Used Car Loan EMI Calculator

Use our used car loan EMI calculator to find out your monthly EMI instantly. Input your loan amount, interest rate, and tenure to estimate the total interest you have to pay.

You can quickly calculate your monthly payments with a used car loan EMI calculator by entering three key details: the loan amount, the repayment tenure, and the interest rate. Once you provide these numbers, the calculator will instantly display your monthly EMI, total interest outgo, and the complete repayment amount. 

Let’s look at an example to explain this better. 

Suppose you're applying for a used car loan of ₹4.5 Lakhs at an interest rate of 11% for a tenure of 3 years. Here's what you need to do: 

1. Input the loan details into the fields provided, or use the slider to adjust the values.

2. Once you've filled in the information, the calculator will display the following details:

• EMI Amount = ₹14,732.42

• Total Interest = ₹80,367.22

• Total Amount Payable = ₹5,30,367.22

By knowing these numbers beforehand, you can confidently choose a loan plan that fits both your budget and financial goals.

You can also manually calculate the EMIs for your used car loan by using the formula below: 

EMI = [P x R x (1 + R)^N] / [(1 + R)^N – 1]

Where: 

• P is the principal loan amount

• R is the monthly interest rate (annual rate ÷ 12)

• N is the total number of monthly instalments

Example

Suppose you take a second-hand vehicle loan of ₹3.6 Lakhs for a period of 24 months at an interest rate of 9% p.a. So, your loan terms are: 

• Loan Amount (P) = ₹3,60,000

• Annual Interest Rate = 9%

• Monthly Interest Rate (R) = (9 ÷ 12) = 0.0075

• Loan Tenure (N) = 24 months

Now, applying the formula: 

EMI = [3,60,000 x 0.0075 x (1 + 0.0075)^24] / [(1 + 0.0075)^24 – 1]

        = ₹16,446.51

However, this manual calculation can be a time-taking process and is prone to calculations. A smarter approach can be to use an online used car loan EMI calculator. You can easily find such tools on the websites of most banks, NBFCs and other financial platforms. 

All you have to do is provide your loan details and it will give you instant, accurate results, making the process faster and more efficient. By using a second-hand car loan EMI calculator, you can also compare different loan terms and make a well-informed choice.

Let’s look at some more examples to better understand the EMI calculation for a used car loan. You can go through the table below to check how the EMI changes for different loan amounts and repayment tenures. For these calculations, the used car loan interest rate has been fixed at 10% p.a. 

If you know the exact EMI amount that you need to pay each month, you can plan your used car finance better. Here are some advantages of using the pre-owned car loan EMI calculator: 

Quick and Accurate

The tool instantly calculates your EMIs, total interest, and repayment amounts based on the loan terms you provide. This can help you save time, bypass manual calculations, and reduce the chances of human errors. 

Compare Loans Easily

The used car EMI calculator allows you to modify your loan details such as tenure, interest rates, and principal amounts. This can prove useful if you wish to explore multiple loan scenarios to find the most suitable repayment option. 

Simple and User-friendly

A pre-owned car loan EMI calculator has an easy-to-use interface. You can enter the basic loan details or adjust the sliders to get your required values. So, you can calculate your EMIs in a few clicks without any technical knowledge. 

Detailed Loan Insights

The calculator provides a detailed breakdown of your EMIs, total interest, and the overall repayment cost. This offers complete transparency in loan repayment and ensures that you are aware of the full cost of borrowing. 

Real-time Modifications

As you adjust the loan terms, the changes will be visible instantly on the second-hand car loan calculator. This lets you compare different lender offers, tenures, and interest rates in real time and find the most affordable option as per your budget. 

Cross-device Compatibility

You can access the used car loan calculator on any system, be it a mobile phone, tablet, or desktop. This lets you calculate your EMIs with any device on the go, anytime and anywhere. 

Free to Use 

It is completely free to use, with no sign-up or registration required. Also, the second-hand car loan EMI calculator comes with unlimited usage. You don’t have to make any financial commitment or pay any additional fees.