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It is vital to know your business loan EMI before submitting your application, so you can assess the loan’s affordability. The Hero FinCorp business loan EMI calculator makes it possible to know the EMI with a few simple steps.
A business loan EMI calculator is a customized tool available on various business loan lenders’ websites that allows you to calculate your monthly debt obligation prior to submitting your loan application. This tool requires three variables to be entered: principal loan amount, interest rate, and the repayment period.
Following the input of these values, the calculator will display the resulting EMI value in a second. You can experiment with different loan amounts and repayment periods to determine the EMI that best fits your needs and budget.
You can easily calculate your business loan EMI using a loan EMI calculator or manually using the mathematical formula detailed below.
EMI = P × R × [(1+R)^N / (1+R)^(N-1)]
where,
EMI refers to the equated monthly instalment amount
P means principal loan amount
R means the rate of interest
N is the loan tenure in months
The business loan EMI calculator is based on the previously mentioned mathematical formula. However, using this tool is much easier than manual calculation and requires only three simple steps, which are listed as follows:
1. Enter the desired or approved loan amount on the business loan EMI calculator.
2. Make use of the EMI calculator slider to input business loan interest specified on the loan agreement.
3. Finally, select the repayment term you specified when you signed the business loan agreement.
After entering the required variables, the result will appear on your screen as soon as you click on the "Calculate your EMI" tab.
The EMI calculator for a small business loan can assist you in many ways. Here are some of its prominent benefits:
An EMI calculator for a business loan can help you plan your finances more effectively. It provides you with the exact value of the amount you must pay each month to the lender as EMI. Therefore, using this tool, you can reduce unnecessary expenses and ensure timely payments of your EMIs.
The business loan EMI calculator is a customised tool that allows you to calculate EMI even before applying for a loan. You can use various combinations of variables to determine the amount that best suits your budget.
The results of manual calculations are prone to errors. However, when you use a business loan EMI calculator, the results are error-free and take only a few seconds to calculate.
The EMI calculator allows you to make a quick comparison between the maximum repayment period, loan amount, and interest rate offered by various lenders. This will assist you in selecting the best loan offer that meets your needs and budget.
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