Used Car EMI Loan Calculator

 

Want to calculate the cost and number of EMIs you will have to pay for taking a Used Car Loan? You can do this in seconds with ICICI Bank Used Car Loan Calculator. This handy and free-to-use tool will determine the monthly instalments based on factors such as loan amount, interest rate and tenure.

 

 

Used Car Loan Calculator

Amount

Interest Rate

Duration

Disclaimer*: For representation purpose only. Final values may vary subject to bank's policy.

 About Used Car EMI Calculator

What is a Used Car Loan EMI Calculator? 

A used Car Loan EMI calculator helps borrowers estimate their monthly installment based on the loan amount, interest rate, and tenure before applying.

How to Calculate the Used Car Loan EMI?

The EMI is calculated using the formula:
EMI = P x R x (1+R)^N / [(1+R)^N − 1]
Where P is the principal amount, R is the monthly interest rate, and N is the number of monthly installments. By entering these values, borrowers can estimate their EMI.

How to Use Our Online Used Car Loan EMI Calculator

To get an estimated EMI for a used car loan, enter the loan amount, interest rate and tenure in the ICICI Bank pre-owned car loan EMI calculator.

Used Car Loan Calculator FAQs

How much funding can I get for used cars?

A Used Car Loan or Used Car Loan refers to a loan used for buying a used car, while a normal Car Loan is availed for purchasing a new car. It is important to note that the interest rates for both loans might differ. Used Car Loans often carry higher rates than normal Car Loans.

What is the average tenure for a Used Car Loan?

The average tenure for a used car loan typically spans around 7 years. This duration allows borrowers a reasonable timeframe to repay the loan amount in manageable monthly instalments while considering the depreciating value of the used vehicle. However, the actual loan tenure may vary depending on factors such as the borrower's financial situation, the terms and conditions of the lender and the specific characteristics of the car being financed.

Why is the interest rate of second-hand car loans higher?

Second-hand Car Loan rates are higher as used cars depreciate faster, have uncertain vehicle history and carry greater financing risk compared to new cars.

What factors affect car loan EMIs?

  • Loan Amount The total amount borrowed directly impacts your EMI. A higher loan amount results in a higher monthly instalment. 

  • Loan Tenure A longer tenure reduces the Used Car Loan EMI calculator monthly instalment but increases the total amount repaid over time. 

  • Down Payment A higher down payment reduces the loan amount, which in turn lowers your EMI. 

  • Credit Score A good CIBIL score can help you secure better terms on your Used Car EMI calculator estimate and may affect your monthly repayment amount.

Is the interest rate of a used Car Loan higher?

Yes, the interest rate for Used Car Loans is higher than that for New Car Loans. Used cars carry greater risk due to their age, condition and faster depreciation, which results in a higher applicable rate.

Can a 10 year old car be financed?

Yes, a 10 year old car can be financed with an ICICI Bank Used Car Loan, subject to eligibility criteria. The loan amount and interest rate will depend on the car's condition, valuation and your credit profile.

Should a 7 year old Car Loan be financed?

A 7-year-old car can be financed through a Used Car Loan. The approval depends on the car's condition, market value and your repayment capacity. It is advisable to check eligibility before applying.

Disclaimer

PROCEED