
Selecting the right Used Car Loan EMI option can seem overwhelming and even challenging. But with our pre-designed EMI plans, you can have a budget-friendly and comfortable EMI repayment experience.
EMI is a short form for Equal Monthly Instalments. When you take a used car loan, you need to pay a certain amount every month towards the repayment over a fixed tenure. This is called your EMI and includes the principal amount as well as the interest. This helps you distribute the amount over a period that you are comfortable with to repay your loan conveniently.
Before applying for a used car loan, you must consider these questions carefully-
Proceed with your used car loan application only after you are comfortable with the answers to these 3 hows. This will help you select a plan that fits your requirements.
Selecting the right EMI option is crucial to ensure you can repay the loan conveniently. Before you purchase a used car with an EMI option, you must answer the following questions to arrive at a suitable EMI value –
Selecting the right Used Car Loan EMI option can seem overwhelming and even challenging. But with our pre-designed EMI plans, you can have a budget-friendly and comfortable EMI repayment experience.
When you buy a used car with an EMI option, your EMI will depend on the loan principal, the interest applicable, and the loan tenure. With Tata Capital's flexible EMI, second-hand car purchase has never been easier.
You can use an online used car EMI calculator to arrive at a suitable EMI value.
You can repay the loan through ECS, Direct debit, and post-dated cheques drawn on "Tata Capital Limited".
You can also prepay the loan if you are closing it fully. However, you will have to bear a prepayment charge. For more details, view our service charges.
You can select from the multiple used car loan EMI options for a smooth repayment experience. These include –
Based on your used car loan eligibility and capacity, you can determine the best EMI value with the help of an online used car EMI calculator and then purchase your pre-owned car with the used car loan EMI option that best suits your needs.
Yes, when you buy a second-hand car on EMI with Tata Capital, you can prepay the loan, given you prepay it fully. When you prepay your used car loan, you will have to bear the prepayment charges. Before you purchase your used car on loan, make sure to check with your lender about the used car loan charges.
When you buy a 2nd hand car on EMI, you cannot change your EMI after we have sanctioned your loan. After loan approval, your EMI is fixed for the loan tenure. However, you can use an online used car EMI calculator and arrive at a comfortable EMI by choosing a longer tenure. Some lenders also offer flexible EMI plans to suit your budgetary needs. So, before you purchase a used car on EMI, make sure to check the EMI plans your lender offers.
Before buying a second-hand car on EMI, make sure that you understand the different ways of EMI management, as mentioned below –
You can select from two repayment plans based on your requirements. These are as follows -