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Commercial Vehicle Loan EMI Calculator by Balloon Payment
EMI
Balloon Payment
Flat Rate
Reducing Balance
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
Balloon Payment
Copy
Share
EMI
10510
Interest
180600
Principal
500000
Total
680600
180 K
(1 Lac)
5
Year
500,000
149 K
(1 Lac)
Year
Original
Reduced
𝒊
10510
will be
EMI
for
500000
(500 K)
Loan Amount
for
5
Year
Loan Tenure
at
12.00%
Rate of Interest
.
How to Reduce Interest/ Tenure?
Pay
0
1
2
3
4
5
Extra EMI every year.
𝒊
Increase EMI by
0
2
3
5
7
10
15
20
% every year.
𝒊
Pay Lump-Sum
0
(5 K)
(10 K)
(15 K)
(20 K)
(25 K)
(30 K)
(35 K)
(40 K)
(45 K)
(50 K)
in
0
1
2
3
4
year.
𝒊
Recalculate
Share
Loan
Tenure
Interest
Original
5 year
180600
Reduced
4 year
149244
Saved
1 year
31356
Loan Payment Schedule
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Original
Reduced
Balloon Payment
209 K
(2 Lac)
156 K
(1 Lac)
104 K
(1 Lac)
52 K
0
-
-
-
-
-
2024
2026
2028
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Commercial Vehicle Loan EMI by Balloon Payment
A Commercial Vehicle Loan EMI by Balloon Payment involves making smaller, regular payments throughout the loan term, with a large lump sum, or balloon payment, due at the end. This approach allows for lower monthly payments during the loan period but requires planning for the substantial final payment needed to fully settle the loan. This financing option is particularly suitable for individuals who anticipate a significant inflow of funds, such as a bonus or investment maturity, by the end of the loan term. Use our Commercial Vehicle Loan EMI Calculator by Balloon Payment to calculate your loan repayments. Get accurate details on monthly payments, interest, and principal, ensuring smooth financial planning for your commercial vehicle purchase.
Calculate Commercial Vehicle Loan EMI by Balloon Payment
Enter loan details including loan amount, interest rate, tenure, choose months or years, and balloon payment amount to calculate commercial vehicle loan EMI by balloon payment.
Click Calculate to view your initial loan breakdown and calculate commercial vehicle loan EMI by balloon payment based on your inputs.
Customize payment options with three inputs to help you calculate your commercial vehicle loan EMI by balloon payment effectively.
Select a number of extra EMIs per year to enhance your calculation.
Increase EMIs by a percentage for better management.
Select lump sum payment in a specific year to optimize your payments.
Adjust inputs as needed and click Recalculate to dynamically update your tenure and interest for your commercial vehicle loan EMI.
Balloon Payment EMI formula
To calculate Commercial Vehicle Loan EMI, use the Balloon Payment EMI formula for precise results. This calculation helps you understand your repayment obligations clearly.
E
M
I
=
(
P
-
B
(
1
+
r
)
n
)
×
r
1
-
(
1
+
r
)
-
n
EMI
= Equated Monthly Installments
P
= loan amount.
B
= balloon payment at the end of the tenure.
r
= monthly interest rate.
n
= total number of monthly installments.
Eligibility Criteria for Commercial Vehicle Loan EMI by Balloon Payment
Age:
Applicants must be between 21 and 65 years old to qualify for a commercial vehicle loan EMI.
Income:
A stable monthly income, usually a minimum specified by the lender, is required to ensure the ability to repay the commercial vehicle loan EMI.
Credit Score:
A good credit score reflecting a history of timely repayments enhances the chances of loan approval for a commercial vehicle loan EMI by balloon payment.
Employment:
For salaried individuals, a minimum of 1 year of continuous employment is often required; for self-employed individuals, a minimum of 2 years in the current business is usually necessary to apply for a commercial vehicle loan EMI.
Commercial Vehicle Loan EMI Calculator by Balloon Payment FAQ
How does a Balloon Payment EMI differ from a regular EMI?
A balloon payment EMI involves making smaller, regular payments during the loan term, with a large lump sum payment due at the end. Regular EMI types involve equal payments of principal and interest throughout the loan term, with no large final payment required.
How does a Commercial Vehicle Loan EMI by Balloon Payment benefit borrowers?
Commercial vehicle loan EMI by balloon payment features lower monthly payments by covering primarily interest costs during the loan period. This structure is suitable for borrowers who expect improved financial conditions by the end of the loan term, such as increased income or plans to refinance the loan.
What are the risks or drawbacks of a Commercial Vehicle Loan EMI by Balloon Payment?
Commercial vehicle loan EMI by balloon payment requires a substantial final payment, which can be a financial burden if borrowers cannot repay the full principal. Managing this payment might necessitate refinancing or restructuring the loan, potentially leading to higher costs or challenges in securing favorable terms.
×
How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
180600
1 Extra EMI/ year
5 year
▶ 0 year
164278
▶ 16322
2 Extra EMI/ year
5 year
▶ 0 year
150878
▶ 29722
3 Extra EMI/ year
4 year
▶ 1 year
141058
▶ 39542
How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
180600
Increase EMI by 1%
5 year
▶ 0 year
177614
▶ 2986
Increase EMI by 3%
5 year
▶ 0 year
171614
▶ 8986
Increase EMI by 5%
5 year
▶ 0 year
166693
▶ 13907
How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
Payment
Tenure
Interest
Current
5 year
180600
Pay 10% in 2nd year
5 year
▶ 0 year
158160
▶ 22440
Pay 20% in 3rd year
4 year
▶ 1 year
154461
▶ 26139
Pay 30% in 4th year
4 year
▶ 1 year
167143
▶ 13457
How to Reduce Interest/ Tenure?
Making early payments towards Principal amount can reduce your Interest and/ or Tenure.
1. How extra EMI(s) help?
At the end of the year, you can pay extra EMIs out of your savings. This extra EMI payment will go towards your Loan Amount and save you on the interest as well as tenure of the loan.
2. How increasing EMI helps?
As your income increases each year, you can get your EMI increased from the bank. This allows you to allocate more funds towards paying off the loan amount and save you on the interest as well as tenure of the loan.
3. How Paying Lumpsum Amount helps?
If you receive unexpected income, such as a bonus or tax refund, consider making a lump-sum payment on your loan. This can help reduce the outstanding loan amount and save you on the interest as well as tenure of the loan.
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