## Commercial Vehicle Loan EMI Calculator - Calculate Vehicle Loan Online

A commercial vehicle is a huge investment, and most business owners finance the purchase with the help of loans. A Commercial Vehicle Loan EMI Calculator will enable you to know how much you will pay every month. It is quite helpful for planning your repayment and ensures that the loan fits well into your business budget.

## What is a Commercial Vehicle Loan EMI?

EMI stands for Equated Monthly Installment, the fixed amount paid towards repayment of the loan. The sum is made up of the principal and interest. The EMI amount is constant during the tenure of the loan, although the interest and principal portion may vary with time.

## Formula for Commercial Vehicle Loan EMI Calculation

The EMI for a commercial vehicle can be calculated using the following formula:

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.

## Consider a Real Scenario Commercial Loan Calculation

Let's calculate the EMI for a commercial vehicle loan of ₹12,00,000 (12 lakhs) at 13% per annum as an annual interest rate for the tenure of 5 years, which is 60 months.

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

Using the EMI formula:

After calculation, it goes to nearly ₹ 27,303.69.

## Total Amounts

**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

**Payment:**

Total payment (Principal + Interest) = ₹ 12,00,000 + ₹ 4,38,221 = ₹ 16,38,221

## EMI Calculations for Commercial Vehicles

Use this 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, Loan Interest Rate and Loan Tenure to get a detailed picture of payable interest and amount.

Explore our Car Loan EMI Calculator to get a detailed insight on monthly payments, total payable interest and total amount. It makes your car loan planning easy.