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. You can use BankBazaar’s EMI calculator to check the monthly payments.
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, and interest rate 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, 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%, and repayment tenure of 7 years to buy a pre-owned car. After using the EMI Calculator tool, the below-given values were displayed:
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 |
2025 | Rs.79,661 | Rs.65,180 | Rs.1,44,801 | Rs.9,20,338 |
2026 | Rs.1,14,902 | Rs.78,169 | Rs.1,93,071 | Rs.8,05,437 |
2027 | Rs.1,25,680 | Rs.67,338 | Rs.1,93,068 | Rs.6,79,757 |
2028 | Rs.1,37,468 | Rs.55,600 | Rs.1,93,068 | Rs.5,42,287 |
2029 | Rs.1,50,365 | Rs.42,704 | Rs.1,93,069 | Rs.3,91,922 |
2030 | Rs.1,64,472 | Rs.28,596 | Rs.1,93,068 | Rs.2,27,451 |
2031 | Rs.1,79,900 | Rs.13,170 | Rs.1,93,070 | Rs.47,552 |
2032 | Rs.47,551 | Rs.716 | Rs.48,267 | Rs.0 |
Benefits of Used Car Loan EMI Calculator
The main benefits of the used car loan EMI calculator are mentioned below:
- 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.
Factors that Affect Used Car Loan EMI
Some of the factors that affect the EMI on a used car loan are mentioned below:
- Repayment Tenure: The repayment tenure plays a significant role in the EMI. In the case of a shorter tenure, the EMI will be high, however, the total interest that is being paid will be low. In the case of a longer tenure, the EMI will be low but the total interest that is paid will be high.
- Interest Rate: In case the interest rate is high, the EMIs will be high. Therefore, it is important to maintain a high credit score as lenders will offer used car loans at low interest rates.
- Principal Amount: The loan amount that has been availed will affect the EMI. In case the loan amount is high, EMIs will be high as well.
FAQs on Used Car Loan EMI Calculator
- Will the repayment tenure of the loan affect the EMI?
Yes, the repayment tenure of the used car loan will affect the EMI.
- Will any charges be levied to use BankBazaar’s used car loan EMI calculator?
No charges will be levied to use BankBazaar’s used car loan EMI calculator.
- Can I make a high downpayment to reduce the used car loan EMI?
Yes, making a high downpayment will reduce the used car loan EMI.
- Will the used car loan EMI reduce in case I opt for a longer tenure?
Yes, the used car loan EMI will reduce in case you opt for a longer tenure.
- Will banks levy a fee in case I preclose the used car loan?
Yes, certain banks will levy a fee in case you preclose the used car loan
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