60-month Used Car Loan in India

A 60-month used car loan allows you to finance a pre-owned vehicle with a 60-month repayment plan. This tenure strikes a balance between affordable monthly EMIs and overall interest costs.

With a lower interest rate compared to longer-term loans, you can pay off your car loan faster and save on interest. However, your monthly EMIs are slightly higher due to the shorter duration.

On Bajaj Markets, you can get a 60-month used car loan at competitive interest rates, making it easier to drive home your dream car.

Choosing a 60-month tenure for your used car loan offers several advantages. Here are some key benefits:

• Lower interest costs compared to longer-term loans help you save money over the loan period

• Faster repayment allows you to become debt-free in 60 months (5 years)

• Manageable monthly EMIs make it easier to fit into your budget

• Helps you plan finances efficiently without straining your monthly budget

• Flexibility to make prepayments or part-payments reduces the principal and interest when you have surplus funds

Applying for this loan on Bajaj Markets ensures a seamless and hassle-free financing experience. Here’s why getting a 5-year used car loan from this platform is beneficial:

• Maximum Funding: You can get a loan of up to 100% of your used car’s value, helping you cover the entire purchase cost.

• Low Interest Rates: The used car loan starts at just 10.50% p.a., making your monthly repayments more affordable.

• Flexible Repayment Tenure: Choose up to 60 months to repay your loan, which is a smart option for balanced EMIs and financial ease.

• No Hidden Charges: Enjoy complete transparency with zero hidden fees or extra costs.

• Minimal Documentation: The application process is digital, requiring fewer documents and saving you time.

• Quick Disbursal: Once approved, the sanctioned loan amount can be disbursed within 48 hours.

• Diverse Options: Choose between financing a used car purchase, taking a loan against your car, or transferring an existing loan balance.

On Bajaj Markets, applying for a 60-month used car loan is simple and hassle-free. Follow these easy steps:

1. Click on ‘CHECK OFFER’ on this page

2. Enter your mobile number, PIN code, and choose ‘Used Car’ as the loan type

3. Tick on the terms and conditions after reading them, and click on ‘PROCEED’

4. Once your application is submitted and verified, a loan representative will contact you to complete further processing

In India, the 60-month used car loan interest rate varies across banks and financial institutions. Bajaj Finserv, available on Bajaj Markets, offers used car loans starting from an interest rate of 10.50% p.a. With flexible repayment tenures of up to 72 months, you can easily finance your dream used car.

Your Equated Monthly Instalment (EMI) is the fixed amount you pay each month to gradually repay your used car loan over a 5-year period. This monthly payment is influenced by three key factors:

• Loan Amount: The total amount borrowed

• Interest Rate: The rate at which interest is charged on the loan

• Tenure: The loan repayment period

You can calculate your EMI either using an online EMI calculator or manually using the following formula:

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

Where:

• P = Loan Amount

• R = Monthly Interest Rate (Annual Rate ÷ 12)

• N = Loan Tenure in Months

For example, if you borrow ₹5 Lakhs at an interest rate of 10.50% p.a. for 60 months, the EMI will be approximately ₹10,747 per month. Estimating the EMIs beforehand helps you compare loan offers and plan repayment with ease.

Here are some of the tips to strategically repay your 60-month used car loan:

• Make a Higher Down Payment: A larger down payment reduces the principal loan amount, lowering your monthly EMIs and the total interest paid over the loan tenure.

• Choose the Right Loan Tenure: Select a tenure that suits your budget. A 60-month term balances affordable EMIs and lower overall interest compared to longer tenures.

• Improve Your Credit Score: Maintain a good credit score by paying all dues on time and limiting new debts. This helps you secure better interest rates in the future.

• Consider Prepayment: If your finances allow, make part-prepayments toward the loan principal. This helps reduce the outstanding balance, lowers future interest costs, and can shorten your loan tenure.

• Budget and Plan Finances: Plan your monthly budget to accommodate EMIs along with other essential expenses without financial stress.

• Make Timely Payments: Always pay EMIs on time to avoid penalties and maintain a healthy credit record.