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What is a Used Car Loan Calculator?
The Used Car Loan Calculator helps you calculate your monthly EMI (Equated Monthly Instalment) based on three key inputs:
- Loan amount
- Interest rate
- Tenure (in months or years)
With these details, the calculator provides:
- Estimated Monthly EMI
- Total Interest Payable
- Total Repayment Amount (Principal + Interest)
With this snapshot, you can quickly compare different loan scenarios, negotiate confidently, and choose a repayment plan that fits your budget before signing any paperwork.
How does an Online Used Car Loan Calculator Work?
The calculator uses the standard EMI formula:
EMI= P × r × (1+r)^n / (1+r)^n − 1
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Total number of monthly instalments
When you key in your numbers, the calculator:
- Converts the annual interest rate into a monthly rate.
- Applies the formula to compute your EMI.
- Multiplies the EMI by the number of months to find total repayment.
- Subtracts the principal from the total repayment to show total interest.
Because these steps run instantaneously in the background, you see results in real time, making it easy to tweak figures and gauge how even a slight change in tenure or interest rate affects your monthly outgo.
Quick example
Suppose you borrow ₹5 lakh at 12% p.a. for 36 months:
- Monthly rate (r) = 12 ÷ 12 ÷ 100 = 1%
- n = 36
- EMI ≈ ₹16,607
- Total repayment ≈ ₹5,97,852
- Total interest ≈ ₹97,852
Now, if you increase the tenure to 48 months, the EMI drops to about ₹13,167, but the total interest rises to roughly ₹1,32,041.
The calculator makes this trade-off between lower EMI and higher overall interest instantly visible.
How To Use Piramal Finance’s Used Car Loan Calculator
Getting your numbers is straightforward - no complex settings or financial jargons:
- Enter Loan Amount – Input the amount you want to borrow for the used car loan or use the slider.
- Select Interest Rate – Use our pre-filled rate or enter a custom rate.
- Choose Loan Tenure – Pick your preferred repayment period.
- View Results – EMI, interest, and total repayment update instantly.
- Compare Options – Adjust values to explore multiple loan scenarios.
Pro tips while using the calculator
- Aim for affordability, not just approval: Keep EMI within 40% of your net monthly income.
- Experiment with prepayments: See how one‑time lump‑sum payments can reduce interest and shorten tenure.
- Factor in on‑road costs: Registration, insurance, and accessories add to the initial outlay—budget for them separately.
- Ready to crunch your numbers? Scroll up, plug in your details, and discover the repayment plan that drives you home in the perfect pre‑owned car—without overstretching your wallet.
Frequently asked questions
The Used Car Loan Calculator not only shows your monthly EMI but also provides the total repayment amount, which is the sum of your principal and interest over the entire tenure. It also breaks this down into total interest payable and principal amount so you can clearly see how much you are paying in total.
Increase the loan tenure – Spreading repayment over a longer period reduces each monthly installment, though it increases total interest.
Negotiate for a lower interest rate – Even a small drop in rate reduces both EMI and overall interest paid.
You can use the calculator to experiment with both options and find the right balance between affordability and total cost.