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  • BENEFITS
  • ELIGIBILITY CRITERIA
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Used car loan EMI calculatorCalculate your
monthly payments

Loan amount
₹70,000₹20,00,000
Tenure
12 months72 months
Interest rate
12%20%
₹11,730/month

Loan amount₹6,00,000

Interest @12% p.a.+ ₹2,44,560

Total amount₹8,44,560

What isEMI calculator?

Want to buy a pre-owned car but unsure of how it’s going to affect your budget? The CARS24 loan EMI calculator is a convenient, automated tool that simplifies your pre-owned car loan planning. Simply input your loan amount (principal amount) and down payment, select the tenure and interest rate, and discover your monthly loan instalments.

Use the CARS24 EMI calculator and plan your pre-owned car loan instalment with ease!

How to use the EMI calculator?

1
Loan amount

Choose the amount you plan to borrow for your used car purchase. This is the principal amount you need to finance your vehicle

2
Down payment

This is the amount you pay upfront while purchasing the car and it reduces the principal amount of a car loan, lowering monthly payments

3
Loan tenure

Select the loan tenure or the number of months you want to take to repay the loan. The EMI calculator will instantly display your estimated monthly instalment

4
Interest rate

Provide the applicable interest rate on your used car loan. This rate may vary depending on your credit score and the lender's policies

calculator

Why choose CARS24 loans?

Finance it your way!

Finance it your way!

Customise EMIs with as low as zero down payment and up to 6 year loan tenure starting at 12% ROI

Loan offer in minutes

Loan offer in minutes

Check your eligibility and get a loan offer within 2 minutes with minimal documentation

Pan-India

Pan-India

Coverage across all major Indian cities with 15,000+ serviceable PIN codes`

Loans for any car

Loans for any car

Get a loan for pre-owned cars up to 14 years of age

Eligibility criteria and documents required

Profile

Profile

Indian nationals aged between 21-65 years

Documents

Documents

Aadhaar/Passport/Voter ID, PAN and Bank statement

Employment

Employment

Salaried/Self-employed Monthly income > ₹15,000

CIBIL score

CIBIL score

Greater than 650 is recommended

Understand our 6-step loan process

Loan pre-approval
1
Share basic details

Share basic details

2
Book a car you love

Book a car you love

Loan offer
3
Share bank statement

Share bank statement

4
Customise your EMI

Customise your EMI

5
Verify address and KYC

Verify address and KYC

6
E-sign loan agreement

E-sign loan agreement

Loan disbursal

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Used Car Vs New Car: Which is Better to Purchase?

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Frequently asked questions

Frequently Asked Questions

What is an EMI?arrow

EMI stands for Equated Monthly Instalment. It's a fixed amount of money you pay every month to your lender until your loan is fully repaid. EMIs typically include both the principal amount and the interest, which is why they remain the same throughout the loan tenure.

How does an EMI calculator work?arrow

An EMI calculator uses a simple formula to compute your monthly payments. It takes into account the loan amount, interest rate, loan tenure, and, if applicable, the processing fee. With this data, the calculator provides you with the exact amount you need to pay each month, making it easier to plan your finances.

What are the factors that affect the EMI for a used car loan?arrow

Several factors can influence your used car loan EMI:
  • Loan Amount: The more you borrow, the higher your EMI will be.
  • Loan Tenure: A longer tenure may result in lower EMIs, but you'll pay more in interest over time.
  • Interest Rate: Higher interest rates will increase your monthly payments.

What is the difference between a fixed EMI and a floating EMI?arrow

A fixed EMI remains constant throughout the loan tenure, making it easier for you to budget and plan. A floating EMI, on the other hand, can change periodically based on market interest rates, potentially resulting in fluctuating monthly payments. Most used car loans offer fixed EMIs for stability.
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