Vehicle loan is next biggest loan after home loan in India. Whether you are taking vehicle loan for commercial purpose or personal use, you have to be cautious about the EMI payout of the loan to ensure that you stay responsible for repayment of the loan throughout the tenure. Prompt repayment of the loan not only helps you build your credit score but also avoid repossession of the vehicle. You should take the help of Commercial vehicle loan interest rate to figure the EMI of the vehicle loan easily before you take the final call to choose the lender.
What is EMI?
EMI is alternatively abbreviated as equated monthly installment that includes both principal and interest
of the loan. Repayment of the loan is distributed over chosen loan terms in equal installments to give
the borrower a prior knowledge about the loan amount he/she out pay to clear the loan. Vehicle loan
EMI calculators are the best tools available online to calculate the EMI of the loan even before you go
Role of vehicle loan EMI calculators in getting the best quote
Unlike the past, there is intense competition between the lenders to offer vehicle loans to the
customers. On starting your search for the right lender online through loan comparison sites, many
options will be showcased on the single window. It is always not true that striking the lender that offers
lowest interest rate will give you the lowest EMI. As these vehicle loans are huge, you should take
processing fee and other related charges into consideration while figuring out EMI of the auto loan.
Commercial vehicle loan interest rate helps you play the game right. Based on the interest rates and other related fee charged by the lender, vehicle loan EMI calculator will figures out the EMI for you. Comparing the
EMIs of the different vehicle loan offers is just a click away. As these calculators give you the exact EMI
amount, you can easily compare the lending rates and also negotiate the interest rates of the lender by
pushing the competitor’s price quote. The lender who is not willing to lose the potential customer for a
slight change in the interest rate is going to offer the best deal. However, remember even a slight
deviation in the interest rates will save you big on the vehicle loan.
Other benefits EMI calculator
This vehicle loan EMI calculator is available on loan comparison sites for free of cost to enable the
customer take an informed decision.
• By using vehicle loan EMI calculator, you can calculate EMI of the auto loan instantly
• All the information you need here is loan amount, the tenure of the loan and interest rate and other
fee charged by the lender.
• You can easily know monthly payments of the loan including the principal and interest to help you
judge whether it is a suitable option for you even before you take a loan.