- Things include in the calculation of EMI.
- Manual formula to calculate the EMI.
- Important benefits of using business loan EMI calculator.
- Factors that affect business loan eligibility.
Dhanlaxmi Bank business loan EMI Calculator will help you in many ways which are to find out the EMI amount, total interest amount and yearly interest amount. Using this calculator is very easy and you have an option to use unlimited time at free of cost. So to get the output you need to enter basic details in the calculator that is the Loan amount, the interest rate at which you availed a loan and tenure period.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Parameters to Required to Know EMI
To find the right EMI amount you need three things:-
Principal Loan Amount:- This is the loan amount the lender provided after examining the repayment capacity.
Tenure Period:- This is the period when you are availing the loan. Different banks as different tenures to repay the loan. Dhanalakshmi Bank offers you 12-60 months.
Rate of Interest:- Basically the interest rate plays an important role in your loan. As charged with 12.13% p.a. -14.60% p.a (per annum). So always take a business loan at a lower interest rate so that EMI amount becomes smaller.
Manual Formula to Calculate EMI
This is the formula that helps you find the EMI amount.
EMI = P x R x (1+R)^n/((1+R)^n-1)
P denotes the Principal Amount
R represents the Rate of Interest
N denotes the tenure given by the bank
Some Important Benefits of Using Online Calculator
Time-Consuming:- The online calculator is very easy to use and gives you output in a few seconds just enter the required details at there places. This method is a time-consuming method.
Accurate:- There are many flaws in doing manual calculations if your mind missteps the entire calculation get wrong, but there is no possibility of error through the business loan EMI calculator then you will get 100 per cent accurate result.
Know Overall Interest Amount:- If you have used Business Loan EMI calculator then it will show the total interest amount paid over the entire period.
Comparison:- Through the business loan EMI calculator you can compare the EMI amount charged by various lenders. You can compare with the help of a calculator in a few seconds.
Hassle-Free Process:- This process is very simple and easy. All you have to do is enter three details in the calculator in the first column Enter the loan amount for how much you have availed, the second option for the interest rate and the third option for the tenure period for how long you have been taking the loan. The calculator will display all information related to EMI.
Factors Affecting Business Loan Eligibility
- Loan Repayment track
- Debt servicing ability of the customer
- Financial ratios
- Existing relationship
- Credit Performance / Credit Bureau Update
- Business Vintage