Lendingkart Business Loan EMI Calculator
Last Updated : Nov. 6, 2019, 5:06 p.m.
Lendingkart Business Loan EMI Calculator is basically used to calculate the monthly installments that user has to pay on the loan amount. You can easily determine the EMI before taking any loan. This calculator needs the loan amount, rate of interest and the time period of the loan. Once you enter all the details, it will take less than three seconds to calculate the EMI. It will also show you the overall interest amount and the total amount payable at the time of loan expiration.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Why People Choose Lendingkart Business Loan
Flexible Range of Loan:- Lendingkart has the option to take a minimum loan of ₹50,000/-. So if you are in a need of a small business loan then Lendingkart would be best option. The range of taking the Lendingkart Business Loan is from ₹50,000/- to ₹2 Crore. First, you should prioritize your expenses and then take the loan according to it.
Customized Repayment Period:- The repayment period of the loan is also flexible. If you have the capability of clearing the loan early then you can customise your EMI for a period of 6 months. The maximum repayment period given by the bank to the borrower is 3 years that is 36 months.
One Time Processing Fee:- Lendingkart charges a processing fee of 1% – 2% on the loan amount only once. It is a low processing fee in comparison with other financial institutions. This fee will be deducted from the loan amount once the loan is approved.
Weekly EMI Option:- Lendingkart Business Loan has also an option to pay the weekly EMI. The bank will compute the EMI in terms of the week and you have to pay it accordingly. But don’t worry because the monthly repayment option is also available.
Collateral Free Business Loan:- Lendingkart is a non-banking financial institution that grants business loan without collateral . You can take the business loan up to a certain limit without mortgaging a single property in the bank. This option is beneficial for those businessman who don’t have any property or assets to keeps as security.
The Equation for Computing an EMI on a Loan
EMI = P x R x (1+R)^n/((1+R)^n-1)
As you can see the manual formula for calculating a business loan EMI is quite complex. It will take a lot of time and you will have to be careful about each every step. So if you are ready to calculate the EMI manually then place the values according to the following instructions:-
Place the Loan Amount in the Place of “P”
Put the Rate of Interest in the Place of “R”
The small “n” denotes the time taken for repaying the loan.
If you are good at maths then you can use the manual procedure otherwise the Business Loan EMI Calculator would be suitable option for you. So it is up to you which method you follow for computing the EMI.
Benefits of Using Business Loan EMI Calculator
Hassle-Free EMI Computation:- Lendingkart Business Loan EMI Calculator evaluates the EMI in just three easy steps. You have to enter the rate of interest, Loan Amount and the time period. The calculator will display all the information related to the EMI.
Know the Overall Interest Amount:- This EMI Calculator also display the total interest amount that will be charged on the loan amount at a certain rate of interest. You can determine the loan to be taken and the repayment period by keeping an eye on the amount of interest.
See EMI Fluctuations:- You can also fluctuations in EMI by entering a different tenure and loan amount. This technique will help you in deciding the expenses that you can bear once you take the business loan.