Commercial Vehicle Loan EMI Calculator

Commercial Vehicle Loan EMI Calculator - Easy to use EMIWala calculator

A commercial vehicle is an investment, and most business owners buy it with the help of loans. A Commercial Vehicle Loan EMI Calculator helps you to know how much amount you have to pay every month. It is helpful to plan your repayment and ensures that the loan fits into your business budget.

Formula for Commercial Vehicle Loan EMI Calculation

It uses a specific formula to calculate the commercial vehicle loan EMI. You need to provide the loan amount, interest rate and tenure to get the expected results.

Where:

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

Commercial Loan Calculation Example

Let's calculate the EMI of a commercial vehicle loan of ₹12,00,000 (12 lakhs) at 13% per annum as an annual interest rate for the time period of 5 years.

• Loan Amount (P): ₹12,00,000
• Annual Interest Rate: 13% (Monthly interest rate R = 13% / 12 = 1.0833%%)
• Tenure (N): 5 years = 60 months

Put all the values in the formula:

After calculation, the EMI comes to ₹ 27,303.69.

Total Amounts

1. Interest:
   Interest payable = (EMI x Loan Tenure) - Loan Amount
   = (₹ 27,303.69 x 60) - ₹ 12,00,000
   = ₹ 16,38,221 - ₹ 12,00,000
   = ₹ 4,38,221
2. Payment:
   Total payment (Principal + Interest) = ₹ 12,00,000 + ₹ 4,38,221 = ₹ 16,38,221

EMI Calculations for Commercial Vehicles

Use EMIWala Commercial Vehicle Loan Calculator to calculate EMIs for various other types of commercial loans like Tractor Loan, Ola/Uber Car Loan, Truck Loan, etc. Enter basic loan details like Loan Amount, Interest Rate and Tenure to get a detailed picture of payable interest and amount.

Explore EMIWala Car Loan EMI Calculator to get a clear picture of the total interest and repayment amount.