- Some benefits for calculating EMI amount through a business loan calculator.
- Basic Formula Used to Calculate EMI Amount.
- Know Important Benefits to take a loan from Central Bank of India.
Searching for a bank that offers business loans without collateral and processing fees. So there is no need to search more, Central Bank of India offers you both facilities. So you can easily calculate the monthly EMI through the calculator in just a few minutes, just put the value in the calculator which is the principal amount, interest rate and time period in which you are taking the loan. After completing all the details, you can see the monthly installments paid.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Table of Contents
Benefits of Calculating through EMI Calculator
Know Exact EMI Amount – If you calculate EMI manually it will get complicated or you cannot find the exact amount so to save your time and energy use Business Loan EMI Calculator.
Overall Interest Paid – Through the calculator, you get to know the exact overall interest paid at the end of the loan.
Quick Process – There are two methods to calculate the EMI amount, either manually or through a business loan EMI calculator. So if you calculate manually it takes time whereas via calculator EMI calculator you can calculate in just a few minutes. Just enter the required information in the calculator which is the loan amount, tenure and interest charged by the bank.
Benefits to Take Loan from Central Bank of India
NIL Processing Fee – Most banks charge a processing fee of 1-2% of the loan amount. But why you can pay more fee. Get a business loan in NIL processing fee from the central bank of India.
Door Step Service – You do not need to visit the branch for your loan process. All the processes will be done from home through a representative of the Central Bank of India.
Fast Approval – If all your documents are complete, the bank login your file as soon as possible and give approval of the loan in a few days. The loan process is faster with less paperwork and formalities. Hence the borrowers prefer to take a loan from the central bank of India.
Online Process – The entire loan process is online. You have to go to the official website of the bank and fill the loan application. The lender will check your repaying capacity. Based on the CIBIL score, they will decide whether to approve your application or not.
Information Required to Calculate EMI Amount
These are some basic information requires to help you calculate EMI amount.
Principal Amount – So in simple language you can understand that the principal amount is the amount that a borrower is eligible to collect from the bank. If your loan amount is high, interest rate is low then the EMI amount will be attractive.
Interest Rate – You should know the interest rate before taking a business loan. A higher EMI amount is always charged in the form of a higher interest rate. So always take a loan at a lower interest rate so that EMI is low.
Tenure Period – The tenure period is how long you have been taking a loan. If you take a loan for a longer period, the EMI amount may be lower but the tenure is longer. But this will increase the total interest charged on the loan.
Formula Used to Calculate EMI Amount
All you have to do is to place each value at the respective places and calculate the monthly EMI.
EMI = P x R x (1+R)^n/((1+R)^n-1)
P Stands for Principal Amount
R Stands for Interest Rate
N Stands for Tenure Period