EMI stands for Equated Monthly Installment. This is the best way to pay off any type of loan offered by banks and NBFCs. The borrower is supposed to pay off the loan in equal monthly installments in the given tenure. EMI is decided on the basis of principal amount of loan, interest rate and tenure. Used car Loan EMI refers to the amount which will be used to pay off a used car loan. Banks and NBFCs offer a used car loan on the basis of one’s credit score. Also the used car which is being bought is supposed to be kept as collateral as it’s a secured type of loan. This is a short to mid term loan as the loan amount is not much higher compared to any other loans.
The used car loan amount refers to the amount which is being given as a loan. This is the principal amount of loan. The borrower gets this amount as per his or her credit score and requirement. The principal amount refers to the amount the borrower has applied for used car loan according to his or her needs. It is an important component while determining one’s used car loan EMI amount. The higher is the used car loan amount, the higher the EMI of used car loan.
An interest rate is applied by bank or NBFC on the loan amount. The rate is decided as per the bank policies. The interest rate in home loan is slightly lower than other types of loans which definitely affect the home loan EMI amount. The borrower pays the EMI which is an equal combination of home loan amount and home loan interest rate. Banks and NBFCs offer two types of interest rates: fixed and floating. The EMI amount changes as to which type of interest rate a borrower chooses.
Tenure of a used car loan specifically defines the time in which a borrower is supposed to pay off the used car loan. Many banks and NBFCs offer flexible tenures according to the borrower’s needs. Longer tenure means shorter amounted EMIs and shorter tenure means highly amounted EMIs.
A used car loan calculator helps you to understand the amount of EMI you’ll be paying for your used car loan. You have to fill in the used car loan amount, used car loan interest rate and used car loan tenure on the scales given below. Our highly efficient finance calculator then evaluates these 3 statistics and gives you three figures: the EMI amount, total interest payable and total loan amount payable which consist of principal and interest.
You can use the Ruloans’ used car loan EMI calculator from anywhere. You can get the values through laptop, tablet and even via phone. Be it a day or night, holiday or weekday, you can easily access the Ruloans used car loan EMI calculator.
You just have to put in the used car loan amount, interest rate and desired tenure to know your EMI value. You can choose these values by using our range sliders which makes the process fun and easy at the same time! And the best part is, to know the results, you don't have to press 'enter' or any other keys neither do you have to wait to get the results. Our calculator decodes the values and gives you the results in real time.
As Ruloans’ used car loan EMI calculator gives you the results in real time, it saves a lot of your precious time. If you choose to determine the EMI by using the mathematical or excel processes, it takes a lot of time and energy. But here you save an ample amount of time.
The Ruloans’ used car loan EMI calculator gives you the exact and accurate results. Our computerized calculator helps you to get the exact results to the values you added.
If you know what your EMI will be, it becomes easier for you to plan your finances from the beginning. You can choose the longer or shorter tenure if you feel the EMI amount is high. This way you can plan your finances accurately for future before taking the loan.