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Entered Car Price : ₹ 3,00,000
Your loan Amount : ₹ 0
Years
4 years
Interest
12 %
Buying a used car in India is a smart financial decision that offers great value for money. Used car loans make it easier to own your dream vehicle at an affordable price.
Calculate your used car loan EMI to plan your budget effectively. Use our Used Car Loan EMI Calculator to get instant and accurate results for your pre-owned vehicle purchase.
A Used Car Loan EMI is the fixed monthly amount you pay to the lender, which includes:
Used car loans typically have slightly higher interest rates compared to new car loans due to the vehicle's age and depreciation.
E = [P × R × (1+R)^N] ÷ [(1+R)^N – 1]
Where:
E = EMI amount
P = Principal loan amount
R = Monthly interest rate
N = Loan tenure in months
Example: For a ₹3 Lakh used car loan at 12% interest for 4 years: ₹7,899 per month.
Get your exact EMI instantly and plan your used car purchase!
Q1. What is the typical used car loan interest rate?
Used car loan interest rates typically range from 12% to 18% per annum, depending on vehicle age and condition.
Q2. What is the maximum used car loan tenure?
Most banks offer used car loans for up to 5 years, depending on the vehicle's age.
Q3. Can I get a loan for a very old car?
Most lenders have age restrictions (typically 5-7 years) for used car loans.
Q4. What documents are required for used car loan?
KYC documents, income proof, bank statements, RC copy, insurance papers, and vehicle inspection report.
Q5. Is down payment required for used car loans?
Yes, typically 10-20% down payment is required for used car loans.