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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 easy-to-use.
Anonymity – A used car loan EMI calculator allows you to remain anonymous so you need not fear breach of personal information.
The mathematical formula for calculating used car loan EMI, which is equal to the principal loan amount + the used car loan interest, is [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the Principal amount, R stands for Rate of Interest, and N stands for the Tenure of the Loan in months. A used car loan calculator for EMI will also give results using the same formula, but all you need to do for it is enter the three inputs in their respective slots and that’s it! The used car loan EMI calculator will give you the accurate EMI value automatically within seconds.
Knowing your used car loan EMI in advance has the following advantages –
Easy financial planning – Knowing your EMI in advance gives you a clear picture of the amount you need to keep aside towards used car loan repayment every month. This will help you plan your budget so as to never default on an EMI payment.
Knowing affordability – Getting the exact value of your EMI using a used car loan EMI calculator will let you know whether you’ve bitten more than you can chew – whether the loan is within your repayment capacity or not.
Setting the loan tenure – If you find out that your used car loan is beyond your affordability, you can either take a smaller loan amount or choose a longer tenure. But, remember that a longer tenure will mean higher interest outgo.
A used car loan EMI calculator is a useful, free online tool to get your EMI value. Using such a calculator, finding out your used car loan EMI value takes just three simple steps –
Step 1 – Enter the principal loan amount
Step 2 – Set the used car loan interest rate
Step 3 – Enter the desired loan tenure
The calculator will automatically display the EMI value in a few seconds.
A used car loan EMI calculator is user-friendly and easy-to-use. In three short steps, you can get your EMI value.
Step 1 – Using the first slider, set the principal loan amount. You can even use the ‘+’ and ‘-‘symbols to increase or decrease the value or manually enter it.
Step 2 – Now, set the used car loan rate of interest by using the second slider. The value can be increased or decreased using the ‘+’ and ‘-‘symbols or be manually entered in the given box.
Step 3 – The final step is to set the loan tenure in months or years using the third slider. The value can be adjusted using the ‘+’ and ‘-‘symbols or be manually entered in the box.
Once done, the calculator will automatically show the used car loan EMI value within seconds. Basis the results, you can choose the different used car loan emi options provided by the lender.
There are several ways in which you can reduce your used car loan EMI. If you have a good amount of ready cash available, you can pay a high down payment amount to reduce the total loan amount. Then, you can opt for a longer tenure – to come to a suitable tenure value, try out different combinations on a used car loan EMI calculator. Finally, you can compare used car loan interest rates online and choose a lender offering the lowest rates.
Used car loan EMI is affected by the loan tenure – it is inversely proportional to it. Meaning, the longer the loan tenure, the lower will be the EMI value and the shorter the loan tenure, the higher will be the EMI value; since the EMI gets spread across a longer period, its value decreases for every single month and vice-versa. However, with a longer tenure comes higher interest outgo.
The following factors are influential in determining used car loan EMI –
Principal loan amount – This is directly proportional to the loan EMI value. So, higher the principal loan amount, higher will be the EMI you need to pay on your used car loan.
Rate of interest – Again, a higher used car loan interest rate will mean higher EMI value and with a lower interest rate comes a lower EMI.
Loan tenure – The tenure is inversely proportional to the EMI for used car loan. So, the longer the tenure, the higher will be the EMI value and vice-versa.
On entering the above-mentioned three inputs in an online second hand car loan EMI calculator, you can find out your EMI value in seconds.
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