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 a salary for their work. So, a 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.
at % interest rate for months
An easy and effective way to calculate EMIs for a business loan is to use the Business Loan EMI Calculator.
The EMI can be calculated from the following formula: EMI = [P x r x (1+r) ^n] / [(1+r)^ n-1]
Here, EMI = EMI amount
By using this formula, the applicant can manually calculate the EMI to be paid on a monthly basis but the process can be a bit inconvenient and time-consuming
To avoid these hassles, the Lendingkart Business Loan EMI Calculator has come to the rescue by completely eliminating the need to manually make the calculations.
All you need to do to calculate your monthly EMIs is to enter the loan amount, tenure of loan, and the rate of interest.
Lendingkart Business Loan has indeed made the entire process of calculating your EMI pretty seamless and quick!
Missing one EMI payment can invite some penalty charges like late 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 due in the first week of the month
EMI can be paid through ECS (Electronic Clearance System), NACH (National Automated Clearing House), a post-dated cheque or debit mandate.
No there are no prerequisites you need to fulfil before using the Lendingkart business loan calculator.