How to Calculate EMI using Business Loan EMI Calculator?

A business loan is like a financial sidekick! When used correctly and carefully, it can add life to your entrepreneurial dreams. Be it starting a new business, taking a new project, renovating the office or covering an unexpected expense, a business loan can do it all. A business loan can surely help roll things smoothly. 

While you may know how helpful some extra cash can be, taking a business loan requires some careful planning. When you take a loan, you need to pay it back, and timely repayment is crucial. Therefore, how much loan you need, what would be the EMI, and for how long will you have to pay are all important questions that you need to adhere to. 

However, you need not run to get a pen and paper to do the calculations. The business loan calculator can do it all for you, that too instantly. All you need to do is punch in details like loan amount, interest rate, and tenure. In a second the calculator will show you your monthly instalment.

How to Calculate EMI using Business Loan EMI Calculator?

When you want to use a business loan calculator, you have two options. You can do it on your laptop/ computer, or on your smart phone too. There are various options when it comes to a business loan app.  Most of these apps and the website have a self explanatory and easy-to-follow procedure. 

When you have calculated your business needs and are ready to explore the loan options, just follow these simple steps:

1. Open the business loan app or visit the online portal
2. Go to Business loan calculator
3. Feed in the loan amount you are looking for. Keep in mind that the loan amount depends on a few factors. You can choose the amount you are looking at.
4. Now you need to choose a repayment tenure. It generally ranges between 6 to 36 months
5. Select the rate of interest that you are expecting to get.
6. Click on calculate and the details of the EMI and the total payable amount will appear on your screen. 

The biggest advantage of using a calculator is that you can use it as many times as you want. Till the time you are satisfied with the EMI, you can tweak the numbers as many times as needed. For example, if you take a business loan of INR 10 lakh for 18 months at a 11% interest rate, your monthly instalment will be INR 60,518. The total amount that you pay will be INR 10,89,333. 

If the monthly EMI is too high or low, you can adjust the variables. For instance, to lower the monthly EMI, extend the repayment period or increase the EMI amount to reduce the repayment tenure. So, using the same example, if you pay off the loan in 12 months, the EMI will rise to INR 88,381, and the total payable amount will drop down to INR 10,60,579. On the other hand, if you want a more affordable EMI, you can pay the loan for a longer tenure. For a repayment tenure of 36 months, the monthly EMI will come down to INR 32,738. However, with a longer tenure, your payable amount will reach in all. 

So, whether you are taking a government business loan or are opting for an NBFC, you can make use of an online loan calculator. To streamline the business loan process, you can choose a Lendingkart business loan. For a smooth experience, you can download the Lendingkart app, which is among the most popular business loan app India has seen.