HDFC Bank Business Loan EMI Calculator
Last Updated : Oct. 30, 2019, 2:56 p.m.
HDFC Bank Business Loan EMI Calculator is the best utility for finding out the appropriate EMI to be paid on business loans from HDFC Bank. If you know the rate of interest, principal amount and the tenure then you can easily get the monthly EMI to be paid to bank. The results of the calculator will also show you the interest payable every year on the loan.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Factors Affecting the EMI Amount
There are mainly three factors that are responsible for the increase and decrease in the loan amount. The three factors are the loan amount, interest rate and repayment period.
Principal Amount:- It is the amount of money which is taken as a loan by the applicant. If the loan amount is increased then the EMI will also increase. If in case the loan amount is decreased then the EMI will also be decreased.
Rate of Interest:- The rate of interest is directly proportional to the EMI. If you are taking a business loan at a high rate of interest then obviously your EMI will get increased. Similarly, in the case of low interest loans, the EMI is also less.
Period of Repayment:- Before taking any loan it is mandatory for the applicant to define the repayment period. If you take a long repayment period then your EMI will be less but the overall interest will be high. On the other hand, taking loans for a shorter period decreases the overall interest amount but increases your EMI.
Reasons for Opting HDFC Bank for Business Loan
There are many reasons for taking HDFC Bank Business Loans . It is not only the loan amount but also the after loan services of the HDFC Bank has impressed the users. Therefore, the users are opting for business loans from HDFC Bank.
Less Paperwork:- There are many users who get irritated with a lot of paperwork. But in HDFC Bank there is less paperwork which makes the user go for HDFC Bank Business Loan. This unique features of the HDFC Bank makes the user apply for a business loan.
No Need of Collateral:- In some business loan schemes of the HDFC bank, the bank doesn’t for any collateral security. One can easily get a business loan without Collateral . So, the users are more inclined toward taking a business loan from HDFC Bank.
No Hidden Charges:- There are some financial institutions that have some hidden charges on the loan amount. But in HDFC Bank all the charges are clearly shown to the applicant and it doesn’t charge a single penny out of the mentioned charges.
The Formula used for Calculating EMI
EMI = P x R x (1+R)^n/((1+R)^n-1)
P stands for the loan amount.
R stands for the interest rate per month.
Small “n” is the time period given by the bank for repayment.
Uses of HDFC Bank Business Loan EMI Calculator
- Determines the instalments to be paid every month for clearing the loan.
- Know the interest amount paid by you every month.
- Know the whole interest amount charged on the loan every year.
- Determines the Principal amount in the EMI.
- Differentiates the interest amount and the loan amount in all the EMIs.
- Graphical representation of the results for the better user experience.
Now you know the uses of HDFC Bank Business Loan EMI Calculator. On the other hand, you also know the various reasons for taking a business loan from HDFC Bank. SO check your EMI first and then decide the appropriate loan amount and the repayment period. Use the various sets of combinations and pick the best one among them.