Monthly EMI: 0
Total Interest: 0
Principal Amount: 0
Total Amount: 0
Buying your favorite car is no longer a dream. With our second-hand car loan calculator, you can estimate your EMI for your loan and buy the car of your dreams.
What Is A Second-Hand Car Loan EMI Calculator?
A second-hand car loan EMI calculator is an online tool you can use to calculate the monthly EMI you will pay for the loan you borrowed from a bank. You can use this loan amount to buy your favorite pre-owned cars at an affordable price.
You can use this calculator to estimate your monthly EMI. You can also use it to determine the loan tenure you wish to choose. You can reduce or extend your tenure based on your financial capability without altering your loan amount.
How Does Fincareplan’s Used Car Loan EMI Calculator Work?
EMI calculation requires a complicated formula to calculate the monthly amount you must pay to the bank. It can be difficult to calculate manually and is prone to errors.
Our used car loan EMI calculator is free to use and can help you calculate your EMI within seconds. Below is the step-by-step process of calculating your used-car loan EMI.
Step 1: Enter your loan amount
Step 2: Enter the banks’ rate of interest for your loan
Step 3: Enter your loan tenure
Step 4: Click “Calculate”
These four simple steps can help you calculate your monthly EMI amount, total interest, and the total amount you will have to pay by the end of your loan tenure.
What Is The Formula For Used Car Loan EMI Calculation?
The formula used for calculating Used Car EMI Calculation is
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Here
- “P” is your principal amount,
- “R” is your rate of interest, and
- “N” is your loan tenure.
Once you enter all the required details, our EMI calculator will calculate the accurate EMI amount for you.
Benefits Of Second-Hand Car Loan EMI Calculator
There are many Second-Hand Car Loan EMI Calculators online. So why use ours? Below are some advantages of using Fincareplan’s secondhand EMI Calculator.
- Our used car EMI calculator is free and can be used anywhere, anytime. You can use it on multiple devices like mobiles, tablets, computers, etc.
- You don’t need to give any of your personal information or sign up to use our calculator. You only need to have an internet connection.
- Our calculator will give you an accurate estimation of your EMI amount and total interest within seconds.
- There is no limit to how many times you can use our calculator. You can use it multiple times and plan your loan amount and tenure according to your financial capabilities.
FAQs
What does a second hand loan EMI calculator do?
A second hand EMI calculator can help you understand how much EMI you need to pay for your loan amount and tenure. This can help you adjust your loan tenure according to your financial situation.
What is the average tenure of a pre-owned car loan?
The average tenure for your pre-owned car loan is 72 months. You can extend the loan tenure according to your financial planning. Ensure you choose a loan tenure that will allow you to manage your EMI without disturbing your monthly expenditures.
What are the eligibility criteria to apply for a secondhand car loan?
Any person who wishes to apply for a second-hand car loan should fit the following eligibility criteria.
* The applicant should be an Indian resident.
* The applicant should be between 18 and 80 years of age.
* The applicant should be either employed or self-employed.
* The applicant should be earning at least 1.5 lakh per annum.
* The applicant should have a CIBIL score of 720 or higher.