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Business Loan EMI Calculator is an online tool that helps you calculate your loan EMI before applying for business loan or any other loan product. Prospective applicants or borrowers of business loans can enter different combinations of interest rates, loan amount and loan tenure in the Business Loan EMI Calculator to compute the optimum EMI amount and tenure based on their repayment capacity.
To use a business loan EMI calculator, follow the simple steps given below:
Note: Applicants should try different combinations of tenure and loan amount to understand the most suitable business loan option as per their needs.
The free calculator uses a standard formula to compute the EMI based on the loan amount, tenure and interest rate. The formula stands as: EMI (E) = [P × R × (1 + R)ⁿ] / [(1 + R)ⁿ – 1]
Where:
E = Equated Monthly Instalment (EMI)
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate divided by 12 × 100)
N = Loan Tenure (in months)
Listed below are the key factors that affect your business loan EMIs:
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If a borrower takes a loan of Rs. 20 lakh for 6 years at 15% p.a., then his/her amortization schedule will be the following:
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Business Loan EMI Calculator helps prospective loan applicants calculate the EMI for different combinations of interest rates, loan amount and loan tenures. Loan applicants can use this calculator to know the optimal EMI and loan tenure for their business loan.
The EMI of Rs 10 lakh business loan will depend on the interest rate offered by the lender and the repayment tenure for the loan.
The EMI for business loans at fixed interest rates remain fixed throughout the loan tenure. However, the EMI of floating interest rate business loans can change in case the underlying interest rate changes.
The EMI for your business loan depends on the loan amount, tenure and the interest rates set by the lender for your loan. Prospective loan applicants can use the Business Loan EMI Calculator to know the optimum EMI for their loan for different combinations of interest rates, tenure and loan amount.
The business loan interest rates offered by banks and non-banking financial companies (NBFCs) usually start from 13% p.a. However, the final interest rates offered by the lender depends on their net interest margins, cost of funds and internal risk assessment of their loan applicants’ credit profile.
The turnover requirement for a business loan differs from one lender to another and depends on the type of business loan scheme offered. For example, the turnover requirement for MSME loans, especially those sanctioned to micro and small enterprises would be much lower business loans sanctioned to medium scale industries/entreprises for their capital expenditure or working capital requirements.
Loan borrowers can opt for the advance EMI/auto-debit option to repay their monthly installments on or before the due date.
If a loan borrower defaults on his/her EMI, the lender will levy a late payment fees on a monthly basis, which the borrower will have to pay when he/she is repaying the EMI. Additionally, defaulting on the EMI would also negatively impact the borrower’s credit score/rating.
Requesting your lender to reduce the EMI for your business loan is considered as loan restructuring, which can negatively affect your credit score/rating for a long time. Instead, you can part-prepay your business loan to bring down the EMI. You can also reduce your EMI by requesting your lender to reduce the interest rate of your existing business loan. However, if the lender refuses to do so, you can transferring your loan to another lender at lower interest rates and/or for longer tenures, thereby bringing down your EMIs.
You can get in touch with your existing lender to reduce the interest rate of your business loan. In case the lender does not reduce your business loan interest rate, you can exercise the balance transfer option to transfer your loan to another lender at lower interest rates.
Prospective business loan applicants should calculate the EMI to avail business loans at optimum tenure and EMI based on their repayment capacity.
If you have availed business loans at floating interest rates, the EMI may change in case of any change in the rate of interest. However, the EMIs for fixed interest rate business loans remains the same throughout the loan tenure.
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