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.
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:
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:
|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|
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