Though the loan repayment appears to be a very simple process, it requires careful planning. Paying EMIs on time requires managing the finances efficiently so that your monthly budget does not dwindle. By using the Business Loan EMI Calculator available on Finserv MARKETS, you can determine the monthly EMIs that needs to be repaid, so that your finances are in place.
The business loan calculator by Finserv MARKETS, is a simple online tool, with which you can find out the EMI that you need to pay per month. There are three inputs, which you need to enter to find out the EMI. They are as follows:
It is the loan amount that you want.
This is the amount that a lender charges along with the principal. It is expressed in percentage.
This is the period over which you need to repay the loan.
The formula used is:
E = P * r * (1+r)^n / ((1+r)^n-1)
Where ‘E’ is EMI
‘P’ is the Principal Loan Amount
‘r' is the rate of interest calculated every month
‘n’ is the tenor or duration of the loan
The main benefit of the EMI Calculator is that you can find out the amount that you need to pay monthly before actually paying it. This will help you plan your monthly budget accordingly. Also, you can realize as to how much amount that you can set aside for your EMIs and how much for monthly expenses.
Check out the business loan eligibility criteria to find out if you qualify for a business loan.
The Business Loans available on Finserv MARKETS are custom-made and convenient to all your financial needs. The end to end online process is very smooth and you can proceed with minimal documentation requirements.
Missing an EMI payment can lead to late payment fee that you need to pay.
Calculating the EMI beforehand can help you find out the EMI amount that you need to pay monthly and manage your finances accordingly.
The EMI typically remains the same.
Yes, the interest can be reduced with increase in repayment tenure.
EMIs can be paid online through debit mandate, ECS or cheques.