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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
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
| Bank/NBFCs | Interest Rate |
| Axis Bank | 10.75% p.a. onwards |
| Flexiloans | 1% per month onwards |
| HDB Financial Services Ltd. | 8% – 26% p.a. |
| HDFC Bank | 10.75% – 25% p.a. |
| IDFC First Bank | 10.50% p.a. onwards |
| Indifi | 1.50% per month onwards |
| Kotak Mahindra Bank | 16% – 26% p.a. |
| Lendingkart | 12% – 27% p.a. |
| Mcapital | 2% per month onwards |
| NeoGrowth Finance | 15% – 40% p.a. |
| Tata Capital | 12% p.a. onwards |
| UGRO Capital | 9% – 36% p.a. |
How to calculate EMI using business loan EMI calculator?
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.
Benefits of using the EMI Calculator
Some of the main benefits of using the EMI Calculator are as follows:
- It enables prospective applicants’ estimate the approx. EMI amount payable for their business loans based on different combinations of loan amounts, tenures and interest rates.
- Using a Business Loan EMI Calculator helps to save time taken in manually calculating the EMI amount. Additionally, calculating the business loan EMI manually involves a complex formula, which can lead to calculation errors.
- Business loan EMI calculators offers the option of choosing multiple combinations of tenure, interest rate and loan amount, which helps the prospective applicant to find their optimum tenure and EMI based on their repayment capacity.
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.
Factors that affect Business Loan EMI
Loan amount – The loan amount plays an important role in determining the EMI amount. Higher loan amount leads to an increase in your EMI and vice versa.
Interest Rate – The lender sets your business loan interest rate after considering your credit scores, income, repayment capacity, occupation profile, etc. Higher interest rates will lead to higher EMI and vice versa.
Repayment Tenure – The lender sets your loan tenure based on your repayment capacity. Loan applicants can opt for higher tenures to reduce their EMIs. However, increasing your loan tenure will inflate your overall interest costs and vice-versa
FAQs
How does the Business Loan calculator work?
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.
What is the EMI of Rs 10 lakh 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.
Does EMI remain the same or change in the future?
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.
How much EMI do I need to pay?
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.
What is the interest rate of a business loan?
The business loan interest rates offered by banks and non-banking financial companies (NBFCs) usually start from 9% 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.
What is the minimum turnover requirement for a Business Loan?
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.
How can I pay business loan EMI?
Loan borrowers can opt for the advance EMI/auto-debit option to repay their monthly installments on or before the due date.
What happens when someone misses the business loan EMI amount?
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.
Can the EMI amount for your business loan be reduced?
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.
Can you reduce the interest rate of your existing business loan?
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.
Why you should calculate the business loan EMI before taking the loan?
Prospective business loan applicants should calculate the EMI to avail business loans at optimum tenure and EMI based on their repayment capacity.
Does EMI remain the same or change in the future?
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.