Frequently asked questions
The easiest and standard method of repaying your loan is via EMIs. Your loan gets divided into equal, fixed sums that you pay monthly until you have fully repaid your loan. 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 accommodate your current and future income and expenditures.
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. It will help you opt for a loan amount that matches the plans of your business and plan your cash resources accordingly.
The rate of interest is between 9.75% to 30% per annum.
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
- You must have a CIBIL Score of 685or higher
You must have a business running for at least 3 years.