Used Car Loan EMI Calculator
Calculating your EMIs is a breeze with Poonawalla Fincorp’s Pre-owned Car Loan EMI calculator. Simply enter your loan amount, interest rates, and tenure to plan your EMIs effortlessly.
What is a Used Car Loan EMI Calculator?
Used Car Loan EMI Calculator helps you calculate your EMIs. Adjust the loan tenure, amount, and interest rate to match your monthly budget.
How to Use a Pre-owned Car Loan EMI Calculator?
Step 1: Visit the calculator webpage.
Step 2: Enter the loan amount you require.
Step 3: Fill in the per annum interest rate.
Step 4: Enter the loan duration under section ‘Tenure’ in years.
View the results under the section ‘EMI Amount’.
Components Affecting the EMIs of a Second-hand Car Loan
By understanding the factors that influence your loan EMIs, you can take control of your repayments, making decisions that align with your financial goals:
- Sanction Amount: The amount of the loan you choose is the primary factor that affects your loan EMIs. A higher loan amount results in a higher EMI.
- Interest Rate: The interest rate directly affects your monthly EMIs. A higher interest rate leads to a higher EMI.
- Loan Tenure: The repayment tenure can be flexible. The longer the loan tenure, the lower the EMIs, and vice versa. However, longer tenure increases the overall borrowing cost.
Tips to Reduce EMIs on a Pre-owned Car Loan
Manage your EMIs efficiently by:
- Opting for a longer tenure on the loan.
- Making a higher down payment on the loan.
- Negotiating for a lower interest rate.
Amortization Schedule
An amortization schedule provides a clear breakdown of monthly repayments, including interest paid and principal amount. It helps understand how the loan balance decreases over time as you repay the amount every month through EMIs.
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Frequently Asked Questions
You can calculate EMI on Microsoft Excel by following the below steps:
- Open a spreadsheet,
- Click on a cell and choose the ‘PMT’ formula.
A dialogue box will open, requesting you to input values for the following variables:
‘NPER’: This stands for loan tenure in months.
‘Rate’: This is the monthly rate of interest.
‘PV’: This denotes the loan amount or principal value.
Enter the values for ‘FV’ and ‘Type’ as 0 and 1, respectively.
You can calculate the EMI amount for your Pre-Owned Car Loan manually using the following formula:
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
Here,
‘P’ denotes the principal amount
‘N’ denotes the tenure in months
‘R’ denotes the interest rate applicable on a monthly basis
Yes, the EMI calculator offered by Poonawalla Fincorp is completely free of charge, and you can use it whenever you want, at any time.
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