It is very easy to calculate the EMI for your truck loan. You will get EMI as soon as you enter the required loan amount and the interest rate. Installment in EMI calculator is calculated on reducing balance. As per the rules of financing institutions, processing fee or possible charges may be applicable which are not shown in the EMI we calculate.
The lenders generally finance 90% of the On-Road Price of the Midbin. Some customers might be eligible for 100% funding, too. The down payment is the difference between the On-Road Price of the Midbin and the amount funded by the lender.
What will be the interest rate for the Midbin?
The interest rate for the Midbin primarily depends on the principal amount and tenure of the loan amount. The interest rate of lenders generally varies from 8.75% per annum to 11.50% per annum. Customers can also negotiate with the financier for a better rate of interest against their loan amount.