In order to run a business, a large amount of money is required, so that various operations of the business are in tandem with each other. Funds help in purchasing raw materials, inventory, equipment, or upgrade the infrastructure on the whole. Also, the staff needs to be paid salary for their work. So, Business loan is a viable option in case businesses need financial assistance. However, loans come with interest rates that must be considered while planning the monthly expenses. With the help of Lendingkart EMI Calculator, you can calculate your EMIs and plan your finances accordingly.
** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
**These are indicative and subject to change at the discretion of lender/ without prior notice.
|Month||Starting Balance||EMI||Interest rate||Principal contribution||Interest contribution||Ending Balance|
Lendingkart Business EMI Calculator helps the organizations or businesses to plan the monthly expenses. As a business owner, you will get a fair idea of how to track your payments and take prudent financial decisions. Business comes with a lot of risk, and it is very necessary to be financially sound even during tough times, so that the business remains immune from the any kind of implications.
The Lendingkart Business EMI Calculator has three input variables. Loan Amount, Repayment Tenure, Rate of Interest. Once you set these values, you get the total interest that needs to be paid, along with the monthly EMIs and the total amount payable. Thus, Lendingkart Business EMI Calculator, thus offers a very convenient way of calculating the EMI that you must pay. It is always a good practice to calculate the EMI before applying for the loan, so that you can be doubly sure that you require loan of certain amount and you would be able to pay the certain EMI amount.
The Business Loan EMI Calculator is a very quick and effective way to calculate the EMIs. The EMI can be calculated from the following formula:
EMI = [P x r x (1+r) ^n] / [(1+r)^ n-1]
where, EMI = EMI amount P = Principal amount r = Rate of interest n = repayment tenure
The above formula will require you to manually calculate the EMI that you need to pay monthly, hence can be a little time-consuming. In order to prevent that inconvenience, the Lendingkart Business Loan EMI Calculator, will solve all your problems and eliminate the need to calculate the EMI manually. As mentioned earlier, you just need to provide loan amount, loan tenure and the interest rate and you will get your EMI.
A Lendingkart Business Loan EMI Calculator has multiple benefits:
With the Lendingkart Business Loan EMI Calculator, you can get the EMI value you need to pay in just a few seconds. All you need to do is set the input values like loan amount, tenure and interest rate. You need manually calculate anything. The calculator does it for you.
Along with the EMI Value as output, the calculator comes with the feature of visual representation of the payments in the form of a pie-chart. Visual representation has always been the preferred choice when it comes to consuming data. They are easier to understand and can be processed easily.
Calculating the EMI that needs to be paid well in advance always helps in making prudent decisions. Your business may encounter a lot of risks and uncertainties can hamper your financial planning. Before availing the loan, if you are aware of the EMI that needs to be paid monthly, you can make a better financial plan and not run out of funds, thus helping your business run smoother.
The Lendingkart Business Loan EMI Calculator serves as a perfect tool to provide the EMI value in seconds. The EMI value can help you decide your further course of financial actions. But you may also wonder if there is a chance to reduce EMI through a certain amount, so that you can ease yourself from some financial burden. An important thing to consider here is that EMI depends on various factors. So, a slight change in those values will automatically affect the EMI value. Let us know, what are these factors:
EMI amount is closely associated with the rate of interest. The rate of interest along with the principal amount constitute the total EMI amount that needs to be paid. Borrowers, when looking for a loan always compare the financial institutions to see which among them provides loan at lower rate of interest. Because a lower rate of interest reduces the amount EMI as ROI is the part of the EMI amount. In short, ROI is directly proportional to the EMI amount.
It is the time period in which you need to repay the loan. Loan tenure plays a very important role in reduction or increase in the EMI amount. A longer repayment tenure implies that the time to repay the loan increases. However, with the long tenure, the rate of interest also increases. This is where, the EMI calculator comes into help. You can try various combinations and find out the best way possible, so that you have a longer tenure and do not feel the EMI burden.
The loan amount also affects the EMI value. Higher loan amount will bring EMI along with it i.e EMI value is directly proportional to the loan amount. According to your requirements, you might have thought of a loan amount that you wish to avail. So, using the EMI calculator, you can calculate the EMI basis your preferred loan amount. If the EMI value is higher, then you can set the amount, loan tenure or ROI accordingly to produce the EMI value of your choice.
It is always advisable to know the loan amount you want to borrow before actually applying for the loan. As per your requirement, you can then select the rate of interest and repayment tenure as they also play a major role in the EMI amount. A longer repayment tenure and higher rate of interest lead to an increase in the EMI amount. So, thinking carefully is required.
If you are already repaying a loan and now applying for a new loan, to see how well you can manage your finances. Carefully assess your current finances, so that it gives you a clear picture of how much more you might need to spend. This assessment will help you in the future as well.
Missing one EMI payment can invite some penalty charges like payment fees.
Calculating EMI before taking a Business Loan, can help you plan and manage your finances better.
You can check your eligibility for a business loan through the eligibility calculator online.
EMI will only change, in case the government revises the rate of interest.
It is usually in the first week of the month.
EMI can be paid through ECS Electronic Clearance System, NACH National Automated Clearing House, postdated cheque or debit mandate.