Used Car Loan EMI Calculator:
Calculate your monthly payments
Whether you are buying a new or used vehicle, a car loan is a significant commitment involving the repayment of the principal and interest over time. For precise estimates, try a used car loan EMI calculator to accurately determine your monthly payments.
Loan amount
₹10,00,000
1 Cr
Duration of loan
2 Year
7 Years
Interest rates (P.A)
5.00%
35%
Per Month EMI
₹0
Principal amount
₹10,00,000
Interest
₹0
Total
₹10,00,000
Detailed calculations
Understanding the components of Used Car Loan EMI calculator:
Tenure
Tenure is the duration over which the used car loan will be repaid. It ranges from one to six years, the tenure affects the monthly EMI amount.
Principal Amount
The principal amount is the total sum borrowed. It’s the base amount on which interest is calculated by the second-hand car loan EMI calculator
Interest Rate
The interest rate is the percentage charged on the principal amount. It can be fixed or variable. Lower interest rates mean lower interest amounts and, hence, lower EMIs.
Interest Amount
The interest amount is the cost of borrowing the principal amount. The second-hand car loan calculator calculates the cost of the loan based on the interest rate and tenure.
EMI (Equated Monthly Instalment):
The EMI is the fixed monthly payment made to repay the used car loan. It includes both principal and interest components. Using a 2nd hand car loan calculator helps determine a manageable EMI based on your financial situation.
How to use the EMI calculator
Use LOANS24's pre-owned car loan calculator in two simple steps to determine your monthly EMI. The calculator allows you to check variations in EMI for different repayment tenures and interest rates.
Enter the Loan Amount
Start by entering the loan amount you intend to borrow for your used car. This will be the principal amount on which your EMI is calculated.
Enter the Tenure
Select the loan tenure that best fits your repayment plan. The tenure you choose will directly impact the amount of your monthly EMIs.
Enter the Interest Rate
Use the interest rate slider in the EMI calculator to see how different rates affect your total borrowing cost.
Get Instant Results
The second-hand car loan EMI calculator will immediately display a detailed breakdown, including your monthly EMIs, the total interest payable, and the overall cost of borrowing.
Need Help? Find Answers Here
What is an EMI?
How does an EMI calculator work?
What are the factors that affect the EMI for a used car loan?
What is the difference between a fixed interest rate and a floating interest rate?
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