When considering a secured business loan, it is important to have a clear understanding of your equated monthly instalments (EMIs) before taking the plunge. Secured loans, backed by collateral, offer favourable interest rates and terms. Our EMI calculator simplifies this process, enabling you to assess your EMI payments and make informed financial decisions.
Why calculating your EMI is important
It is important to calculate your loan EMI before proceeding with a loan application. EMI, or equated monthly instalments, denotes the fixed sum you repay every month against your loan for a specified period. It is important to ensure that you can afford the loan you are applying for. You do not want to end up with a loan that you cannot repay. By calculating your EMI, you will get an idea of how much money you need to set aside each month to make your loan repayments.
Steps to calculate your EMI
To gauge your EMI for your business loan, use our secured business loan EMI calculator. Input three key details: the loan amount, interest rate and tenure in years. The calculator promptly computes your EMI, displaying the result on the same page. In addition, it includes a breakdown of the principal and interest amounts. By adjusting the term, you can tailor your repayment options to your finances. By clicking on ‘View repayment schedule,’ you may also view your monthly or annual secured business loan EMIs.
Advantages of calculating your EMI online
Manually calculating loan EMIs is time-consuming and prone to errors. By contrast, an online EMI calculator yields precise results within seconds. This information arms you with insights into interest payments over the loan tenure, enabling better negotiation and interest rate selection.
In conclusion, calculating your secured business loan EMI is an important part of the loan application process. By knowing your EMI, you can make informed decisions about how much you can borrow and whether the loan is affordable for your business. Use the Bajaj Finserv Secured Business Loan EMI calculator to get an estimate of your monthly repayment and help you make a more informed decision.
