Interest rates on your business loan depends on the principal amount you want to borrow as well as the loan tenor.
The basic formula to calculate the interest rate on your business loan is:
E = P * r * (1+r)^n / ((1+r)^n-1)
Where:
• E is EMI
• P is the Principal Loan Amount
• r is the rate of interest calculated on a monthly basis
• n is the tenor/duration of the loan
Check out Bajaj Finserv Business Loan EMI Calculator and determine the interest component of your business loan.
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