Union Bank of India Business Loan EMI Calculator
Last Updated : Jan. 3, 2020, 1:30 p.m.
The Union Bank of India Business Loan EMI calculator is an automated tool designed to easily calculate the EMI amount for everyone. An EMI calculator is available online and is completely free which means you can use it as long as you are satisfied. Business Loan EMI calculator helps you analyze EMI amount, total interest amount and total amount payable.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Specialisation that Involves in Calculation of EMI Amount
These are the three specialisations that helps us to calculate the exact EMI amount
Principal Amount:- The principal loan amount is the amount you have taken from the bank for your business expansion, renovation, construction, purchasing offices and many more.
Tenure Period:- This is the period for which you need a loan amount. You can choose a loan for up to 10 years as per your convenience.
Rate of Interest:- The rate at which the interest is charged on the amount borrowed. Its ranges starts from 9.50% p.a – 14.80% p.a.
Formula that helps in Calculating Exact EMI Amount
You can calculate using a simple mathematical formula. The EMI formula is simple and unique which helps in calculating the exact EMI amount. The three variables that help you calculate EMI manually are loan amount, interest and tenure.
E = P x R x (1 + R) ^ n / ((1 + R) ^ n-1)
P stands for Principal Amount
R stands for Interest Rate
N stands for the total number of months during the loan tenure.
Benefits of Using Business Loan EMI Calculator
- Convenient to use
- Fast Calculation
- Graphic Representation
- Get quick results
- Amortization Table
Benefits of taking Loan from Union Bank of India
Below points you can understand why to opt business loan from the Union Bank of India.
High Tenure Option:- As there are some banks which offer high tenure option, Union Bank of India is one of them which offers you a high tenure option to repay the loan amount up to 10 years.
Nationalised Bank:- All want loans at low interest, so always try to choose business loan from nationalized banks. They always charge low processing fees, low interest rates, low documentation fees and many more.
Low Interest Rate:- You can afford business loan at the lowest interest rate that ranging from 9.50% p.a – 14.80% p.a. Before taking any loan, you should know all business loan interest rates and it will make your decision simple and easy.