Machinery Loan EMI Calculator

Bajaj Finserv offers an unsecured machinery loan or equipment loan which can be used to purchase new machinery or repair existing ones, thus, improving business productivity. Machinery loan equated monthly instalment or EMI is a fixed amount that the borrower must pay every month towards the loan repayment throughout the entire loan tenor. It is one of the easiest ways to pay off the loan as the repayable amount gets distributed in smaller instalments over the entire tenor.

An EMI is a fixed amount comprising the loan principal and the interest accumulated on it. This way, the total loan amount along with interests gets cleared off without straining one’s budget.

You can now calculate your EMIs easily using the machinery finance calculator before applying for the loan.

Also termed as a heavy equipment loan calculator or equipment lease payment calculator, the machinery loan calculator from Bajaj Finserv is an online EMI calculator which allows you to instantly evaluate your monthly payments or EMIs.

Below are the benefits of using this machinery loan calculator.

• Estimate of an EMI helps you to opt for a loan amount as per your repayment ability.
• It helps to select your loan tenor and manage your finances better.
• It also aids a business to manage its cash flow better and meet every short-term monetary need with ease.

You need to enter the below parameters on the machinery loan calculator to know your EMIs.

• The total loan amount you want to avail.
• The rate of interest
• The tenor of the loan

It computes the EMIs according to the following formula:
E = P * r * (1+r)^n / ((1+r)^n-1)

Here,

‘E’ stands for EMIs
‘P’ stands for the principal amount
‘R’ stands for the rate of interest per month
‘n’ stands for loan tenor in months