EMI Calculator on Used Car Loan
The used car loan EMI calculator offers quick automated computation of EMIs, based on the borrowers’ inputs. It is free, easy-to-use and is available on our website 24x7. It provides borrowers with detailed information on EMIs, interest amount and the total cost of the loan with a comprehensive amortisation schedule. Borrowers can plan their used car loan to the last rupee to enjoy a hassle-free loan experience with Muthoot FinCorp.
Formula for calculating Used Car Loan EMI
calculator uses the borrower’s chosen tenure, interest rate and principal amount to produce results.
Borrowers can view multiple variants of the loan structure by moving the slides for each variable to plan their loan with convenience and accuracy.
How does Used Car Loan EMI Calculator work?
The computation of a used car loan EMI Calculator is based on three factors – principal, tenure and rate of interest. You can view the
Step 1: Enter the principal amount.
Step 2: Choose an estimated tenure.
Step 3: Choose the Used car loan interest rate which might be applied according to the loan scheme. The final interest rate will be decided by Muthoot FinCorp.
Upon selecting each variable, the calculator determines individual figures for EMI, Total Loan Amount, total Principal Amount and a comprehensive amortisation schedule. Move any of the sliders freely to arrive at a suitable repayment plan.
Factors Affecting Used Car Loan EMI
The used car EMI calculator accounts your inputs for principal loan amount, tenure and rate of interest. Any change in the variables results in a change in the EMI amount and the total cost of the loan. Muthoot FinCorp also factors in the following when calculating the final EMI:
- Whether the borrower is Salaried, Self-Employed or in a business
- The income slab of the borrower
- Age of the borrower
- Tenure of the loan
- The car loan scheme applicable according to the borrower’s eligibility.
- Insured value of the car chosen by the borrower
Benefits of Used Car Loan EMI Calculator
Make an informed decision with the used car loan EMI calculator. Here are a few benefits of using one to plan your loan:
- Convenient Planning: Don’t get into the hassles of manual calculations. Decide your repayment plan in 3 simple steps.
- Accuracy: The used car loan EMI calculator helps you decide a plan which is robust and 100% accurate.
- Lightning Speed: Get results within seconds of filling in your inputs.
- Unlimited Access: Enjoy the benefits of the used loan EMI calculator as many times and at any time of the day. Access it from anywhere and from any device.
How to Apply for Used Car Loan at Muthoot FinCorp?
Applying for a used car loan at Muthoot FinCorp is quick and easy. First, ensure that you meet the following criteria before applying for the loan:
- You should be 21 years of age or above at the time of application and not more than 65 at the time of maturity of the loan.
- You should meet the minimum salary/profit requirements:
- Salaried: minimum Rs 1,80,000 per annum
- Net profit of business: Rs 1,50,000 per annum
If you meet the eligibility conditions, follow the steps below:
Step 1: Click on the ‘Apply Now’ button on the website or visit your nearest Muthoot FinCorp Branch.
Step 2: Submit your documents.
Step 3: Get your loan quickly approved for an instant disbursal and drive home in your car.
Frequently Asked Questions
Muthoot FinCorp’s used car loan EMI calculator offers the following benefits:
- Get quick and accurate results every time
- Plan your loan without any hassles of manual calculations
- It is free with an intuitive design to offering the best loan experience
The second-hand car loan calculator determines the EMIs and total cost of the loan based on the principal amount, tenure and interest rate. The calculator instantly populates the amount for EMIs and the repayment schedule depending on your inputs.
Lowest EMI does not mean that the total cost of the used car loan is low. The EMI can be low due to low principal amount or a longer tenure. Instead of looking for a loan with the lowest EMI, look for a lender offering the lowest total cost of the loan. You can use the second-hand car loan calculator to determine the EMIs and cost towards the loan by filling in the required details.
An EMI calculator computes results based on the principal amount, tenure and interest rate chosen by the borrower. Any change in any of the variables leads to a direct and instant change in the EMIs and total cost of the loan. A borrower can compare the differences in the results by changing the interest rate variable on the used car loan EMI calculator.
A used car loan EMI calculator might not help in calculating the down payment. But it will determine the EMIs and total cost of the loan after removing the down payment from the principal amount.
There will be a remarkable reduction in the EMIs and the total cost of the loan. You may also get a better interest rate with a quicker approval if you make a significant down payment on the used car loan.
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