Frequently asked questions
One of the easiest methods to pay your loan is Equated Monthly Instalment (EMI), where your loan gets divided into equal, fixed sums that are paid monthly until your loan has been fully repaid. An EMI consists of the loan’s principal amount and the interest accrued on it.
A business loan EMI calculator tells you the approximate amount you will have to pay as EMI on the loan amount you wish to take, for your desired tenure. It also gives you the total interest amount that will be due on the loan, as well as the total payable amount.
With this information, you can plan your repayment more easily to better accommodate your current and future income and expenditures.
You can know your EMI amount in seconds with the help of an online unsecured business loan EMI calculator. Simply use the toggles to enter your desired loan amount, the interest rate levied by the lender, and your desired tenure into the calculator.
The calculator will then instantly display your likely EMI amount, the total interest due, and the overall amount to be repaid.
A business loan EMI calculator is simple to use. All you need to do is enter the loan amount, the rate of interest and the tenure (in months), to calculate your business loan EMI.
A business loan EMI calculator helps you predetermine the amount payable at the end of every month so that you can opt for a loan amount that matches the plans of your business and plan your cash resources accordingly.
The following are the interest and other charges applicable to business loans:
- Rate of interest: 9.75% p.a. to 30% p.a.
- Processing fees: Up to 3.54% of the loan amount*
- Bounce charges: Rs. 1,500
- Penal interest: 3.50% per month (applicable in case of non-payment of monthly instalment on/ before the due date)
You can get an MSME loan of up to Rs. 50 lakh by fulfilling the following eligibility criteria:
- You must be between 24 years to 70 years years
- You must have a CIBIL score of 685 or higher
- You must have a business running for at least 3 years