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Utility Vehicle Loan EMI: How Is It Calculated?

mahindra-finance-author

by Mahindra Finance

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October 11, 2023

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1 mins read

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

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