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Commercial Vehicle Loan EMI Calculator

Commercial vehicle loans facilitate businesses and organizations to acquire commercial vehicles and expand their operations with ease. As your business grows, you can buy suitable commercial vehicles with quick funds without straining your cash flow.

Nevertheless, as a business owner, you should be aware of the costs involved in taking a commercial vehicle loan. It is here that the IDFC FIRST Bank commercial vehicle loan calculator can be helpful.Read More

With our commercial vehicle loan EMI calculator, you can simplify your financial planning without hassles. Calculate your equated monthly instalments (EMIs) instantly and create a repayment strategy for your commercial vehicle purchase using the tool.Read Less

CALCULATOR

Commercial Vehicle Loan EMI Calculator

Amount

1L 50L

Tenure

1 Year 30 Year

Interest Rate

8 % 15 %

You will pay Commercial Vehicle Loan EMI of only monthly

Apply Now

Amortization Schedule

Month
Principal
Interest
EMI
Balance
Loan Paid to Date

How to use the commercial vehicle loan EMI calculator?

Using our loan calculator is easy. Simply follow these steps below to determine your loan EMI.

Step 1

Adjust the ‘Loan Amount’ slider to enter the value of your desired commercial vehicle

Step 2

Move the ‘Loan Tenure’ slider from left to right to determine a suitable tenure in months

Step 3

Input the applicable interest rate

Step 4

The calculator will display the EMI amount as you move the slider

Step 5

You can adjust the values to compare various scenarios and choose a suitable loan plan as per your needs

Factors that affect your commercial vehicle loan EMI

The factors below affect the commercial vehicle loan EMI:

Loan amount

Loan amount

Higher amounts lead to higher EMIs

Interest rate

Interest rate

Lower rates reduce EMIs

Loan tenure

Loan tenure

A longer tenure may lower EMIs but increase interest

Down payment

Down payment

A larger down payment decreases the loan amount and, consequently, the loan’s EMI

Credit history

Credit history

The higher the credit score, the more favourable the interest rates

Frequently Asked Questions

How do I qualify for a commercial vehicle loan?

To get a commercial vehicle loan, you must meet the eligibility criteria set by the lender. Generally, factors such as credit history, business stability, income, and the nature of your business are considered when you apply for a loan. A good credit score, stable business operations, and a clear repayment capacity are factors that enhance your eligibility. Indian citizens, partnership firms, proprietorships, private limited/public limited companies, HUFs, Trusts, Societies and OPCs are eligible to apply for commercial vehicle loans from IDFC FIRST Bank.

How is interest calculated on a commercial vehicle loan?

The total interest payment would depend on the loan amount, tenure, and interest rate offered. IDFC FIRST Bank calculates the interest on a fixed-rate basis. For instance, a commercial vehicle loan of Rs. 10 lakhs with a repayment period of 24 months at an interest rate of 9% will bring your EMIs to Rs. 45,685 per month. Make sure to use the commercial vehicle loan EMI calculator before applying to understand the loan’s EMI structure.

How long does it take to get approved for a commercial vehicle loan?

Commercial vehicle loan approvals can vary among lenders. On average, the process can take anywhere from a few days to a few weeks. The duration depends on factors such as the lender's processing time, your documentation readiness, and the type of business. Having all the required documents in order and maintaining clear communication with the lending bank can expedite the approval process. IDFC FIRST Bank, with its streamlined online application process, offers quick approvals and disbursals.

What is the procedure to get a commercial vehicle loan?

The procedure to obtain a commercial vehicle loan typically involves the following steps:

  • • Gather the required documents such as proof of identity, address, income, business ownership, and vehicle details
  • • Submit your loan application with the necessary documents
  • • The bank evaluates your application, creditworthiness, and collateral (if required)
  • • After approval, you will receive a loan offer
  • • Upon agreeing to the terms, the loan agreement is signed
  • • The bank then disburses the loan amount, which you can then use to purchase the commercial vehicle

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