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Commercial Vehicle Loan EMI Calculator by Flat Rate
EMI
Flat Rate
Reducing Balance
Balloon Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
Copy
Share
EMI
13333
Interest
300000
Principal
500000
Total
800000
300 K
(3 Lac)
5
Year
500,000
235 K
(2 Lac)
Year
Original
Reduced
𝒊
13333
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
300000
Reduced
3 year
11 months
235000
Saved
1 year
1 month
65000
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
217 K
(2 Lac)
162 K
(1 Lac)
108 K
(1 Lac)
54 K
0
-
-
-
-
-
2024
2026
2028
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Commercial Vehicle Loan EMI by Flat Rate
A Commercial Vehicle Loan EMI by Flat Rate calculates interest on the original principal amount for the entire loan term, resulting in fixed, equal monthly payments. This means the EMI amount remains constant, making budgeting easier. However, this method generally results in higher total interest costs compared to reducing balance methods, as interest is charged on the full principal for the entire term. Use our Commercial Vehicle Loan EMI Calculator by Flat Rate 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 Flat Rate
Enter loan details like loan amount, interest rate, tenure, and choose months or years to calculate commercial vehicle loan EMI by flat rate.
Click Calculate to view your initial breakdown and calculate commercial vehicle loan EMI by flat rate based on your inputs.
Customize payment options with three inputs to help you calculate your commercial vehicle loan EMI by flat rate effectively.
Select extra EMIs per year to reduce your commercial vehicle loan EMI tenure.
Increase EMIs by a percentage to manage your commercial vehicle loan EMI more efficiently.
Select a lump sum payment in a specific year to lower your commercial vehicle loan EMI interest.
Adjust inputs as needed and click Recalculate to dynamically update your tenure and interest for your commercial vehicle loan EMI.
Flat Rate EMI formula
To calculate Commercial Vehicle Loan EMI, use the Flat Rate EMI formula for precise results. This calculation helps you understand your repayment obligations clearly.
E
M
I
=
P
+
(
P
×
r
×
n
)
n
EMI
= Equated Monthly Installments
P
= Principal loan amount
r
= Monthly interest rate
n
= Number of monthly installments
Eligibility Criteria for Commercial Vehicle Loan EMI by Flat Rate
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 flat rate.
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 Flat Rate FAQ
How does Flat Rate EMI differ from a Reducing Balance EMI?
Flat rate EMI calculates interest on the original principal amount throughout the loan term, resulting in fixed, equal monthly payments. In contrast, reducing balance EMI calculates interest on the outstanding principal, which decreases with each repayment, leading to gradually lower EMIs and typically lower overall interest costs.
What are the advantages of a Commercial Vehicle Loan EMI by Flat Rate?
Commercial vehicle loan EMI by flat rate provides predictable monthly payments, which aids in budgeting and financial planning. This method offers simplicity in understanding the repayment schedule, making it a straightforward and accessible option for borrowers who prefer clear financing terms.
What are the disadvantages of a Commercial Vehicle Loan EMI by Flat Rate?
Commercial vehicle Loan EMI by flat rate may lead to higher interest costs since interest is calculated on the full principal amount throughout the loan term. Borrowers should be mindful of the total loan cost, as flat rate EMIs can result in higher overall repayment amounts compared to reducing balance methods.
×
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
300000
1 Extra EMI/ year
5 year
▶ 0 year
270000
▶ 30000
2 Extra EMI/ year
4 year
▶ 1 year
240000
▶ 60000
3 Extra EMI/ year
4 year
▶ 1 year
230000
▶ 70000
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
300000
Increase EMI by 1%
5 year
▶ 0 year
295000
▶ 5000
Increase EMI by 3%
5 year
▶ 0 year
280000
▶ 20000
Increase EMI by 5%
5 year
▶ 0 year
265000
▶ 35000
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
300000
Pay 10% in 2nd year
5 year
▶ 0 year
275000
▶ 25000
Pay 20% in 3rd year
5 year
▶ 0 year
245000
▶ 55000
Pay 30% in 4th year
4 year
▶ 1 year
240000
▶ 60000
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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