Utility Vehicle Loan EMI: How Is It Calculated?

To calculate your Utility Vehicle Loan EMI manually, you can use this formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

• P represents the loan amount.
• R is the monthly interest rate (annual interest rate divided by 12).
• N denotes the loan tenure in months.

For example, if you take a loan of ₹10 lakhs at an interest rate of 10% per annum for a period of 5 years, your monthly EMI would be ₹2,151