Axis Bank Business Loan EMI Calculator
Last Updated : Oct. 30, 2019, 4:20 p.m.
Axis Bank Business Loan EMI Calculator evaluates the final amount of EMI that has to be paid by the customer. You just have to provide the basic information to the calculator and get your EMI to be paid every month. It is mandatory to enter the time period of the loan, yearly rate of interest and the loan amount.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Benefits of Calculating EMIs before taking the Loan
Know your Expenses:- Every middle-class employee always make a budget for the month. So it is really to know the expenses that will incur after taking the loan and it is only possible with the help of Business Loan EMI Calculator . It helps to determine the monthly expenses that will incur once the loan has been taken.
Effects of Interest Rates:- You will also know the effects of interest rate on the amount of EMI with the help of EMI Calculator. An increase in the rate of interest will result in high EMIs. So before taking any loan, it is necessary to know the rate of interest.
Determine Overall Interest:- Every financial institution charge a certain rate of interest on the principal amount. So, you can easily determine the overall interest amount payable in the given tenure with the help of EMI Calculator.
The Formula used in the Business Loan EMI Calculator
EMI = P x R x (1+R)^n/((1+R)^n-1)
P represents the Principal Amount.
R represents the Rate of Interest Per month.
Small “n” represents the tenure given by the bank.
Features of Axis Bank Business Loans
Fast Approval:- If you fulfill all the requirements of a business loan, Axis Bank approves it quickly. There are fewer formalities and the applicant can get the whole loan amount into his account once all the documents are submitted to the bank.
Collateral-Free Loans:- Axis Bank has some loan schemes in which it grants a business loan without collateral . You don’t have to manage a single property for taking the loan. But the loan amount is also limited under this scheme.
Low Processing Fee:- Axis Bank usually charges 1.25% to 1.50% as the processing fee on the loan amount. It is really a low fee when compared to other banks. So you can easily take an Axis Bank Business Loan and expand your business.
Online Facility:- Axis Bank gives you an online facility to manage the business loan. You can use the net banking facility for the payment EMIs. The online portal also shows the pending loan amount and the amount which is already paid.
Parties for whom Business Loan EMI Calculator would be Beneficial
Sole Proprietor:- A sole proprietorship business is only operated by one person. The liability of the owner is unlimited and the personal properties are attached. Therefore he can use the Axis Bank Business Loan EMI Calculator for evaluating monthly instalments.
Partnership Firm:- Many partnership firms need funding for the expansion of their business. So it is advisable to calculate the EMI before taking any loan. This will you to manage your monthly budget in a planned way.
Company:- There are many companies who want to take a loan but they are unable to determine the EMI. So this EMI Calculator will surely help them to know the exact EMI payable on the taken loan amount.
Limited Liability Partnership:- There are some partnership firms whose liability to the business is limited. So they can also know their monthly instalments on loan with the help of EMI Calculator.
Trust and Societies:- Some charitable trust and societies also want business loans. So they can check the overall interest rate payable on the loan with the help of EMI Calculator.