Used Car Loan Calculator

Calculate Your Used Car Loan EMIs

What is the Used Car Loan EMI Calculator?

The Used Car Loan EMI Calculator is an online tool that helps you calculate the monthly EMI based on the loan amount, interest rate, and tenure. It enables you to plan your used car purchase more effectively by providing an instant calculation of your monthly repayment obligations.

How to Use Muthoot’s Used Car Loan EMI Calculator

Here are the simple steps to calculate your EMI for a used car loan:

  1. Enter Loan Amount: Specify the loan amount you need for your used car.

  2. Input Interest Rate: Enter the applicable interest rate.

  3. Select Loan Tenure: Choose the tenure in months.

Your EMI will be automatically displayed, giving you an estimate of your monthly payment.

Understanding the Used Car Loan Amortization Schedule

An amortization schedule breaks down your loan repayment over time, showing:

• EMI Nos: The number of each monthly EMI payment.
• Opening Principal: The remaining principal at the start of each month.
• Interest: The portion of the EMI applied to interest.
• Principal Repayment: The portion of the EMI that goes toward reducing the loan principal.
• Closing Principal: The remaining balance after each payment.

This helps you track how your loan balance decreases over time and how much of each EMI goes towards interest and principal repayment.

Checkout the Used Car Loan Amortization Schedule Breakdown Table

Let’s explore the Amortization schedule for a used car loan of ₹200,000 at a 13% annual interest rate over 20 months. 

Emi Nos	Opening Principal	EMI	Interest	Principal Repayment	Closing Principal
1	200000	10806.13	1500	9306.13	190693.87
2	190693.8736	10806.13	1430.2	9375.92	181317.95
3	181317.9513	10806.13	1359.88	9446.24	171871.71
4	171871.7095	10806.13	1289.04	9517.09	162354.62
5	162354.621	10806.13	1217.66	9588.47	152766.15
6	152766.1542	10806.13	1145.75	9660.38	143105.77
7	143105.774	10806.13	1073.29	9732.83	133372.94
8	133372.9409	10806.13	1000.3	9805.83	123567.11
9	123567.1116	10806.13	926.75	9879.37	113687.74
10	113687.7385	10806.13	852.66	9953.47	103734.27
11	103734.2702	10806.13	778.01	10028.12	93706.15
12	93706.15082	10806.13	702.8	10103.33	83602.82
13	83602.82056	10806.13	627.02	10179.11	73423.72
14	73423.71533	10806.13	550.68	10255.45	63168.27
15	63168.26681	10806.13	473.76	10332.36	52835.9
16	52835.90242	10806.13	396.27	10409.86	42426.05
17	42426.0453	10806.13	318.2	10487.93	31938.11
18	31938.11425	10806.13	239.54	10566.59	21371.52
19	21371.52372	10806.13	160.29	10645.84	10725.68
20	10725.68376	10806.13	80.44	10725.68	0

Benefits of the Used Car EMI Calculator

Pre-owned car loan key benefits include:

• Budget Planning: Estimate your monthly loan repayment, helping you manage your finances efficiently.
• Compare Loan Options: Experiment with different loan amounts, interest rates, and tenures to find the best option.
• Quick Calculation: Instantly calculates EMIs, saving time and effort.
• Informed Decisions: Allows you to visualize the impact of loan parameters on your monthly obligations, ensuring better decision-making.
• Transparency: Provides a clear understanding of the financial commitment, fostering transparency between borrower and lender.

How is EMI on a Used Car Loan Calculated?

The EMI for a used car loan is calculated using a standard formula that considers three key factors: the loan amount, interest rate, and tenure (in months). This helps you understand the financial implications of the loan.

Formula:

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

Where:

• P is the loan amount.
• R is the monthly interest rate (annual interest rate divided by 12).
• N is the loan tenure in months.

If the rate of interest is 13% p.a. then r = 13/12/100 = 0.010833

For example, If a person avails a pre-owned car loan of ₹200,000 at an annual interest rate of 13% for a tenure of 20 months (1 year 8 Month), then his EMI will be calculated as under:

EMI=₹200,000×0.01083×(1+0.01083)20/((1+0.01083)20−1)=₹11,176.28

This formula ensures that your EMI is calculated accurately and reflects the total cost of the loan, including the interest charged on the outstanding balance.

How to Reduce EMI Amount on a Used Car Loan?

To reduce your EMI amount, consider the following tips:

• Balance Transfer: Switch to a lower interest rate to reduce EMIs.
• Prepayments: Make partial prepayments to reduce the loan principal and EMI burden.
• Step-Down EMI Plan: Opt for a plan where EMI decreases over time, ideal for those approaching retirement.

Proper planning ensures that your Pre-Owned / used car loan remains manageable, and the EMI calculator helps maintain a clear understanding of your financial obligations.

Muthoot FinCorp Branches

If you have been searching ‘Used Car loan near me’, we are here to serve you. Find your nearest branch and pay us a visit!

• Muthoot FinCorp Ltd.
•   
  Thoppumpady
•  
  No 16/1551K, 1st Floor, P T Jacob Rd, Kanankulathu
  Thoppumpady
  Ernakulam – 682005
•  
  +914842232508
  
•  
  Open until 05:00 PM
  Map Website Apply Now

• Muthoot FinCorp Ltd.
•   
  Dilshad Garden
•  
  Plot No 4, No 488/6, Ground Floor, Block West
  Dilshad Garden
  New Delhi – 110095
  Near Radha Krishna Mandir
•  
  +911171412573
  
•  
  Open until 05:30 PM
  Map Website Apply Now

• Muthoot FinCorp Ltd.
•   
  NIT
•  
  No 5P/29, 1st Floor, Mittal Complex, P Block, Main Market
  NIT
  Faridabad – 121001
  Above Indian Overseas Bank
•  
  +911292242249
  
•  
  Open until 05:30 PM
  Map Website Apply Now

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