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Commercial Vehicle Loan EMI Calculator

Calculator

Amount
Interest Rate
Tenure (in months)

Loan EMI

123

Total Interest Payable

1234

Total Amount

12345
  1. Input Information:
    • Loan Amount (Principal): The total amount of the loan you wish to borrow.
    • Interest Rate: The annual interest rate charged by the lender.
    • Loan Tenure: The duration for which you want to borrow the loan, usually in months.
  2. Access an Online Calculator:
    • Many financial institutions and third-party websites offer online EMI calculators. You can search for “commercial vehicle loan EMI calculator” or use the one provided by the lending institution.
  3. Enter Details:
    • Fill in the required details in the calculator: loan amount, interest rate, and tenure.
  4. Calculate EMI:
    • Once you enter the details, the EMI calculator will provide you with the monthly installment amount.
  5. Review the amortization schedule:
    • Some calculators also provide an amortization schedule, showing a detailed breakdown of how each EMI is allocated towards principal and interest over the loan tenure.

Remember that the EMI is calculated using the formula:

EMI=P×(1+r)n−1r×(1+r)n

Where:

  • P is the loan amount (principal).
  • r is the monthly interest rate (annual rate divided by 12 and converted to a decimal),
  • n is the number of monthly installments (loan tenure in months).

Using an online calculator is more convenient and ensures accuracy. Many financial websites and apps provide such tools, making it easy for you to plan your commercial vehicle loan repayment.

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