Car Loan EMI - Preowned

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.