IIFL Finance Business Loan EMI Calculator

Optimise financial planning with the IIFL Finance Business Loan EMI calculator and estimate prospective monthly EMI. The free EMI calculator is present on Bajaj Markets. With fast and accurate results, the calculator aids in efficient credit repayment planning to avoid future stress.

The calculator aids in comparing loan terms offered by different credit providers. Along with EMI, you can also compare the total amount, interest, and principal payable. Such nuanced analysis of various credit components ensures analysed credit intake.

The IIFL loan calculator can aid in estimating the prospective EMI amount after entering the required parameters. Calculate IIFL Finance Business Loan EMI using the following steps:

1. Enter the amount of loan you want to apply for, either by manually entering it into the blank or by using the arrows.

2. Specify the anticipated interest rate. You can either type it in or use the arrows to increase or decrease the rate.

3. Enter the tenure of the loan in monthly or yearly terms. Use the arrow beside Tenure to choose the unit, that is, Months or Years.

4. Once all data is entered, the applicable business loan EMI, total interest, principal, and total loan amount payable appear automatically.

5. If the prospective EMI fits into the fiscal needs, select apply now to choose a loan option that meets the criteria specified.

The IIFL Finance Business Loan calculator uses the formula given below to calculate EMI:

EMI = P × R × (1 + R)^N / [(1 + R)^N - 1]

Where,

P= Loan amount borrowed

R= Monthly rate of return (Annual rate divided by 12)

N= Loan tenure in months

For instance, if Mr. K borrowed ₹30 Lakhs from IIFL Finance as business loan at a 16.5% interest per annum, for a tenure of 48 months, his EMI would be ₹85,791 according to the IIFL Finance Business Loan calculator.

The table below shows the terms of the IIFL business loan.

Discussed below are various advantages of using the IIFL Finance Business Loan calculator.

• Make Optimal Credit Decisions: Applicants can make an informed credit choice by calculating their anticipated EMI liability, given the credit terms.

• Compare and Choose the Best Loan: Applicants can compare the different credit terms offered by various loan providers and choose the one that suits them the most.

• Free tool: The IIFL Finance Business Loan EMI calculator is free to use, without any fees and charges.

• Calculate EMIs Anytime, Anywhere: This digital business loan calculator can be used anywhere and anytime. The calculator gives quick and easy output, without strict technical know-how, allowing businesses to optimise their credit and control costs.

• Get Error-free EMI Estimate: The IIFL Finance Business Loan EMI calculator helps avoid manual calculation, which is prone to errors.

Several attributes of an applicant and the IIFL business loan policy impact the EMI payable. Discussed below are some of them:

• Loan Amount: The EMI contribution increases with a rise in loan amount.

• Tenure: When tenure increases, the EMI reduces. For instance, a loan of ₹30 Lakhs at an interest of 16.5% p.a. attracts ₹85,791 if tenure is 48 months. The same loan has an EMI of ₹1,47,607 at 24 months. Therefore, the debtor can save ₹99,487 per month on EMI with a 48 months loan tenure.

• Interest Rate: Another key factor influencing EMI contribution is the interest rate. A high rate of interest attracts a high EMI and vice versa.

• Credit Health of Applicant: The past credit history of the applicant determines the credit terms offered in present. A high credit score, timely repayments of past debt, etc. help get attractive credit terms, like low interest and EMI.

• Additional Charges: Extra costs like processing fees, late fines, administrative costs, etc., increase the total cost of business credit. In the case of IIFL, the processing fee stands at up to 2.5%.

• Business Revenue and Cash Flow: If the financial statements of applicants show a positive financial outlook, with regular and sufficient cash flow, a healthy repayment capacity can be inferred. This helps attract lower rates and faster disbursal.

• Pre-payment of Debt: Initial repayment of debt over and above the original EMI reduces outstanding debt and can make the upcoming EMIs lower in value.

You can repay your IIFL Finance Business Loan EMI using the options mentioned below.

• Unified Payments Interface (UPI): Access GPay, Phonepe or any other payment getaway. Enter the loan account details after selecting IIFL as the bill issuer, the bill appears. Choose UPI and make the payment.

• Net Banking: Log in to your net banking portal. Select IIFL as the bill issuer, specify the loan account details, and fetch the later EMI bill. After OTP authorisation, proceed to make the EMI payment.

• Debit Card: The business loan EMI payment can be made using a debit card too. However, ensure you analyse any applicable processing fees.

• Digital Wallets: Often you can also use your online wallets, like that of Paytm or Amazon Pay to make a payment.