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Buying a used car can be an economical way to bring your dream car home. However, it requires careful planning to ensure you make an informed decision. One tool that can help you in this process is the second hand car loan EMI calculator. It can help you determine your potential EMIs in advance based on the loan amount, interest rate, and loan tenure. Understanding your EMI obligations can help you select the right loan that fits your budget and financial goals.
Are you looking for a used car loan but don't know if it'll fit your monthly budget? If yes, you need to check out the used car loan calculator. It's an online tool that helps you calculate your potential monthly EMIs for the loan. No more confusing manual calculations or guesswork to calculate an estimated amount. With a used car loan EMI calculator, you can determine the suitable loan amount and tenure to repay your used car loan without straining your monthly budget. The calculator makes it simple and convenient to plan your EMIs effectively to avoid missed payments.
Different used car EMI calculators require other inputs. For example, you might have to enter details like your income, personal information, the processing fee of the loan, etc., to calculate the estimated amount.
Used Car loan EMI is the Equal Monthly Instalments you need to pay to repay the loan amount and the interest. Tata Capital offers a repayment tenure starting from 12 months up to 60 months for the used car loan. Your EMI remains the same throughout the term of the loan. But the principal and interest amounts change every month. The interest is higher during the initial months of your loan, but gradually, the principal amount becomes higher.
In case of a Personal Loan, where the amount is approved and advanced without collateral, your CIBIL score becomes a critical eligibility criterion. Typically, a CIBIL score above the 700 mark is considered good and attracts easy approval.
If you don't know your Credit Bureau Score and are wondering, you can visit the below link for a free bureau report. We got you covered!
At Tata Capital, we help you plan your used car loan efficiently with our EMI calculator. Just enter the required variables, and the calculator does the rest. This tool is incredibly useful for managing your finances, exploring alternatives, and approaching your second-hand car loan with greater confidence.
For instance, suppose you need a used car loan of six lakhs. The car costs Rs. 4.5 lakhs, and you are borrowing an additional Rs. 1.5 lakhs. How do you know if the loan amount is sufficient based on the interest rate? Or whether the EMI fits your budget given the loan tenure? These are questions an EMI calculator can easily answer.
An EMI calculator requires the following details:
The loan amount
The loan tenure
The interest rate
Based on this example, if you borrow six lakhs at a 15% interest rate for two years, your EMI will be Rs. 29,092. This allows you to evaluate whether the EMI is affordable or if adjustments are needed. By tweaking the inputs, you can find the best plan for your financial situation.
With tools like these, we help our customers make informed decisions, preventing potential financial strain. Along with our flexible repayment tenures of up to 60 months, customers benefit from policies designed for their convenience. We offer loan amounts up to Rs. 50 lakhs, providing ample options without the need to seek additional funding elsewhere.
If you need further assistance with your amortisation schedule or any other details, feel free to reach out through our app. Our representatives are ready to guide you through everything you need to know before finalizing your used car loan.
Using these inputs, you can use a used car loan calculator to calculate your EMI in three simple steps
Once done, the used car EMI calculator will automatically display the EMI value within seconds.
The used car loan EMI includes the principal loan amount and the used car loan interest. It is derived using the formula-
[ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ N - 1 ],
where
P stands for the principal amount
R stands for Rate of Interest, and
N stands for the Tenure of the Loan in months.
A used car loan calculator for EMI uses the same formula to calculate your potential EMIs. All you need to do is input the details and let the tool do the work for you. It will generate the accurate EMI value automatically within seconds.
A used car loan EMI calculator has the following benefits:
Three primary factors affect your used car loan EMI amount. They are
Even with a fixed monthly income, there may be times when you experience a sudden financial boost. In such cases, you can use a used car loan EMI calculator to determine whether prepaying your loan—either partially or fully—is beneficial.
Prepaying helps reduce your loan balance, which in turn lowers your interest payments and can improve your credit score.
However, prepayment charges apply to the outstanding loan amount. Therefore, it's important to use a used car loan calculator to calculate the potential savings and charges before deciding whether prepayment is the right choice.
Planning is of major importance, especially when it comes to financial matters. Taking out a pre-owned car loan can be a huge financial decision, and you need to make sure that you have everything planned out properly.
So, before you avail of a used car loan, it can help if you know more about the concept of the amortisation schedule. An amortisation schedule helps you see how your loan is getting spent as you repay each month. Every time you pay a loan, a certain amount of it goes towards interest and a certain amount towards the principal.
As you start your used car loan, a higher portion of your expenses will be towards the interest. But, as you get nearer to the end of the loan, a higher portion of your expenses will be towards the principal instead.
In case of a Personal Loan, where the amount is approved and advanced without collateral, your CIBIL score becomes a critical eligibility criterion. Typically, a CIBIL score above the 700 mark is considered good and attracts easy approval.
If you don't know your Credit Bureau Score and are wondering, you can visit the below link for a free bureau report. We got you covered!
Using a second-hand car EMI calculator, you can determine your used car loan EMI value in just three easy steps –
Step 1–Enter the principal loan amount
Step 2–Set the used car loan interest rate
Step 3–Enter the desired loan tenure
The second-hand car loan EMI calculator will automatically calculate the EMI value in seconds.
A used car loan EMI calculator is a free and easy-to-use online tool. To calculate your potential EMIs, all you need to do is follow these simple steps-
Step 1– Use the first slider to set the principal loan amount.
Step 2- Use the second slider to set the used car loan interest rate.
Step 3- Use the third slider to set the loan tenure in months or years.
You can also use the ‘+’ and ‘-‘symbols to adjust the values or enter them manually in the box.
Once done, the second-hand car loan EMI calculator will automatically calculate the EMI value within seconds. Based on the results, you can choose the different used car loan EMI options provided by the lender.
To reduce your used car loan EMI, you can reduce the total loan amount by making a high down payment. You can also opt for a longer tenure to bring down your EMI. To determine the right plan, you can try out different combinations on a used car loan calculator. Finally, you can compare used car loan interest rates online and choose a lender offering the lowest rates.
Yes. Your EMI is inversely proportional to the loan tenure. This means that the longer the loan tenure, the lower the EMI value and vice versa. However, a longer tenure increases your interest payments.
The following factors influence your used car loan EMI –
Principal loan amount–The higher the principal loan amount, the higher your EMI will be.
Rate of interest–Again, a higher interest rate will increase your EMI value and vice versa.
Loan tenure–The longer the tenure, the lower the EMI value and vice-versa.
After entering these values in an online second-hand car EMI calculator, you can find out your potential EMI value instantly.
The Tata Capital used car loan EMI calculator is based on a fixed interest rate. All you have to do is enter the loan amount, duration, and fixed interest rate charged. The calculator will then process the values to present the monthly EMI to repay your used auto loan amount.
Yes, with the Tata Capital used car loan emi calculator, you can increase the value of the loan repayment tenure. You can manually enter the number of years or months, loan amount, and interest rate charged to get your monthly EMI amount.
With its tenure adjustment feature, the Tata Capital pre-owned car loan EMI calculator helps you determine if the loan EMI fits within your monthly budget. If the value calculated exceeds your budget, you can adjust the loan tenure or amount to arrive at a more comfortable EMI.
A self-employed and a salaried individual can apply for a used car loan with Tata Capital. The only criteria are-
| Criteria | Salaried Individual | Self-employed Individual |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Income | The minimum monthly income should be Rs. 20,000 | Minimum two lakhs per annum |
| Stability of work | Stable employment status for a minimum of 1 year | Stable business status for a minimum of 3 years. |
| Additional eligibility requirements | - | ABB should be 0.5 times the EMI amount for self-employed individuals in partnerships or otherwise, the business should have an active landline connection, and the individuals must furnish bank statements of the last three months before applying for the loan. |
Most lenders also approve applications of borrowers who have a good CIBIL score (of 750 or above) and a healthy loan repayment pattern.
Repaying a used car loan with Tata Capital is completely hassle-free. You can repay the loan EMIs through ECS, Direct debit, and post-dated cheques.
To simplify, you can choose to make the EMI payments in the following two ways–
Pay Online - You can make payments online through the Tata Capital website from your mobile or desktop at your convenience.
Drop a Cheque- Alternatively, you can also make EMI payments for your used auto loan with a cheque. For this method, you must visit the nearest Tata Capital branch, write a post-dated cheque drawn on "Tata Capital Limited", and drop it off at your convenience.
Additionally, we also provide you with the option to prepay the loan if you fully close the loan. However, if you choose this payment mode you will have to pay a prepayment fee.
Yes, in case you fail to pay the monthly EMI amount, you will be charged a 3% overdue amount per month + GST.
To avoid this, you must repay your EMIs on time. The easiest way is to calculate a feasible EMI amount you can repay using an online used auto loan EMI calculator tool.
For instance, our used car loan EMI calculator helps determine if the potential EMI fits your monthly budget. If the value calculated by the second-hand car loan emi calculator exceeds your budget, you can adjust the loan tenure or amount to arrive at a more comfortable EMI. Knowing this will help you avoid any missed EMI penalties.
Your EMI for a used auto loan remains the same throughout the loan term. This is why you must choose an amortisation schedule that will allow you to make timely repayments.
You can take the help of a used car loan emi calculator to arrive at an EMI option that is viable to you and would suit your monthly budget. You can adjust the principal loan amount and tenure to determine a monthly EMI value you would be comfortable paying until you repay the loan.
Yes, your EMI amount will differ according to your loan tenure.
Your used auto loan EMI is inversely proportional to the loan tenure. This means that the longer the loan tenure, the lower the EMI value and vice versa. That said, remember that the total interest you pay on your loans increases with the tenure given you pay interest during every EMI payment. To select an EMI plan that works for you, use Tata Capital's used car loan EMI calculator.
All you have to do is enter the loan amount, duration, and fixed interest rate charged. The calculator will then process the values to present the monthly EMI to repay your second-hand car loan amount.
No, you do not have to pay a subscription fee or make an account with Tata Capital to get a used car loan from Tata Capital.
Instead, following these steps, you can apply for a used auto loan covering up to 95% of your car.
Step 1: Fill out the second-hand car loan application form. You can fill out and submit the form online or offline at your convenience.
Step 2: Submit or upload the necessary documents.
Step 3: Wait for us to verify the form and the documents.
Step 4: After completing our verification, the loan amount will get disbursed within 24-36 hours from the document submission day.
Note: You'll only be charged a processing fee of about 1.75% of your second-hand car loan amount during the application process.
Yes, it is advisable to buy a second-hand car on loan as it allows you to spread the cost over time, making it more manageable.
Eligibility criteria for a pre-owned car loan typically includes:
Make sure to check the relevant product page on the Tata Capital website for accurate information
Fees and charges for a used car loan may include processing fees, pre-payment charges, late payment charges, etc.
Yes, taking a used car loan can be beneficial as it allows you to buy a car without paying the full amount upfront. However, it's important to consider the interest rate, loan tenure, and total repayment amount to ensure it fits within your financial plan.
It is usually higher than that of a new car loan due to the higher risk of financing older vehicles.
The average tenure of a second-hand car loan typically ranges from 1 to 5 years. However, some lenders may offer terms of up to 7 years, depending on the age and condition of the vehicle.
A car loan repayment table, also known as an amortization schedule, is a table that details each periodic payment on an amortizing loan. It shows the amount of principal and interest paid in each instalment until the loan is fully repaid.
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