Used Car Loan Calculator
- Simple and easy to use used car loan EMI calculator
- Check loan tenure, interest rate and total loan amount based on this EMI calculator
- Variety of schemes that allow you to save on interest rate
- Flexible repayment tenures ranging from 12 to 60 months
Used Car Loan EMI Calculator by Muthoot Capital
You have decided to buy a used car and are not sure what the EMI will look like. The dilemma can be solved by referring to the free used car loan EMI calculator available on the website of Muthoot Capital Services Limited. The used car loan calculator is a very helpful tool that uses a formula to determine monthly EMIs for the loan taken to own your dream car.
Used Car Loan Calculator
Use our EMI calculator to know your monthly installment. Select the loan amount, the applicable rate of interest, and tenure. In an instant, you will get the details of the installment, and the total amount payable. It is a free tool which is easy to use and is designed to help you make informed decisions.
The tenure of the loan you are applying for, the applicable interest rates and the amount that you need form the basis of the EMI calculation. You can play with the variables on the calculator to arrive at the EMI figure you are most comfortable with.
How does Used Car Loan EMI Calculator work?
The used car EMI calculator can be used to select the most suitable tenure and amount you avail of as a loan. You can use the slider to fill in different values for tenure in months, interest rate, and the loan amount and adjust them till you reach the figure that suits you perfectly.
The arithmetic formula for determining used car loan EMI is:
[P x R x (1+R)^N]/[(1+R)^N-1]
- where, P stands for the Main amount,
- R represents the Rate of Interest,
- and N stands for Loan Tenure in months.
The total cost of the loan is the principal amount + the used car interest rate. This is
divided by the number of months in the tenure (the interest is calculated on the
outstanding amount each month).
But you don’t have to make manual calculations. Simply enter the principal amount,
interest rate and tenure of your loan in the respective fields of our used car loan EMI
calculator. It will instantly populate an approximate EMI amount as per the data. You
can change the input data to determine a structure of the loan, based on the EMI
amount that you can repay comfortably.
The used car loan EMI calculator is a free tool available on the website of Muthoot Capital Service Ltd.
- The tenure of the loan is calculated in months as you are calculating the Monthly Equated Instalments. So if you plan to take a loan for 5 years you fill the tenure in the calculator as 60 months.
- The Principal loan amount is the total amount that you will avail as a used car loan from Muthoot Capital.
- The rate of interest is the rate that will be charged on the principal loan amount. The rates may vary according to schemes. The rate of interest is a prime factor to determine EMIs.
Factors Affecting Used Car Loan EMI
There are many factors which the used car EMI calculator takes into consideration. As mentioned above, the used car loan calculator takes into account the principal loan amount, tenure, and rate of interest. Change in insertion of the variables causes the change in the EMI amount. There are multiple factors on which the loan granted can vary.
- Whether you are Salaried, a Self- Employed Professional or in business.
- The income slab you fall into.
- Your age
- The tenure of the loan
- The car loan scheme that you are eligible for at Muthoot capital.
- The insured value of the car you have selected also impacts your loan eligibility.
Benefits of Used Car Loan EMI Calculator
The used car EMI calculator is an efficient tool to ascertain the amount you will be paying every month against the loan taken. The used car loan calculator is a very helpful tool and absolutely hassle-free.
- All you need to do is enter the three basic inputs: rate of interest, loan tenure, and the loan amount once you click on the icon on the right hand side of the page.
- The tool makes the process transparent and clear.
- You can plan your budget from the time you initiate the loan process. You can avail the plan best suited for your requirements.
- You can make choices that allow you to save on interest.
used car loan emi calculator FAQs
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.
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.
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.
Blue Soch Stories
First-hand account of customer experiences
This is exactly what loan providers should be doing! I’ve never had such a positive experience with loan providers before, and this is exactly the type of service I’ve been seeking. My used car loan experience began with Muthoot Capital, which I obtained instantly. Since then, they have assisted me with credit on multiple occasions. […]
For my needs, I took out a used car loan with Muthoot Capital to purchase a pre-owned i10. The loan was approved on schedule, and a proper callback and follow-up were provided. The interest rate and processing charge were appealing, and I was pleased with the service. Muthoot Capital was recommended to me by a […]
Samar is my relationship manager at Muthoot Capital. It feels weird calling him my relationship manager because he became my friend in such a short period. Samar has gone above and beyond in every phase of the process, not just the display and ultimate approval. Samar was there to hold my hand through every bump […]
Travelling’s always been tough for me. I searched for a new car but had trouble coming up with the cash. I found it increasingly difficult to get around town without a car as summertime approached. I started looking for various financing options for a used car. But I had always worried that my income and […]