- Manual formula to calculate EMI amount.
- Benefits of using business loan EMI calculator.
- How EMI calculator works.
- Some benefits of availing loan from Indian overseas Bank.
Indian Overseas Bank Business Loan EMI Calculator is one of the best calculators to calculate EMI amount in few seconds. It is very easy to operate from anywhere anytime. Use the Indian Overseas Bank EMI calculator to know the exact EMI amount and get the result in a few seconds. This process is very simple and time consuming. The loan amount, tenure and interest rate are the three main parameters to calculate the EMI amount.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Benefits of Availing Business Loan from Indian Overseas Bank
Low Processing fee:- Once the loan amount is approved, then pay the processing fee according to your loan amount. The fees range from ₹ 1000 to ₹ 20,000.
Low Interest Rates:- Nationalised banks charge a lower rate of interest than a private bank. Therefore, instead of taking a loan from a private bank, opt for a loan from a nationalised bank at a lower interest rate.
Fast Disbursement:- If you fulfill all the basic needs of the bank and submit all the relevant documents then the loan will be disbursed in your account very quickly.
Door Step Services:- You can take advantage of the convenience of the doorstep. Doorstep service is simple and secure. Nowadays most of all banks provide doorstep services which do not require you to visit a branch for loan processing. The entire process will be done at home.
Formula for Calculating EMI
If you are quite good at math and are confident then you can easily calculate EMI amount by using a mathematical formula that is:-
E = P x R x (1 + R) ^ n / ((1 + R) ^ n-1)
P denotes Principal Loan Amount
R denotes Interest rate offered by Bank
N denotes Number of years for loan
E denotes EMI (Equated Monthly Installment)
How Indian Overseas Bank Business Loan EMI Calculator Works?
An EMI calculator is an easy tool that helps you to calculate the monthly amount payable to the lender every month. These three things are required to calculate the EMI amount which is the principal amount, interest rate and tenure term.
Principal Amount:- This is the amount that the bank lends to you as a loan amount. The loan amount will depend on your past history, credit score, credit worthiness. The EMI will be higher if you have a higher loan amount.
Tenure:- It refers to the total time period given for repayment of the loan. Indian Overseas Bank offers you a loan for up to 10 years.
Interest Rates:- The rate of interest is the rate charged by the lender on the principal amount. Basically the interest rate varies on the types of loans.
Benefits of Using EMI Calculator
These are some benefits that help you to calculate EMI amount .
- Simple and hassle free calculation
- Time consuming
- Quick Results
- Fast Calculation
- Get exact EMI amount
- No Error Chances
- Graphical Representation