Before you understand how to calculate interest on working capital loans, it is imperative understand the following factors before you apply for a working capital loan.
1. The purpose for which the loan is taken
2. The size and scale of your business
3. Duration of the loan
The general rates of interest on a working capital loan are considerably high, as these loans do not have any collateral attached to them, and they mostly have a short repayment tenor.
Subsequently while considering how to calculate interest on a working capital loan, the principal amount for the entire loan tenor needs to be taken into consideration.
Bajaj Finserv offers Working Capital Loans up to Rs.30 lakh at interest rates starting from as low as 18% that can be repaid conveniently in EMIs stretching up to 60 months. Such loans not only give you large capital to manage short-term business expenses but also offer added benefits like online account facility, special pre-approved offers and more. Further, you can avail these loans in just 24 hours by submitting only 2 documents.
Funds to upgrade machinery
Up to Rs. 30 lakh | Pay only interest as EMI
Manage operational expenses
Up to Rs. 30 lakh | Flexible tenor options
Avail customized loans
Up to Rs. 30 lakh | Minimal documentation
Hassle-free finance for your enterprise
Up to Rs. 30 lakh | Approval in 24 hours