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What is an EMI?

 EMI is a short form for Equal Monthly Instalments. Used car loan EMI is the amount that you need to pay every month towards the repayment of your used car loan at the applicable interest rate over a fixed tenure. Purchasing a used car on EMI distributes the loan principal + interest amount over a period that you are comfortable with for convenient loan repayment.  

The 3 How’s of deciding the right EMI

 Before purchasing a used car on EMI, consider the following questions carefully.

  • How soon do you want to pay off your used car loan?
  • How much can you afford to pay in a month?
  • How much of an interest rate are you comfortable with?

Proceed with your purchase of a used car with EMI option only after answering these 3 hows as it will help you customise your loan wisely for a smooth repayment experience.

How to Choose a Right EMI Option?

 When you purchase a used car with EMI option, you need to answer the following questions to arrive at the right EMI value –

  • How soon do you want to pay off your used car loan?

Are you alright with dragging your used car loan for years or do you want to close it as soon as possible? If you want to close your loan sooner and have the means to do so, then pay a higher downpayment and choose a short tenure.

  • How much can you afford to pay in a month?

If you do choose a short tenure, you will have to pay higher EMI amount every month. If you have a high income and a stable source, you can buy a used car on EMI by paying a higher EMI amount. To understand your affordability, take into account your EMI amount and other monthly obligations and weigh them against your monthly income.How much of an interest are you comfortable with?

Do you wish to pay low interest in your used car loan? Then you need to opt for a short tenure because a longer tenure means higher interest outgo. However, a shorter tenure would mean higher EMIs every month. Based on your current income and future expectations (of a raise), you can answer this question.

Which EMI Option is Suitable for You?

 We understand that choosing the right EMI option can seem overwhelming and even challenging. To have a budget-friendly and comfortable EMI repayment experience, you can choose from our pre-designed EMI plans.

Fixed EMI plan

You can pay off your principal amount and used car loan interest on the loan in a consistent manner over the fixed tenure. The EMI amount remains unchanged under the standard plan. This plan is ideal for those with a consistent income that is unlikely to change in the future.

Structured EMI plan

Enjoy the flexibility to customise your EMIs. Under the step-up flexi EMI plan, you can pay lower EMIs initially and gradually pay more with an increase in income. This plan is ideal if you expect your income to rise in the near future.  

Fixed EMI

You get to choose the Used Car Loan EMI Plan that suits your cash flow. Under Fixed EMI, the interest and principal component charged to you is fixed during the entire loan tenure.

  • EMI amount remains the same for the entire used car loan period

Ideal if

You have a consistent income

Structured EMI

Our Structured EMI option allows you to select a repayment method that suits you best.

  • Customised EMI options as per your requirement

Ideal if

You expect your income to increase at regular intervals