Calculated on Ex-showroom Price
Total loan amount
Total amount to pay
You'll pay extra
India is the home of the world’s some of the largest bus manufacturers and expects its bus market to grow at a CAGR of 7.1% over the next five years. The increased demand for buses nationwide is driven by several factors, including urbanisation, increased public transportation demand, and government initiatives to lessen CO2 emissions. With the projected manufacturing of over 75,000 buses in 2023, the Indian bus market is led by several home brands like Tata Motors,Ashok Leyland,Eicher Motors. Most buses in India sold are school buses, which amount to around 35% of total sales. Other major categories include staff, intercity, and city buses.
Use the following instructions to calculate bus loan EMI using the bus loan calculator:
Step 1: Select the brand and model of the bus you are looking to buy.
Step 2: You need to add a down payment amount.
Step 3: Add the rate of Interest at which the bus loan is offered. Typically, electric and non-electric bus loans come at the interest rate of 10-24% for up to 84 months of tenure.
Step 4: Decide the loan tenure wisely and mention it in the bus EMI calculator.
Step 5: The final step is to press "enter" or click on “Request for Instant Loan.”
Alternatively, you can also use the bus EMI calculation formula, such as mentioned below:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
EMI = Equated monthly installments
P = Loan principal amount
R = Rate of interest (need to convert in months)
N = Number of months (the loan tenure)
For example, if you borrow Rs 1000000 @10% interest rate for five years, your monthly
EMIs would be:
EMI = (10,00,000 * 0.00833 * (1 + 0.00833)^60) / ((1 + 0.00833)^60 - 1)
EMI = Rs 21,617.95 approx
There are several benefits of using an online loan EMI calculator for buses, such as:
If you are looking for an easy and convenient way to calculate the monthly EMIs for your bus loan, consider using CMV360’s EMI calculator online. It can save you time and help you find the best finance option available in the market.
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