Business Loan EMI Calculator

Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs – March 2023

Note: Business loan interest rates are updated as on March 2023.

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Business Loan EMI Calculator is an online tool that provides access to calculate your loan EMI before applying for business loan or any other loan product. To calculate your business loan EMI, you can access the online EMI calculator by filling in basic loan details, such as loan amount, repayment tenure and interest rate. Loan EMI is automatically calculated, as per the entered details from the applicant. The exact EMI shall be defined by the lender at the time of loan approval.

Also Know – What is the average interest rate on a business loan?

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

Q. 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.

Q. 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.

Q. Can the interest in EMI be reduced?

Ans. No, it’s not possible in any circumstances. It remains fixed throughout the payment period.

Q. 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.

Q. 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.