The paper focuses on estimating willingness-to-pay (WTP) values associated with attributes of bus travel in rural regions of a developing country. Using stated choice data, Multinomial Logit (MNL) and Random Parameter Logit (RPL) models with constrained triangular distribution for random parameters are developed for various trip purposes. WTP values are estimated for travel time, travel discomfort and headway of service. It is found that WTP values of job trips are highest among all trips, followed by recreation and business trips; and the values for discomfort are found to be highly sensitive to trip purpose. Also, it is found that the MNL model underestimated WTP values more than the RPL model.