• Used Car Loan EMI Calculator

    Before you decide to take a used car loan, it is a good idea to calculate the amount you need to pay each month as equated monthly instalments (EMIs) towards its repayment. To calculate the EMI, you just need to enter the loan amount, the interest rate, and the loan tenure on the EMI Calculator tool. Once you enter these details, the tool will calculate the EMI and display it to you along with the total interest payable and the total cost of the loan.

    How to Use the EMI Calculator to Calculate EMI for Used Car Loan

    Using the EMI Calculator tool is easy and delivers quick results. To calculate the EMI for a pre-owned car loan using the EMI Calculator tool, you can follow the below-given steps:

    • Visit the BankBazaar website and scroll down to the middle of the page.
    • You will find the ‘Finance Tools’ tab under the ‘Trending Products’ section.
    • Click on it to be redirected to the EMI Calculator tool.
    • Enter the loan amount, tenure, interest rate, and processing fee (if any) on the tool.
    • Once you select a value on the scale or enter the details manually, you can click on the ‘Calculate’ button.
    • The tool will calculate and display the EMI amount, the total interest due, processing fee (if any), and the total amount payable.
    • The EMI Calculator tool will also provide your repayment details (yearly, monthly), in the form of an amortisation table.

    Calculation of EMI Using the Used Car Loan Calculator (Example)

    Let us suppose that you wish to take a loan of Rs.10 lakh at an interest rate of 9%, processing fee of 0.5%, and repayment tenure of 7 years to buy a pre-owned car. After using the EMI Calculator tool, the below-given values were displayed:

    EMI Amount Rs.16,089
    Processing Fee Rs.5,000
    Total Interest Due Rs.3,51,483
    Total Amount Payable Rs.13,56,483

    The amortisation schedule or the repayment schedule for this case will be as below:

    Year Principal Paid (A) Interest Paid (B) Total Payment (A+B) Outstanding Loan Balance
    2019 Rs.34,744 Rs.29,612 Rs.64,356 Rs.9,65,255
    2020 Rs.1,10,688 Rs.82,381 Rs.1,93,069 Rs.8,54,567
    2021 Rs.1,21,072 Rs.71,998 Rs.1,93,070 Rs.7,33,496
    2022 Rs.1,32,427 Rs.60,641 Rs.1,93,068 Rs.6,01,068
    2023 Rs.1,44,851 Rs.48,218 Rs.1,93,069 Rs.4,56,216
    2024 Rs.1,58,440 Rs.34,628 Rs.1,93,068 Rs.2,97,777
    2025 Rs.1,73,303 Rs.19,766 Rs.1,93,069 Rs.1,24,475
    2026 Rs.1,24,474 Rs.4,239 Rs.1,28,713 Rs.0

    Benefits of Used Car Loan EMI Calculator

    • Calculating the EMI by using the Used Car Loan EMI Calculator can help you assess if you can afford to repay the loan.
    • Once you know how much EMI you need to pay each month, you can plan your budget accordingly.
    • The Used Car Loan EMI Calculator lets you calculate the EMI you need to pay towards the repayment of your car loan in a simple manner without having to do lengthy mathematical calculations.
    • Since the EMI Calculator calculates the EMI automatically, there is no scope of error that can arise if you would have calculated the EMI manually.
    • When you calculate the EMI using the Car Loan EMI Calculator, the results are delivered quickly as opposed to the time that you would have taken if you were to calculate it yourself.

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