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It is essential to determine how much EMI; an applicant will end up paying before availing a Business Loan. Individuals can estimate their loan EMI by using IIFL’s Business Loan EMI Calculator. IIFL Finance offers its customers SME and MSME loans to meet their working capital requirements. The financial services company also offers term loans for larger enterprises for business expansion purposes and to manage business cash flow.
Business Loan EMI Calculator
Knowing the business loan EMI is an integral part of the whole loan process. Every aspiring borrower should be well aware of before availing any loan. Business loan EMI calculator is an online widget that makes loan planning easy for the applicant. With the help of this calculator, one can make an estimate of the money that is required to be paid monthly during the loan tenure. Loan amount, interest rate and repayment tenure are the three main factors that determine the EMI.
Why choose IIFL Finance for business loans?
Below are the key reasons to choose IIFL Finance for SME or business loans:
- Competitive Interest rate starting from 16% onwards per annum
- Collateral free loans: No security or collateral required by IIFL Finance
- Maximum loan amount up to Rs. 50 lakh
- Repayment Tenure from 12 months to 36 months
- Flexible repayment options
- Minimum paperwork with hassle-free process
- Instant approval and quick disbursals
- Doorstep service
Formula to Calculate Business Loan EMI
Below stated formula is used by financial institutions to calculate the business loan EMI:
Formula:
[P x R x (1+R) ^ N]/[(1+R) ^ (N-1)]
Wherein,
- P refers to the loan principal
- R refers to the rate of interest on a monthly basis
- N refers to the loan repayment tenure in months
Benefits of Using IIFL Finance Business Loan EMI Calculator
- Provides instant results and saves time
- Removes manual calculation
- Loan planning becomes convenient
- Helps in efficient monthly budgeting
- Calculator can be access from mobile, laptop, tab or desktop
- Handy online tool that can be used from anywhere and everywhere
Usage of Business Loan EMI Calculator at Paisabazaar.com
Accessing paisabazaar’s business loan EMI calculator is really simple and convenient. Applicants are required to visit paisabazaar.com and enter their basic loan details, such as loan amount, loan duration and interest rate to know their loan EMI. At paisabazaar.com, individuals or applicants can also compare the EMIs of different loan products offered by various financial institutions, as per their desired loan amount and repayment tenure.