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What is a Car Loan EMI?


A car loan EMI is the instalment that you pay every month for repaying the car loan that you may have taken from a financial institution such as Tata Capital. We not only extend loans to buy new cars but also give you loans to buy a used car. The monthly instalment that you pay towards clearing the used car loan is a used car loan EMI.


Is there a need to calculate car loan EMI before you apply for a loan?


Of course, you need to calculate the used car loan EMI before you apply for the car loan. You could be a salaried or a self-employed person desirous of taking a loan and you need to forego some of your income towards repaying the used car loan that you want to take. Car Loan EMI Calculator helps you determine the amount you can and need to set aside every month towards the EMI.


How to calculate Car Loan EMI?


The factors that affect the EMI for a used car loan are the loan amount required, the interest rate charged by us and the period for which you want the loan (tenure). All you have to do is enter these figures in the car loan EMI calculator and the calculator does the rest. For instance, if you input the following information into the Car Loan EMI Calculator

  • Used car loan amount is Rs 3 lakhs
  • Interest charged by Tata Capital is 14%
  • Tenure is 36 months (3 years)

Then the car loan EMI calculator gives you the following indicative information:

  • EMI Rs 10,595.07
  • Interest payable Rs 71,422.52
  • Total payable Rs 3,81,422.52

The EMI is the amount you pay every month for 36 months. The interest payable is the amount of interest you pay through the tenure of the loan. The total payable is the amount you pay back to Tata Capital which is the principal plus the interest.


The car loan EMI calculator is a tool to help you decide on the amount of loan you may want to take depending on the EMI you can afford.


What does your Used Car Loan EMI depend upon?


As mentioned earlier, the used car loan EMI depends on the loan amount, interest charged and the tenure.


For instance, in the above example, we know the EMI is indicated as Rs 10595.07 for a loan amount of Rs 3 lakhs, interest rate of 14% and tenure of 36 months. In the following examples, we can see how EMI changes with changes in the loan amount, tenure or interest rate.

  • If we change the loan amount to Rs 4 lakhs instead of Rs 3 lakhs, the EMI is Rs 14012.83
  • If we change the tenure to 48 months instead of 36 months, the EMI is Rs 8471.21
  • If we change interest rate to 18% instead of 14%, the EMI is Rs 11207.24

Thus, you can see that EMI is a function of the loan amount, tenure and interest rate.


Are you eligible to take a used car loan?


You will be eligible to take a used car loan if you meet our terms and conditions. You will be eligible for a used car loan if

  • You are a salaried individual between 21 and 60 years of age with an annual income of at least Rs 3 lakhs and you are employed in the same company for at least one year
  • You are a self-employed individual between 21 and 60 years of age with an annual income of at least Rs 2 lakhs and the proprietor of the business running for a minimum of 3 years
  • You are a self-employed non-individual with an annual income of Rs 2 lakhs
  • You submit all relevant documents supporting your ownership, business or professional income, address, proof of business, salary income, bank account, ITR and signature

You can check your eligibility for used car loan in more details.


What are the interest rates?


The interest rate is variable and at present we charge a minimum of 13.5% if you satisfy all our conditions. We charge higher rates if some of the conditions are not met.


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Disclaimer: The values displayed are indicative and subject to change based on actual financials.