Vehicle loan EMI Calculator

 

Vehicle loan EMI Calculator


Vehicle loans are secured loans in which the vehicle itself is used as a security or collateral. Generally, this type of loan is offered to organizations, self-employed individuals, Partnership firms, Trusts, etc. for the purchase of business purposes.  

EMI CALCULATOR

Equated Monthly Installment (EMI) is the amount that is paid every month to the lender or the banks prior to the loan amount is fully paid

Apply Online Vehicle Loan Click Here:- Vehicle loan

Mathematical formula to calculate EMI:

            EMI = PV×i×[(1+i)n(1+i)n−1]

Where, i = Rate of Interest

           PV = Loan amount

           n = Tenure (years or months)

For Example: -  

If the borrower takes a car loan of Rs. 15 lakhs at an interest rate of 11% for 2 years. What will be the EMI?

Principal Amount

15,00,000

Interest Rate

11%

Tenure (Months)

24

EMI

69,912

Vehicle loans in India includes:

New car loan – This loan is accessible for the borrower who wants to buy a new car and they have paid an interest rate of 9–14% p.a. within a given period.

Used car loan – Every person cannot afford to buy a new car. So, there is an opportunity for them to buy a used car with the aid of Used car loan.

Commercial vehicle loan – A business individual or an institution who holds a business that needs cars can go for the commercial business loan.

Two – wheeler loan – Many people like to ride Bike than Car therefore, such borrower can opt for the two – wheeler loan.

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