What are the different repayment tenure options available for used car loan?

Used car loans in India are available with different repayment tenures to meet the financial situation that the borrower is in. Most lenders have the minimum tenure for used car loans at 12 months and can offer tenures up to 84 months making the repayment period very flexible. Most borrowers like to face the loan repayments over a period of 36, 48 or 60 months so that they can get a good balance of an affordable EMI as well as total interest paid on the loan. When deciding on a tenure for used car loans in India don't forget that longer tenures mean a lower EMI, but a higher interest amount paid in total. Shorter tenures mean higher EMIs, but lower total interest amounts paid. Also, consider the age of the car to decide your tenure, since lenders can and do restrict longer tenures for older cars considering that the car cannot be too old by the time it gets to the end of the loan repayment period.

Use an EMI calculator, before making a decision, as this will also show how different tenures that affect your EMIs and the cost of the car through the loan repayment. Always check the lenders policy regarding maximum car age at loan maturity. This can vary by lender. Repayment schemes are flexible, but borrowers should consider their repayment choice in the context of their monthly budgets and the car's age. We are looking to create a financing strategy that allows the borrower to pay their loan comfortably, without causing undue stress, during the repayment term.