- Calculate the EMI amount by using EMI calculator.
- Three important parameters required to calculate EMI amount.
- What are the benefits of using EMI calculator.
Oriental Bank of Commerce Business loan EMI calculator makes it easy to find monthly installments on your loan. Business loan calculator helps you calculate your exact amount immediately. To calculate your EMI, simply enter basic details such as loan amount, interest rate and loan term, and your EMI is displayed immediately.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Parameters to Calculate EMI Amount
Basically these are the three parameters that helps you to calculate the EMI amount.
Loan Amount:- The principal amount is the amount taken by the borrower as a loan. Hence the interest rate is applicable and it will be divided in your EMI according to your tenure.
Tenure Period:- As all banks offer different loan term options to repay the loan. Even if you have the option to choose the repayment tenure option as per your suitability.
Interest Rate:- Yes, interest rate plays an important role in our loan amount. Whether the interest is fixed or floating. It totally depends on the type of loan you are availing. Since higher interest rate will affect your EMI amount. So always try to take a loan at a lower interest rate, this will reduce your EMI burden.
Benefits of Using EMI Calculator
Error Free Calculator:- So if you use business loan EMI calculator then there will be no possibility of error. This calculator is completely error free.
Saves Time:- If you do the calculation manually it will take a lot of time and you may not get a correct answer where the EMI calculator gives the output in a few seconds and saves a lot of time and energy.
Accurate EMI Amount:- You want the exact amount in a single shot, so enter the basic details in the calculator. The principal amount you want to take, the interest rate and tenure. So get accurate EMI amount easily.
Convenient to Use:- As people think EMI calculator is difficult to use but in reality it is not. It is very simple and convenient. You only need to fill the loan amount, interest rate and tenure on the given calculator. For example-
Loan Amount:- 1,00,000/-
Interest Rate:- 10%
Tenure period:- 36 months
Perfect Break up of the Repayment:- If you calculate through EMI calculator, then you can correctly find out the monthly EMI like repayment, total amount including interest, flat rate per year, flat rate per month, total interest amount, annual interest amount.
Formula That Helps to Calculate EMI Amount
This is the formula to calculate the EMI amount
E = P x R x (1 + R) ^ n / ((1 + R) ^ n-1)
P= Principal Loan Amount
R= Rate of Interest
N= Tenure Period (How long you are taking Loan)
As above formula helps you to calculate EMI amount. So if you are sure that you can calculate EMI amount manually use the formula otherwise you can calculate by using EMI calculator.