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Commercial Vehicle Loan EMI Calculator
EMI
Flat Rate
Reducing Balance
Balloon Payment
Loan Amount
Loan Tenure
Year
Month
Rate of Interest
%
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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
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Commercial Vehicle Loan EMI
A Commercial Vehicle Loan EMI Calculator is an easy-to-use tool that helps you estimate your monthly EMI (Equated Monthly Installment) based on the loan amount, interest rate, and tenure. This tool allows you to explore how different factors, like changing the loan amount or tenure, affect your EMI. It helps in budgeting and planning by giving you a clear view of your repayment obligations and enables you to compare different loan options.
Calculate Commercial Vehicle Loan EMI
To calculate commercial vehicle loan EMI enter loan details including loan amount, interest rate, tenure and choose months or years.
Click Calculate to view your initial loan breakdown.
Customize payment options with three inputs.
Select a number of extra EMIs per year.
Increase EMIs by a percentage.
Select lump sum payment in a specific year.
Adjust inputs as needed and click Recalculate to update your tenure and interest dynamically.
Eligibility Criteria for Commercial Vehicle Loan EMI
Age:
Applicants must be between 21 and 65 years old.
Income:
A stable monthly income, usually a minimum specified by the lender, is required to ensure the ability to repay the loan, which directly affects the commercial vehicle loan EMI.
Credit Score:
A good credit score reflecting a history of timely repayments enhances the chances of loan approval, influencing the terms of the commercial vehicle loan EMI.
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. Meeting these employment criteria can positively impact the commercial vehicle loan EMI calculation.
Commercial Vehicle Loan EMI Calculator FAQ
How can I reduce my Commercial Vehicle Loan EMI?
You can reduce your commercial vehicle loan EMI by increasing your down payment, opting for a longer loan tenure, or negotiating a lower interest rate with the lender. Using a commercial vehicle loan EMI calculator can help you explore these options and understand their impact on your monthly payments.
How does the loan tenure affect my Commercial Vehicle Loan EMI?
The loan tenure has a direct impact on your EMI amount. A longer tenure generally results in lower monthly EMIs but may increase the total interest paid over the loan term. Conversely, a shorter tenure usually leads to higher monthly EMIs but reduces the overall interest cost.
What documents are required for a Commercial Vehicle Loan?
To apply for a commercial vehicle loan, you typically need to provide identification proof, address proof, income statements, and details about the vehicle you intend to purchase. Lenders may also require business-related documents if you are self-employed.
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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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