A simple, hassle-free tool to calculate your Car Loan EMIs
Buying a
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Amount Payable
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Interest Amount
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Principal Amount
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The loan amount for a used car loan is often higher due to its lower resale value, shorter loan term, and higher risk for lenders, who may offer less favourable terms.
If you have obtained a ₹10 lakh loan for a tenure of 2 years at an interest rate of 10%, your EMI will be ₹46,145.
You can calculate EMI for a second-hand car using the 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, and (n) is the number of EMIs.