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A used car loan calculator for EMI helps you calculate the EMI that you will need to pay towards the principal and interest payment of your loan over the loan tenure. By using a used car loan EMI calculator, you can arrive at a suitable tenure to comfortably pay off your used car loan. The calculator makes planning your monthly instalments easy so that you do not default on your payments.
Used Car loan EMI are the Equal Monthly Instalments that you need to pay for the principal amount borrowed for a fixed tenure to pay off the loan. You can take anywhere from 12 to 60 months to repay your used car loan with Tata Capital. EMI includes both the principal amount and the interest applicable on the loan. Though the amount of EMI remains unchanged, the principal and interest amount change month after month. The interest is higher during the initial months of your loan tenure but gradually, the principal amount becomes higher. The exact percentage of principal and interest amount will depend on the applicable rate of interest and the tenure for which the loan is taken.
The EMI that you need to pay towards the repayment of your loan can be calculated using a used car loan EMI calculator.
Calculating your monthly EMIs using a used car loan EMI calculator is easy and fast. You will need to enter the following inputs –
Principal Loan Amount – This is the total amount of money that you borrow and must repay at the applicable interest rate over a fixed tenure.
Rate of Interest – This is the rate at which interest will be charged on your principal loan amount over a fixed tenure.
Loan Tenure – This is the total period (in months or years) within which you must repay your used car loan.
Using these inputs, you can use a used car loan calculator for EMI in three simple steps –
Step 1 – Using the first slider, set the Principal Loan Amount. You can even use the ‘+’ and ‘-‘symbols to adjust the values or manually enter the same in the respective box.
Step 2 – Then, input the applicable Rate of Interest using the second slider, Again, you can use the ‘+’ and ‘-‘signs to increase or decrease the value or simply enter it in the box.
Step 3 – Finally, set the desired Loan Tenure either in months or years. Increase or decrease the values using the slider, the ‘+’ and ‘-‘symbols or just manually enter it in the box.
Once done, the calculator will automatically display the EMI value within seconds.
A used car loan EMI calculator offers you the following benefits –
Checking Affordability – The calculator lets you know the EMI value in advance so that you can be sure that the EMI you need to pay falls within your repayment capacity. If not, you can adjust the loan tenure and arrive at a more comfortable EMI.
Financial Planning – Using a used car loan calculator for EMI, you can plan your monthly budget around your EMIs so as to avoid defaults.
100% Accuracy – The calculator gives correct results every single time, something which is prone to error in case of manual calculations.
Lightning Speed – You can have your results within seconds as opposed to time-consuming manual calculations.
User-Friendly – In three short steps, you can have automatic results. The calculator is extremely