Used Car Loan EMI Calculator

The calculation involves the following formula:

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

P = Principal loan amount

R = Rate of interest

N = Number of monthly instalments

By inputting these values into the formula, one can compute the exact EMI amount to be paid each month.

It depends on various factors such as your eligibility and the policies of the lender. Typically, lenders may offer up to 80% of the value as a second hand Car Loan. It means that if the car is valued at a certain amount, you can potentially secure the financing for up to 80% of that value. However, the exact percentage may vary based on the circumstances and the lender's assessment criteria.

The average tenure for a pre-owned Car Loan typically spans around 7 years. This duration allows borrowers a reasonable timeframe to repay the loan amount in manageable monthly instalments while considering the depreciating value of the used vehicle. However, the actual loan tenure may vary depending on factors such as the borrower's financial situation, the terms and conditions of the lender and the specific characteristics of the car being financed.