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Canara Bank Business Loan EMI Calculator
Business Loan EMI Calculator helps in the accurate calculation of the loan EMI for an individual’s better understanding of the EMI that he/she needs to pay after availing business loan. To provide instant results, the calculator requires only three files to be mentioned, such as offered interest rate, desired loan amount and repayment tenure. As per the entered information, the calculator provides the results.
Comparison of Interest Rates on Business Loan Offered by Top Banks
| 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. |
| Bajaj Finserv | 10% to 26% |
How to use Paisabazaar’s EMI calculator?
The usage of EMI calculator at paisabazaar.com is really quick and simple. Here you can get instant and accurate information regarding the loan that you are planning. Along with the EMI, applicants can also get a full amortization schedule as per the desired loan amount, interest rate and loan duration. This chart helps individuals in managing their budget, even the loan planning becomes easy.
Formula to Calculate Business Loan EMI
Formula:
EMI = [P x R x (1+R) ^ N]/[(1+R) ^ (N-1)]
The variables depicted are as follows:
P: Total loan amount
R: Interest rate levied on the principal amount (monthly)
N: Loan tenure of repayment (in months)
Reasons to choose Canara Bank for MSME/Business Loan
There is no single reason to choose Canara bank from other private or public sector banks. Some of the key reasons to choose Canara bank are; the business loan interest rate offered starts from 9.20% onwards with a maximum repayment period up to 7 years. The maximum loan amount offered under MSME loan category is up to Rs. 2 crore.
Benefits of Using an EMI Calculator
- Instant, accurate and hassle-free
- Time saving and easy to access from mobile, laptop or tab
- Can be accessed from anywhere and everywhere
- Helps in loan planning and monthly budgeting