Mr. Mehul Shah has just purchased a Maruti Alto car for Rs. 400,000 from the Saboo car dealership in Nacharam, Hyderabad. He paid Rs. 100,000 in cash from his savings and financed the rest of the cost with a 3-year vehicle loan from ICICI bank that requires equal monthly payments at the end of each month over the next 3 years. What is the monthly payment amount on the loan if the interest rate is 9.60% per annum?