A Commercial Vehicle Loan EMI (Equated Monthly Instalment) is the monthly payment you make until your vehicle loan is fully repaid. This amount comprises both the principal loan amount and the interest accrued.
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
Using a commercial vehicle finance EMI calculator is simple. Just provide three key inputs:
- rate-Loan tenure
The calculator will then display your monthly EMI. Feel free to experiment with different loan amounts, interest rates, and tenures to find the most suitable option for your budget.