- Some important benefits of using EMI calculator.
- Required things to calculate EMI.
- Know the formula used for manual calculating EMI.
- After the calculation of EMI what things are available in the result.
DCB Bank Business Loan EMI calculator is easy to use so that you can calculate your EMI amount easily. The calculator will tell you the monthly EMI paid on your loan amount. The DCB Bank Business Loan EMI calculator will also show you the total amount payable at the end of the period, including the principal amount and the interest amount.
|Monthly Instalment (EMI)
|Total Interest Amount
|Total Amount (Principal + Interest)
Information That Required to Calculate EMI
Basically these are the three parameters that help in knowing your EMI.
Loan Amount:- This is the amount you want to buy from the bank as a loan. If your amount is too high then you will have a higher EMI amount. So always try to take a loan at the lowest interest rate.
Rate of Interest:- As we know, the interest rate plays an important role in our loan. The interest rate is taken on the loan amount that you have taken from the bank as a loan. This interest rate is decided on the basis of the previous tracks, credit score, business nature and more.
Tenure Period:- This is the period when you are availing the loan. So DCB Bank gives you the option to pay the loan for 15 years. You can pay according to your appropriate.
The Formula Helps to Calculate EMI
This is the basic formula that helps in calculating EMI amount easily. It is a manual method for calculating EMI. What you need to do is put the value in places and calculate the monthly EMI.
E = P x R x (1+R)^n/((1+R)^n-1)
E denotes for EMI ( Equated Monthly Instalment)
P denotes for Principal Amount
R denotes for Rates
N denotes for Tenure Period (It is that period for how long you take a loan)
In this way, you can calculate the EMI amount. But the only drawback of manual calculation is that this method is more complex and time-consuming.
Things Include in EMI Results
Monthly EMI (Equated Monthly Instalment):- An EMI is a fixed payment amount that is given by the borrower to a lender on a specified date every month. Even you can get the exact amount to be paid with the help of business loan EMI calculator.
Total Amount to Paid:- You will know that the total amount to be paid at the end of the loan. To get this output you have to enter the principal amount, the interest rate that is taken on your loan.
Yearly Interest Amount:- Many users are unable to ascertain the interest amount taken on the loan. But this EMI calculator will show you the overall interest charged on the loan over a specific term.
Benefits of Using Business Loan EMI Calculator
- This gives you results in graphic and pie charts.
- There will be no error. Probability always gives you accurate results.
- The calculation process is very fast.
- There will be no fee that is free to use
- Manual calculations take time, where the calculator spends less time.