Principal- The principal is the LIC Loans car loan amount that you avail from the lender or banker. It is directly proportional to your other EMIs - lower principal of loan will lower your monthly instalments and vice versa.
Rate of interest- The rate of interest is the rate at which the lender or banker offers you the LIC Loans car loan. It is also directly proportional to the value of your LIC Loans car loan EMIs.
Tenure- The tenure is the time within which you repay your LIC Loans car loan. The tenure is inversely proportional to your other loan EMIs - longer tenure makes the monthly installments or EMI amount cheaper and vice versa.
Things to consider that affect the LIC Loans car loan: