Bus Loan EMI Calculator

This rising industry in India has offered many options for prospective buyers, helping them select the best buses under a given budget range. However, most bus buyers in India purchase these vehicles through finance, ensuring they pay the invoice amount in easy instalments without putting themselves under a significant financial burden. CMV360, committed to being your trusted ally in finding the best finance options with the lowest EMIs, has introduced one of the most user-friendly Bus EMI Calculator Tools, empowering you to determine the correct EMIs to make an informed purchase.

Select Brand

Select Model

EMI Calculator

Down Payment

₹0

Bank Interest Rate

15%

Loan Period(Months)

EMI

per month

₹0

Calculated on Ex-showroom Price

*Ex-showroom Price

₹0

Total loan amount

₹0

Total amount to pay

₹0

You'll pay extra

₹0

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.

How to use a bus loan calculator?

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]

Where:

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

Benefits of online bus loan EMI calculator

There are several benefits of using an online loan EMI calculator for buses, such as:

You don’t need to add personal information
These online EMI calculators are free and convenient to use
Users are not required to register themselves
The tools are highly reliable and quickly calculate the monthly EMIs

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.

Frequently Asked Questions

The down payment is the difference value between the on-road price of the bus model you purchase and the amount of loan your lender has offered. The buyer generally pays this difference value during the purchase time.

A loan calculator is a tool that evaluates monthly EMIs one needs to pay for their bus loan.

You should know the loan amount, interest rate, and tenure to calculate the monthly EMIs.

You can alter inputs in the online EMI calculator to get accurate estimates.

Yes, using the bus loan EMI calculator at CMV360 is free and does not ask for registration or personal information.

The majority of lenders offer exciting loan offers on used buses as well. If you buy a used bus to grow your business and have all the necessary documents, you can easily get a pre-owned bus loan from a great place.

The average tenure or the repayment time for a bus loan in India varies from 1 year to 5 years. Some bus loan schemes offer up to 7 years of loan repayment time. However, it is recommended to consider shorter loan tenure to minimize the amount of interest rate charged by the lender.

Having a co-guarantor to get a bus loan in India is not compulsory. However, if you cannot meet the basic eligibility criteria, it can be beneficial to increase your chances of getting approval for your loan application.

The rate of interest on bus loans in India can range from 10% minimum to 24% maximum, depending upon the type of loan, tenure, credit score, and other factors.

Financial institutions and lenders typically finance up to 90% of the on-road price of a bus. The finance limit can sometimes reach up to 100% of the invoice amount.