How is used car loan EMI calculated?

The formula for calculating the EMIs a bit complicated. However, for your understanding, there are three main components used – principal loan amount, interest rate and loan tenure which is calculated in months. Instead of spending time understanding the formula, you can easily calculate your EMI with our easy-to-use and fast used car EMI calculator.

What documents are required to buy a used car on EMI?

You need the following documents:

  • Income proof in the form of ITR or Form 16.
  • Address proof in the form of passport, Aadhaar card, voter Id card, / voters ID card / driving license / utility bills/ ration card / LIC policy.
  • Identity proof in the form of Passport, Aadhaar card, driving license, PAN card, Voter’s Id card
  • Asset proof in the form of land/ house/ building tax receipt
  • The filled application form and a recent passport size photograph.
  • Determining your EMIs becomes easy with our used car loan calculator.

If i buy used car on EMI – do i have to pay any additional charges?

Apart from the interest rate you pay as part of the EMI component, there are nominal processing charges and applicable taxes you may have to pay one-time. The used car loan EMI calculator can help you figure out the monthly installment – just remember, the processing charge is a one time fee.