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.

What is the current interest rate on used car loan?

The current used car loan interest rate starts from as low as 8.99*% and varies according to the customer profile (T&C apply). The rates are dependent on the different schemes that are active at the time and other variables like model, age and condition of car, your credit history and the type of car you want to buy.

What’s the lowest interest rate on a used car loan?

The lowest used car loan rates is 8.99*% (T&C apply). You can contact our customer care representative to help you know the lowest interest rate that will be charged for the second hand car you are planning to buy.

How can i lower my interest rate on my used car loan?

There are some easy ways to lower the interest rate for your used car. The best way is to have a good credit history which will give you a higher CIBIL score. A higher score means a lower interest rate. You need to have a good CIBIL score to avail the loan and get a low loan interest rate on your second hand car.

Are interest rates higher on used cars loan

When compared to interest rate on brand new models and cars, yes, the used car loan interest rate is slightly higher. The main reason for this difference is the car vintage which signals more services. However, if you are buying a two-year old car as compared to a seven-year old car, the interest rate will be lower.

Which interest rate is better fixed or reducing?

When choosing between loan interest rate for a second hand car, you need to keep your future income and predicted interest rates in mind. Both have their advantages and disadvantages. You can contact our customer care representative at 1800 102 1616 or walk into your nearest branch to get clarity on which one would suit you more.

How to buy a bike on EMI?

It is easy to buy a bike on EMI in a few easy steps. Visit the site and check your eligibility. Use the two wheeler loan calculator to understand how long your tenure should be and what is the quantum of the EMI you can pay comfortably every month. The loan calculator will help you gauge your capacity to take the loan. Check out your monthly budget plan and set your equated monthly instalments accordingly.

What documents are required to buy a bike on EMI?

Here are the documents you require when you buy a bike on EMI.

  •  ID proofs – Aadhaar, voter Id, passport or a driving license.
  •  Address proof – Aadhaar, passport, driving license or a utility bill.
  •  Income proof – IT returns, salary slips or bank account statement of the last 6 months is mandatory. It is a good idea to use the two wheeler loan calculator to ascertain your EMI amount.