Used Car Loan EMI Calculator

The TATA AIG used car loan interest rate calculator is an online, easy-to-use calculator that estimates your monthly EMI payment amount. To use it, you need to enter your loan amount, the interest rate applied by the lender and the tenure period of your loan.

The calculator will provide you with accurate results within seconds, using the information you have entered and the EMI calculation formula.

The used car loan EMI calculator is an essential tool that helps you, as a borrower, understand the repayment requirements of the loan and gives you insight to make better financial decisions.

Our online used car loan EMI calculator uses certain parameters to calculate the EMIs. Let us examine these parameters and how they are used in detail.

-Principal Amount

It is the total loan amount that you will be borrowing from the lender. The principal amount is crucial for the used car loan EMI calculation. The larger the principal amount, the higher your EMI amount will be.

In the TATA AIG old car EMI calculator, you will find it labelled “Loan Amount” at the very first. Using the slider feature, you can change the loan amount, or you can manually change it by typing your loan amount in the column.

-Interest Rate

Interest rate is the percentage at which the loan lender charges interest on your loan amount. It is another crucial factor in determining your EMI amount, as the higher interest rate increases your EMI amount. With the use of a used car loan EMI calculator, you can know your monthly EMI details based on certain interest rates.

The interest rate option is in the TATA AIG pre-owned car EMI calculator, just below the “Loan Amount” field. You can change the interest rate using the slider.

- Loan Tenure

Loan tenure is the total duration of your used car loan. The tenure affects your EMI amount, as the longer the tenure is, the lesser your EMI will be. However, longer loan tenure also increases your total interest payments. With the help of a used car loan EMI calculator, you can determine the appropriate tenure based on your affordability.

In our online calculator, you can find the loan tenure field and can set the tenure in years using the slider option to calculate your EMI amount.

Also Read: How Much to Spend on a Car in India?

-Time Saving Tool

Manual calculation of EMI can be a tedious task and takes time. When you are calculating for multiple plans and years, it becomes more difficult. But with our online used car loan EMI calculator, you have to access it online, enter the variables in the calculator and you will get results within seconds. You can do multiple calculations again and get results without any delay.

-Convenience

Our pre-owned car EMI calculator is a convenient tool. You do not have to go anywhere or make any effort. Just access the calculator online, enter the variable values of loan, interest rate and tenure time, and get results. These results can help you get the best used car loan within your budget.

-Helps in Budget Planning

Taking out a loan is a big step that can affect your financial planning for years. Thus, it is necessary to budget and calculate before making any decisions. With the help of our pre-owned car EMI calculator, you can get the right amount to be allocated for the loan and distribute your finances to other aspects accordingly.

-No-Error Calculation

Manual calculations are not only slow but have a scope of mistakes that cost you a lot. Thus, using our online calculator is suggested. The second-hand car loan EMI calculator is designed to calculate complex numbers multiple times and give you accurate results each time. Thus, there is no scope for calculation errors and you can use its provided result to plan your loan and finances.

-Provides Flexibility

You should check multiple options before considering a particular used car loan. With the help of our old car EMI calculator, you get the flexibility to check loan amounts for various variable amounts. You can change the loan amount, rate of interest and tenure as you choose and see how it affects your monthly payment options. Then select the plan that is within your budget and does not put any financial strain.

-Downpayment Effect

Various car loan lenders require you to submit an upfront down payment amount. The used car loan EMI calculator helps you make calculations according to this down payment amount so that your budget planning and finances do not get affected.

-Informed Assessment

With the help of our old car EMI calculator, you can have a closer look at how your EMI amount is affected by changing the loan amount, interest and tenure. Through this information, you can choose to get the loan for an amount that is within your affordability and does not affect your pocket negatively.

-Financial Transparency

The TATA AIG used car loan EMI calculator provides financial transparency. It gives you a detailed breakdown of the whole calculation process. You can see the details of the principal amount, the interest amount charged and the remaining balance after every monthly payment. It ultimately helps you make other financial decisions, like which loan for a four-wheeler will be good for your car.

Also Read: Things to Do When You Buy a Second-Hand Car

With the used car loan EMI calculator, you will understand how different loan amounts, interest rates and tenure can affect monthly payment amounts. Let us use an example to understand this.

Let us say, Mr B has taken out a used car loan of ₹3,00,000 at the rate of 8% per annum for four years. Here is how the calculation will be done.

Formula for Calculation:

[PxRx(1+R)^N]/[(1+R)^N-1]

-P stands for the principal loan amount.

-R It is the rate of interest applied to the loan amount.

-N Tenure of the loan. Until then, it needs to be paid.

Now, let us place all the values in the formula.

-P= 3,00,000

-R= 8%

-N= 4 years (48 months)

-EMI= [3,00,000 x 12/100/12 x (1+12/100/12)^48] / [(1+12/100/12)^48-1]

-EMI = ₹7,324

Hence, Mr B has to pay ₹7,324 as the monthly EMI payment for 4 years.

A car amortisation schedule is a detailed table that lists all the payments made towards the car loan. It provides information about each payment, which is allocated between the principal and interest and the remaining balance after each payment.

Here are the key elements of the car loan amortisation schedule to help you better understand it:

-Principal Payment: It is the payment amount that goes towards reducing the loan principal amount.

-Interest Payment: The share of each payment that covers the interest charged on the remaining loan amount.

-Payment Amount: This is the total amount to be paid each period the payment is made.

-Payment Date: It is a specified date on which each loan payment is due.

-Total Interest Paid: Cumulative interest amount paid up till that point in the loan term.

-Remaining Balance: This is the outstanding balance after each payment.

-Used Car Loan Amortisation Schedule

Now, let us understand the car amortisation used with an example. Mr A is considering taking ₹6,00,000 loan at an annual interest rate of 10% that needs to be paid in 5 years (60 months). Here is how the amortisation table will look in the first 12 months.

-Loan Amount (P)= ₹6,00,000

-Interest Rate (R)= 10% per annum

-Tenure (N)= 12 months

By applying the EMI formula, the calculated EMI amount came up to approximately ₹52,750.

Now, here is how the amortisation table will look in the first 12 months.

Also Read: Used Car Valuation and Its Impact on Car Insurance Premium

TATA AIG's used car loan EMI calculator is a free, easy-to-use tool that helps you calculate the accurate loan amount and plan your finances based on monthly loan payments. Follow these steps to use our calculator.

-Step 1: Access Online Calculator- Navigate to the car loan EMI calculator page.

-Step 2: Enter Loan Detail- On the calculator, find the “Loan Amount” field to enter the loan value you wish to borrow for your car. For example, if you wish to take a ₹6,00,000 loan, then enter this value in the field.

-Step 3: Specify the Interest Rate- Next, find the “Interest Rate” field in the calculator. Enter the interest rate offered by your loan lender. For, say, the interest rate is 10%, then enter 10% in the field.

-Step 4: Enter Loan Tenure- Locate the “Loan Tenure” field. Select the period over which you plan to pay the loan amount. It can be in months or years.

-Step 5: Review Results- Now, your monthly EMI amount will be displayed on the screen, along with a detailed breakdown of the principal amount, interest rate, etc.

-Step 6: Adjust Variable (if required)- If the displayed EMI amount is higher than your budget, then you can adjust loan amount, interest rate and tenure to see their effect on your monthly payment amount.

-Unlimited Free Usage

The second-hand car loan EMI calculator is absolutely free; there are no hidden charges for using it. TATA AIG provides this useful tool to help you plan your loan and finances for an unlimited time without any restrictions.

You have to visit our platform and you can use the calculator unlimited time to confirm and calculate everything.

-Easy to Use

Do not worry about using this calculator; it is easy to understand and much easier to use. The slider feature provides a user-friendly interface and makes it easy to adjust the loan amount, interest rate and tenure.

-Accurate

TATA AIG’s pre-owned car EMI calculator uses the standard formula for calculation and, thus, provides you with accurate results. It means you do not have to worry about miscalculations in your loan planning.

-Saves Time and Money

Using the old car EMI calculator helps save time and money. By quickly calculating the loan amount, you can compare multiple loan plans efficiently. Moreover, the accurate results will help you understand which plan offers the loan at the lower interest rate. Thus reducing the risk of getting into the wrong loan and experiencing any financial stress.

-Detailed Data

The 2nd-hand car loan EMI calculator not only provides accurate calculations but also a detailed breakdown. It includes all the information related to the monthly EMI amount, total interest, due amount, etc., so that you can plan things accordingly.

-Privacy

TATA AIG prioritises its customer’s security and privacy. All your data entered in our used car loan EMI calculator will remain confidential and no unauthorised user will be given access. So, you can use the calculator without any worries.

Also Read: What Is the 20/4/10/ Rule for Car Buying?

Now that you know how to calculate second-hand loan amounts using the calculator, you can buy your dream car economically. The next step is to protect your car from any damage and thus, you need to buy insurance for a four-wheeler. TATA AIG provides insurance for second-hand cars that includes several benefits, some of which are:

-Extensive Coverage: TATA AIG car insurance provides extensive coverage for your used car with policy features like third-party liability cover, theft and fire cover, accidental damage cover and more.

-High Claim Settlement Ratio: Our claim settlement history reflects our dedication and superior service to our customers.

-Cashless Garage Services: TATA AIG car insurance provides a network of over 10,000 cashless garages all over India where you can get cashless repair services in case your car has mechanical trouble.

Just like you use the used-car loan EMI calculator to calculate your car loan EMIs, you can use our car insurance calculator to calculate your car loan premiums with equal convenience.