To know how much EMI you have to pay on the given amount, tenure and interest rate. Use the UCO Bank Business Loan EMI calculator. This calculator helps you easily calculate monthly instalments. Now you will not worry about EMI.
|Monthly Instalment (EMI)|
|Total Interest Amount|
|Total Amount (Principal + Interest)|
Table of Contents
Mandatory Field to Calculate EMI
Loan Amount:- It is basically the amount that is taken by the borrower from the lender. This amount can be used for various purposes such as renovation, construction, buying assets, buying new offices and more.
Rate of Interest:- The interest rate is that rate which the lender charges your fund. This interest rate is charged monthly or annually. A higher interest rate will charge a higher EMI amount while a lower interest rate always has a lower EMI amount.
Tenure Period:- The tenure is for the period as long as you are availing the loan. Different banks have different tenures. This tenure depends on your repayment capacity of the loan amount. UCO Bank offers you a loan of up to 10 years.
Basic Formula that Helps to Calculate EMI
So there are many ways to calculate the EMI amount. So you think that you can calculate the EMI amount manually. You can easily calculate the EMI amount through the formula given below.
E = P x R x (1 + R) ^ n / ((1 + R) ^ n-1)
E stands for EMI
P stands for Principal Amount
R stands for Interest Rate
N stands for Tenure Period
If you know mathematics and believe in yourself then you can do the calculations manually. This method is easy for those who specialize in mathematics otherwise you may be puzzled. This is a time-consuming method, if your mind will go into some other work then you may get the wrong result. It requires full concentration.
Although you can choose another way to calculate business loan EMI calculator. You can get results in a few seconds. Putting the values in the calculator, which is the loan amount, interest rate and tenure term.
Benefits of Calculating EMI Amount Through Calculator
People think that using EMI calculator is a difficult task but in reality, it is not difficult. Here are some benefits of using a calculator which can clear your doubts.
Graphical Representation:- Basically the graphic representation will depend on the type of information. It is easier to understand, enhanced structured thinking, in pie chart form, more creativity.
Accuracy:- If you can calculate EMI amount manually, then there may be an error, but calculating through online UCO Bank Business Loan EMI calculator can give you a hundred per cent accurate in the calculation.
Quick Calculation:- If you can calculate manually it will take hours but the online calculator gives you the output in a few seconds, even if you do not re-test the result again and again.
Easy to Use:- Using this tool is very easy for you. You do not have any technical methods. Just by entering some details which are enough to get the desired result.