Used Car Loan EMI Calculator

A used car loan finances a pre-owned vehicle. Rates run 2-4% higher than new-car loans because used vehicles depreciate faster and lenders see them as higher risk. Typical rates in 2026: 12-16% p.a. from banks, up to 18% from NBFCs.

The standard amortizing EMI formula:

EMI = P × r × (1 + r)^n / [(1 + r)^n − 1]

P = loan principal
r = monthly interest rate (annual ÷ 12 ÷ 100)
n = tenure in months

Enter the car price, your down payment (aim for 20-30%), the lender's rate and tenure (usually 1-5 years for used cars). The EMI updates instantly.