Commercial Vehicle Loan EMI: How Is It Calculated?

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]

• P represents the loan amount.
• R is the monthly interest rate (annual interest rate divided by 12).
• N denotes the loan tenure in months.

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