Frequently asked questions
With the help of 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.
EMI stands for equated monthly instalments. It is the monthly payment you will be required to make for any kind of loan. Smaller monthly payments make up the overall loan balance and interest charges. The tenure, principal and interest rate charged are important factors for determining EMIs.
The formula for EMI calculation is:
EMI = P x R x (1+R)^N / [(1+R)^N-1], where P is the principal, R is the rate of interest, and N is the tenure.
Enter the principal, the tenure, and the interest rate to get a detailed amortization schedule, a list of the EMIs you have to pay, and the total interest you have to pay.
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 know 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 72 months. Bajaj Finance offers a high value used car loan that comes with simple eligibility and a flexible repayment tenure. Follow this link to know the features and benefits of our used car loan.
If you are planning to buy a second-hand car, a used car loan can help you with required financial assistance. Bajaj Finance offers a high value used car loan of up to Rs. 77 lakh that comes with minimal documentation and simple 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 100% 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 know 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 fee, documentation charges and more. Click to check the complete list of applicable fees and charges.
Your used car loan EMIs depends 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 720 or higher helps you get a loan at competitive interest rates which eventually help 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 used car loan EMI calculator 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.