SBI Business Loan EMI Calculator
Last Updated : Oct. 30, 2019, 6:28 p.m.
SBI Business Loan EMI Calculator is one of the best utility to know the exact EMI payable every month on the loan amount. All it needs is the principal amount, rate of interest and the time period sanctioned by the bank for repayment. You can see all the details of your EMI. It includes the principal amount and the amount of interest that is shown differently in this EMI Calculator.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Factors Responsible for the Fluctuations in EMI
Principal Amount:- It is obvious that EMI will increase if you take a huge amount of business loans. As the loan amount increases the EMI will also get increased. Therefore before taking a business loan make sure that you need that much amount of money.
Interest Rates:- All the available financial institutions grant a business loan at a given rate of interest. So a high rate of interest results in the increase in EMI. Before taking any loan, compare the rates of all financial institutions and take the loan with the cheapest rate.
Tenure:- The tenure is basically the time period for the loan has been taken. On an average basis, business loans are usually given for a maximum period of 5 years. So a long repayment period will decrease the EMI but on the other hand, it will increase the overall amount of interest.
The Formula used in EMI Calculator
EMI = P x R x (1+R)^n/((1+R)^n-1)
P Denotes the loan amount taken by the applicant.
R Denotes the rate of interest chargeable per month. (Usually the bank provides a yearly rate of interest)
Small “n” is the repayment period given by the bank.
Why People Choose SBI Business Loan
Nationalised Banking Institution:- It is a common fact that SBI is a nationalised banking institution and many people trust it blindly. So this is the reason for taking an SBI Business Loan for the business expansion.
Low-Interest Rates:- As SBI is a nationalised bank, So the rate of interest on the business loan is also less than the private banks. Before taking any loan you must know all the business loan interest rates and then make your decision.
Loan upto 20 Crores:- SBI has the facility of giving business loans up to 20 Crores. If you fulfill all the criteria of the loan, then taking a loan of up to 20 crores would not be a problem. Large business enterprise can get this type of business loan.
Fast Processing:- Once you submit all the required documents to the bank, the bank will disburse the loan quickly without any delay. The processing speed of the loan is fast and therefore people take business loans from SBI .
Specifications of Business Loan EMI Calculator
The business loan EMI Calculator will help you to find out the following information:-
- EMI to be paid every month by the applicant.
- Amount of interest included in the EMI.
- Amount of loan included in the EMI.
- Overall interest that will be charged in the given period.
- Graphical representation of all the results.
You can easily calculate the EMI with the help of the SBI Business Loan EMI Calculator. You can see the interest amount chargeable every month. This calculator will help you to find out the expenses as EMI of the loan. Once you know the EMI, it will be easy for you to decide the loan amount and the time period for taking the loan.