Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking. The calculator(s) are not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) are only a tool that assists the users/ customers arrive at results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
Frequently asked questions
Bajaj Finserv offers an unsecured machinery loan or equipment loan that can be used to purchase new machinery or repair existing ones, thus improving business productivity. Machinery loan EMI is a fixed amount that the borrower must pay every month during the entire loan term to repay the loan amount. It is one of the easiest ways to pay off the loan as the repayable amount is 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 interest 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.
It is also known as a heavy equipment loan calculator or equipment lease payment calculator. The machinery loan calculator from Bajaj Finserv is an online EMI calculator that allows you to instantly evaluate your monthly instalments or EMIs.
Below are the benefits of using this machinery loan calculator.
- A prior estimate of an EMI helps you apply for a loan amount that suits your repayment capacity
- It helps you to select your loan tenor and manage your finances better
- It also aids a business in managing its cash flow better and meet every short-term monetary need with ease
You need to enter the following information into the machinery loan calculator to know your EMIs.
- The total loan amount you need
- 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