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Business Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs – 2023
| Bank/NBFCs | Interest Rate | |
| Axis Bank | 14.95% - 19.20% p.a. | Apply Now |
| Bajaj Finserv | 9.75% - 30% p.a. | Apply Now |
| Flexiloans | 1% per month onwards | Apply Now |
| HDB Financial Services Ltd. | Up to 36% p.a. | Apply Now |
| HDFC Bank | 10% - 22.50% p.a. | Apply Now |
| IDFC First Bank | 10.50% p.a. onwards | Apply Now |
| Indifi | 1.50% per month onwards | Apply Now |
| Kotak Mahindra Bank | 16% - 26% p.a. | Apply Now |
| Lendingkart | 12% - 27% p.a. | Apply Now |
| Mcapital | 2% per month onwards | Apply Now |
| NeoGrowth Finance | 19% - 24% p.a. | Apply Now |
| Tata Capital | 12% p.a. onwards | Apply Now |
| UGRO Capital | 9% - 36% p.a. | Apply Now |
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Benefits of accessing the EMI Calculator
- Displays approx. amount of EMI to be incurred over the availed business loan
- Saves time and helps in the efficient loan planning
- Depicts a detailed overview of the availed loan through an amortization schedule
- Helps to plan finances for the future in a better way
- Option to choose multiple schedules and EMI installment tenure as per your requirements
Factors that affect Business Loan EMI
Loan amount – The amount that you are going to borrow decides your EMI amount. When the amount is higher, the EMI is high; and when the amount is low, the EMI remains low. However, it also depends on the repayment tenure of the loan.
Rate of interest – It plays a vital role in deciding loan EMIs and shall be chosen after thoroughly comparing the loan options offered by various lenders. Do not always opt for the lowest interest rates, instead check out for hidden charges and terms and conditions before applying for a loan.
Repayment Tenure – Repayment tenure or loan tenor also plays an important role in deciding the loan EMI. A longer tenure ensures lesser EMI while a shorter tenure ensures a high amount of EMI.
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FAQs
1. What happens when someone misses the EMI amount?
Ans. If someone missed the EMI amount it will be adjusted in the next amount and the next EMI will be double the current EMI. Also, late payment charges will be levied, depending on the Terms and Conditions mentioned by the financial institution.
2. Can the EMI amount be reduced?
Ans. Yes, the EMI amount can be reduced by increasing the tenure of the loan. Another way to reduce the amount is to pay the majority of the loan amount in one go and then, pay reduced EMIs on the remaining loan amount.
3. Can the interest in EMI be reduced?
Ans. No, it’s not possible in any circumstances. It remains fixed throughout the payment period.
4. Why you should calculate the business loan EMI before taking the loan?
Ans. It is important to calculate EMI before taking the loan because this will clear the picture and then you will be able to secure a loan with a suitable EMI.
5. Does EMI remain the same or change in the future?
Ans. The EMI usually remains the same; however, if the government decides to increase the interest rate, the EMI amount will increase.
Securing a Business Loan or MSME loan via an EMI calculator is not a difficult task and can be secured through accurate calculations, deciding on a suitable tenure and loan amount. It is in fact always advisable that you should calculate your loan EMI before applying for any loan, so you are well aware of the installments you need to pay every month.