Frequently asked questions about used car loan EMI calculator
With the help of a used car loan EMI calculator, you can figure out the monthly EMIs for your loan. You can predetermine the monthly EMIs payable and choose a loan amount that fits your financial goals.
You just need to enter the loan amount, the tenure (in months), and the interest rate to calculate your monthly EMIs.
Yes, you can get funding for new cars with our new car finance. Follow this link to learn the features and benefits of our new car finance.
When you choose a pre-owned car loan, you usually get a tenure of up to 84 months. Bajaj Finance offers a high-value used car loan that comes with simple eligibility and flexible repayment tenure.
If you are planning to buy a second-hand car, a used car loan can help you with the required financial assistance. Bajaj Finance offers a high-value used car loan of up to Rs. 1.02 crore that comes with minimal documentation and simple used car loan eligibility criteria. If you are looking to buy a car, you can apply online for our used car loan and get funds in just 48 hours. Click to apply for a used car loan online.
The total amount of your used car loan is calculated based on the current value of your vehicle. Bajaj Finance offers loans of up to 115% of the car’s value at competitive interest rates. Our used car loan requires minimal documentation and comes with a hassle-free online application process.
Your minimum monthly salary should be Rs. 20,000 to get a pre-owned car loan. Click to learn more about the eligibility criteria for our used car loan.
When you apply for a second-hand car loan, you get funds at a certain interest rate. However, apart from this rate of interest, you also need to pay some additional fees such as processing fees, documentation charges and more.
Your used car loan EMIs depend on the amount you borrow, tenure and the applicable interest rate. You can reduce your loan EMIs by opting for a longer tenure. You can also reduce your EMIs by maintaining a healthy CIBIL Score. A CIBIL Score of 700 or higher helps you get a loan at competitive interest rates which eventually helps you lower your EMI.
Your used car loan EMI depends on the loan amount you have borrowed, tenure and the applicable rate of interest.
Using a second-hand car loan calculator to evaluate your loan EMIs is easy. You can simply enter the loan amount, rate of interest and tenure. Once you provide all these details, you will get the EMI amount you need to pay. You will also get details such as the total interest and the total amount payable.
Calculating your loan EMI manually is time-consuming and might give erroneous results. However, using our used car loan EMI calculator eliminates manual effort and gives you an error-free result instantly.
A used car loan repayment table is a structured schedule that outlines how much a borrower needs to pay monthly to repay a loan for purchasing a used car. It includes details like the loan amount, interest rate, repayment period (typically in months), and monthly payment amount. The table typically breaks down each payment into principal and interest portions, showing how the balance decreases over time. It helps borrowers understand their financial commitment, plan their budget, and track the progress of loan repayment. The table can also highlight the total cost of the loan over its duration.
EMI for a second-hand car is calculated using this formula:
EMI=P×r×(1+r)n(1+r)n−1EMI=(1+r)n−1P×r×(1+r)n
Where:
- P = Loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Loan tenure in months
To calculate:
- Subtract the down payment from the car price to get the loan amount (P).
- Divide the annual interest rate by 12 to get the monthly rate (r).
- Multiply the loan tenure by 12 to get the total months (n).
This gives the fixed monthly EMI you need to pay.
The EMI amount for a used car loan depends on both the loan tenure and the interest rate, which can vary. A longer tenure generally results in lower monthly EMIs, but it also increases the total interest paid. Similarly, a higher interest rate will raise the EMI amount.
To calculate the EMI amount, you can use the following formula:
EMI=P×r×(1+r)n(1+r)n−1EMI=(1+r)n−1P×r×(1+r)n
Where:
- P = Loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Loan tenure in months
By substituting the values of the loan amount, interest rate, and tenure, you can calculate your monthly EMI.
The EMI amount for a used car loan depends on both the loan tenure and the interest rate, which can vary based on the lender and your financial profile. A longer tenure results in lower monthly payments, but you may end up paying more interest overall. Conversely, a higher interest rate will increase the EMI amount.
To calculate the EMI, use the following formula:
EMI=P×r×(1+r)n(1+r)n−1EMI=(1+r)n−1P×r×(1+r)n
Where:
- P = Loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Loan tenure in months
By inputting your loan details, you can easily calculate your EMI amount.
