nature activist cry babies just freak out upon hearing the very name of nuclear power. They would scream that nuclear energy will kill the whole human race while ignoring the very fact that nuclear energy has one of the lowest number-of-death per megawatt-energy-produced ratio, almost equal to wind power and, if I remember correctly, even lower than solar power.
It's no wonder why Germany is reopening all their plants that produce energy using fossil fuels while shutting down the nuclear ones. Unless we get rid of these go-green jokers, we are going nowhere near to attain sustainable development goals.
I have a Tata Nexon petrol and got car loan at 7.85 percent floating interest rate 👻🌚
I don't understand can anyone explain please
Don't you have to see the returns also after tax returns.
💯
Sharan sir pls make more easier to understand .. the things that u say
30% income bracket mean
Which one is better and cheaper? By taking car loan from showroom or directly visited the home branch of SBI ? PLEASE REPLY
Guys help me out, i want to follow bank manager sharan guy. Cant find him 😔
Bro are you from Karnataka
For every comment there s a reply with a whatsapp no for guidance but that s a scam. Please be aware and don't fall for it
When ur brain not able to comprehend this
Follow that bank manager 😂
And don't use his name
Bro I in animation video bro will explain point in telegu
Tax benifit Only upto 1.5L of interest.
Bro yo are the nexr harshad mehta 😂
How do know all of these
Sir I work here 😅😅
Stop your ads.
Hi
Bro what do studied for all of this
Somehow govt has gone anti middle class especially against salaried class
The middle class which has grown in last 10-15 years is being pushed back to poverty
That’s not how India’s growth story will
EV 8%. 🤣 🤣 🤣
My car loan is 7.05% fuel one.... 🤣 🤣 🤣 🤣
You are better off paying tax for the combustion engine rather than paying half of the electric car price for the battery replacement after the 5 years period
It's wrong, always take car loan! The effective interest rate is much lesser, like for a 7.5% car loan, effective is 4.1! So even if you do FD you will save money
What’s 30%income bracket??
People earning 1 lakh per month
Do it in Hindi language plzzzz
Anna ondhu kannada translate madthira...nimthara English barolla....astu....
Go by cheap public transports like bus and train..use your monthly emi payments of car loan on taxi, auto & rental car fares…or else use cycle for transport..you don’t need to buy any car..poor people buy car on loan..
MAHANUBHAVULU CHEPEVI ASALU ARTHAMKAVU 😮
Bro I want to education loan please help me
You need to do videos with more details not a shorts, most of your shorts can't understanding
Can anyone say this god dam bank name 😂
Bhai thoda Hindi bhi bol liya kro
I have tata safari with 7percent intrest rate by union Bank 🤣
No it's wrong ..no such exemption for EV vehicle from any banks....bank scheme not evolved yet
Don’t get a car loan. That’s the dumbest decision to do.
Not really.. It depends on how much you take the loan and the purpose of the car.
hindi me bto bhai
Incomplete information,
Electric vehicles offer tax benefit for only 1st year and that too on interest paid on the vehicle.
So, you can buy either a car worth 8-14 lakh or buy and electric vehicle cost 25-30 lakhs to save upto 1.5 lakhs on car interest payments
Bouncer gya
What has depreciation got to do with a car loan?
Also why would a business pay interest to save tax in interest amount?
Bruhhh
Bhai hindi me bol na.
Hindi me banau bhai
Don't buy car so it will save ur money😅
What 😂😂😂
Watch Money😂😂😂