Wouldn’t it be great to know the exact value of your second hand car loan’s EMIs beforehand? This will immensely help in planning your budget accordingly to avoid missing EMI payments. Let’s look at how our used car EMI calculator can help you with this.
A second hand car loan EMI calculator is an online tool that assists you in calculating your monthly obligation on your used car loan The tool is easy-to-use and only requires you to provide the following three variables: loan amount, applicable interest rate, and repayment period. If you are applying for a pre-owned car loan, use this handy tool to check how much loan you can afford.
You can determine your second hand car loan EMI manually or using a pre-owned car loan EMI calculator. Here is the mathematical formula for a manual calculation.
E = [P x R x (1+R)^N] / [((1+R)^N)-1)]
Where,
E stands for the equated monthly instalment
P refers to the principal loan amount
R is the rate of interest applicable on your loan
N is the repayment tenure in months
The functionality of the Hero FinCorp old car EMI calculator is based on the mathematical formula presented in the preceding section. Here are the steps to follow when calculating your EMI online through the Hero FinCorp website.
Finally, click on the "Calculate your EMI," and your screen will display the accurate EMI based on the variables you have entered.
There are numerous advantages to a used car EMI calculator. These are as follows:
Even if you haven't applied for a used car loan yet, using this calculator with the combination of different variables will inform you how much loan you can afford.
Your loan EMI is fixed, with the outstanding balance and interest component changing within the EMI. Since the calculator determines your monthly debt obligations beforehand, you can cut unnecessary expenses to ensure your EMI is paid on time.
The used car EMI calculator allows you to modify the repayment period several times until you arrive at the EMI that is friendly to your pocket.
The second hand car EMI calculator only requires three inputs and displays the result in the blink of an eye. Furthermore, the result displayed by it is error-free.
Hero Fincorp Limited follows, high data and system security standard
