by Mahindra Finance
October 11, 2023
|1 mins read
To calculate your Commercial Vehicle Loan EMI manually, you can use this formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
For example, if you take a commercial vehicle loan of ₹10,00,000 at an interest rate of 10% per annum for a term of 5 years, your monthly EMI would be:
EMI = [1000000 x 0.1/12 x (1+0)]
EMI = ₹8333.33
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