You have decided to buy a used car and are not sure what the EMI will look like. The dilemma can be solved by referring to the free used car loan EMI calculator available on the website of Muthoot Capital Services Limited. The used car loan calculator is a very helpful tool that uses a formula to determine monthly EMIs for the loan taken to own your dream car.
The tenure of the loan you are applying for, the applicable interest rates and the amount that you need form the basis of the EMI calculation. You can play with the variables on the calculator to arrive at the EMI figure you are most comfortable with.
How does Used Car Loan EMI Calculator work?
The used car EMI calculator can be used to select the most suitable tenure and amount you avail of as a loan. You can use the slider to fill in different values for tenure in months, interest rate, and the loan amount and adjust them till you reach the figure that suits you perfectly. The used car loan EMI calculator is a free tool available on the website of Muthoot Capital Service Ltd.
The tenure of the loan is calculated in months as you are calculating the Monthly Equated Instalments. So if you plan to take a loan for 5 years you fill the tenure in the calculator as 60 months.
The Principal loan amount is the total amount that you will avail as a used car loan from Muthoot Capital.
The rate of interest is the rate that will be charged on the principal loan amount. The rates may vary according to schemes. The rate of interest is a prime factor to determine EMIs.
Factors Affecting Used Car Loan EMI
There are many factors which the used car EMI calculator takes into consideration. As mentioned above, the used car loan calculator takes into account the principal loan amount, tenure, and rate of interest. Change in insertion of the variables causes the change in the EMI amount. There are multiple factors on which the loan granted can vary.
Whether you are Salaried, a Self- Employed Professional or in business.
The income slab you fall into.
The tenure of the loan
The car loan scheme that you are eligible for at Muthoot capital.
The insured value of the car you have selected also impacts your loan eligibility.
Benefits of Used Car Loan EMI Calculator
The used car EMI calculator is an efficient tool to ascertain the amount you will be paying every month against the loan taken. The used car loan calculator is a very helpful tool and absolutely hassle-free.
All you need to do is enter the three basic inputs: rate of interest, loan tenure, and the loan amount once you click on the icon on the right hand side of the page.
The tool makes the process transparent and clear.
You can plan your budget from the time you initiate the loan process. You can avail the plan best suited for your requirements.
You can make choices that allow you to save on interest.
The formula for calculating the EMIs a bit complicated. However, for your understanding, there are three main components used - principal loan amount, interest rate and loan tenure which is calculated in months. Instead of spending time understanding the formula, you can easily calculate your EMI with our easy-to-use and fast used car EMI calculator.
You need the following documents:
• Income proof in the form of ITR or Form 16.
• Address proof in the form of passport, Aadhaar card, voter Id card, / voters ID card / driving license / utility bills/ ration card / LIC policy.
• Identity proof in the form of Passport, Aadhaar card, driving license, PAN card, Voter’s Id card
• Asset proof in the form of land/ house/ building tax receipt
• The filled application form and a recent passport size photograph.
Determining your EMIs becomes easy with our used car loan calculator.
Apart from the interest rate you pay as part of the EMI component, there are nominal processing charges and applicable taxes you may have to pay one-time. The used car loan EMI calculator can help you figure out the monthly installment - just remember, the processing charge is a one time fee.