- Some of the benefits of using business loan calculator.
- Mandatory things to calculate EMI amount.
- Formula to calculate business loan amount.
As everyone wants a business loan at a low interest rate, so the loan here is the best option to get a business loan at an attractive interest rate which is Federal Bank. So while taking any business loan you should know your exact EMI amount so that you can avail the loan accordingly. You can calculate EMI amount in few seconds from Federal Bank Business Loan Calculator. With the help of calculator you can easily know the exact amount to be paid over the entire period. You just have to enter the basic details which is the principal amount, interest rate and tenure.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Mandatory Fields Required to Calculate EMI Amount
These are the three mandatory fields that helps to calculate the exact EMI amount.
Principal Amount:- Principal amount is the amount that is taken by the borrower for expansion of existing business, purchase of new property, renovation, purchase of new office or building and many more. So before taking any loan you should calculate EMI using Business Loan EMI Calculator.
Interest Rates:- Since different banks have different interest rates, you must know the exact interest rate before availing the loan. As we know, interest rates play an important role in taking business loan.
Tenure:- Tenure is basically how long you have been taking a business loan. As federal banks offer to pay you a loan of up to 120 months. So if you take a loan for a longer tenure, the EMI will be lower, hence it reduces your burden.
Basic Formula Used to Calculate EMI
So there are basic two methods that is used to calculate EMI amount that is manually or via business loan EMI calculator.
If you are good at maths and are very confident, then you can calculate the EMI amount yourself by putting the values in the given formula.
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 (How long you are availing loan)
There is another method to calculate the EMI amount in just a few seconds through the Business Loan EMI Calculator. Through calculator you can save a lot of time and energy. You have to just enter the basic details in the calculator that is principal amount, interest rate and tenure.
Benefits of Calculate EMI Amount through Federal Bank Calculator
Graphic Representation:- With the help of Federal Bank Business Loan, EMI calculator gets all the information through graphical which is easy to understand. The pie chart contains the following information which is the principal amount, tenure and interest rate.
Access Anytime:- You can easily use the EMI calculator anytime and everywhere. This calculator is very easy to use as per your convenience. You can use calculator from mobile, desktop, tab and laptop.
Time Consuming:- Manual calculation takes a lot of time, energy and complex. This can be a long process. Instead of calculating manually use Business loan EMI calculator. It gives you output in a few seconds and saves time and energy.