It is a sound practice to calculate your potential business loan EMI before applying for business finance. But visiting a lending institution just to figure out the same can be bothersome.
Here is some good news! You can now accurately calculate your EMIs in advance with the help of a business loan EMI calculator. No matter how big or small the loan amount, this calculator can help you reach a comfortable monthly instalment figure along with a suitable tenure.
How Does a Calculator for Calculating a Business Loan Works?
A business loan EMI calculator is an incredibly user-friendly tool that helps you plan your entire EMI repayment schedule within seconds. You only need to enter three values in the calculator:
- Principal (desired loan amount)
- Rate of interest
Once you input these three figures, the calculator lets you know your monthly instalment instantly.
Benefits of Using an EMI Calculator for Business Finance or Loan
Apart from being the fastest and the most accurate method of calculating your EMIs, this calculator comes with the following host of advantages:
User and Mobile-Friendly
Not only is this calculator incredibly easy to use, but you can also interact with it on your smartphone—no need to open your laptop or tab and scout for this app. If you like a particular lender and wish to check how their interest rates will affect your overall EMI burden, search for their calculator on your phone.
Let’s you Try out Various EMI Permutations and Combinations
Before settling on any one EMI option, you can try various combinations on the calculator to determine the best rate, principal amount, and tenure for repayment. An interactive tool such as this calculator can help you visually see how increasing one value decreases the other and vice-versa. You can stop when all three figures reach a point you want.
Supports Financial Planning
You can use the calculator to estimate the EMI combinations most suited to your business-specific requirements. This way, you will know exactly what EMI amount you will have to pay every month before borrowing the loan, thus helping you plan your monthly finances favourably.
Eligibility Criteria for Availing of Business Finance
Wondering whether you are eligible for business finance or not? Check out the standard eligibility criteria used by most lenders and decide for yourself:
- Most lenders extend business finance to borrowers aged between 25 and 65 years.
- Your business must show a positive trend in profits. It should preferably be up and running in whichever capacity for 3 years.
- You should have filed income tax returns for your business for at least one year.
If you are in the market for business loan, make sure to compare lenders before applying. One of the best ways to do so is by comparing ROIs and the eligibility criteria they follow. But most importantly, remember to calculate EMIs on your desired loan terms with the help of an online calculator.