- Calculate your EMI with the IDBI Bank Business Loan EMI Calculator.
- Know about the benefits of taking a loan from IDBI Bank.
The IDBI Bank Business Loan EMI Calculator is the best calculator to calculate your business loan EMI. So before taking a loan, you should know your monthly EMI. With the help of the calculator, you can calculate EMI in just a few seconds. This process is very quick, simple and gets an accurate EMI amount. The information you enter in the calculator is the loan amount, rate of interest and the period of time for which you are taking a business loan. After filling in all the details, below you can see the monthly installments paid.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
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Benefits of Taking Loan from IDBI Bank
Collateral Free – You can get a business loan from IDBI Bank without collateral. The collateral-free loan has a maximum limit of ₹ 35 Lacs. Therefore you have to fill the basic requirements of the bank.
Low Processing Fee – You can avail a business loan at a low processing fee from 0.5% – 1% of the loan amount. Once the loan is approved, this fee will be deducted from the loan amount while sanctioning the loan. This fee is charged only once.
Attractive Interest Rates – As we know that nationalised bank interest rate is very low as compared to private banks. So instead of taking a loan at a higher interest rate, take a loan from IDBI Bank. So before taking a business loan, check the business loan interest rate and then apply.
Door Step Service – If you cannot visit the branch for the loan process then there is no need to get upset. Hence all services are offered at your doorstep by a representative of IDBI Bank. Doorstep banking is simple and secure.
Quick Disbursement – If you fulfill all the basic requirements of loan processing, then you can easily take a loan from IDBI Bank. If you provide all the documents on time, there will be a quick process from approval to disbursement.
Formula to Calculate IDBI Bank Business Loan EMI
There are two ways to calculate business loan EMI manually and through a calculator. Manually it takes a lot of time and energy while the IDBI Bank Business Loan EMI calculator helps in calculating in a few seconds. You have to enter some details in the calculator like principal amount, interest rate, tenure. So you can calculate through below formula:
EMI = P x R x (1+R)^n/((1+R)^n-1)
P stands for Principal amount.
R stands for the interest rate.
N stands for Tenure.
There are several loopholes in calculating EMI manually. Your concentration should be very important even a small mistake can lead to incorrect calculations. Therefore it would be better to use the Business Loan EMI Calculator.
IDBI Bank Business Loan Eligibility
- Proprietorship Firm
- Pvt Ltd. Companies
- Limited Liability Partnership
- The Minimum business vintage is 3 years.
- The borrower age must be 21 years and maximum of 65 years.