login-icon
mahindra-finance-logo
login-icon
  • English
  • Hindi
  • Bengali
  • Marathi
  • Telugu
  • Tamil
  • Gujarati
  • Kannada
  • Odia
  • Malayalam
  • Punjabi
|

Commercial Vehicle Loan EMI: How Is It Calculated?

mahindra-finance-author

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]

  • 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

Related articles

Tips-for-Securing-the-Best-Home-Loan-Interest-Rates

Tips For Securing The Best Home Loan Interest Rates

Introduction Buying a home is a significant milestone in one’s life. However, the interest rates attached to home loans can greatly impact the total cost of borrowing. As an Indian homeowner, it...

KNOW MORE

July 2, 2024

5 Reasons to Invest in Fixed Deposits

The best way to build your wealth is to invest wisely. As a part of this financial exercise, you can keep some portion of your savings in Fixed Deposits (FDs). These secure investment instruments offe...

KNOW MORE

June 29, 2023

Overdue Fixed Deposits & Its Impact On Interest Rates?

Introduction When it comes to investing, fixed deposits (FDs) have long been a popular choice among Indians. Their stability and predictable returns make them attractive to individuals looking for a s...

KNOW MORE

May 7, 2024