IDFC First Bank Business Loan EMI Calculator
Last Updated : Nov. 11, 2019, 5:36 p.m.
IDFC First Bank Business Loan EMI Calculator is the best tool can be used for computing EMI. It will tell you the exact monthly EMI payable on the loan amount. You can also compute the overall interest amount you will be paying on loan. This can help you in deciding the rate of interest at which you are willing to take the loan. The IDFC First Bank Business Loan EMI Calculator will also show you the total amount payable at the end of the period including the principal amount and the amount of interest.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Determining Factors Included in EMI Calculation
Interest Rates:- Before taking any business loan, you must know the business loan interest rates. So the rate of interest is mandatory to be entered in order to compute the EMI. A high rate of interest result in the computation of more EMI. So it is better to take a business loan at a low interest rate so that there would be less EMI burden.
Principal Amount:- The principal amount is the loan amount taken by the borrower. In order to compute the EMI, you will have to enter the principal amount in the calculator. If you’ll increase the loan amount then your EMI will also be increased. So before applying for a business loan organise your expenses first and then apply for it.
Repayment Period:- In this Business Loan EMI Calculator you also have to enter the time period for which you are taking the loan. You should enter the tenure in months and not in years. If you want to reduce the amount of EMI then you can increase the time period. But on the other hand, the interest amount will also increase.
Compute Monthly Business Loan EMI Manually
The only way to compute EMI manually is by using the manual formula. You can use the formula given below for evaluating a perfect EMI:-
EMI = P x R x (1+R)^n/((1+R)^n-1)
This formula is quite complex and you’ll need some mathematical expertise for calculating the EMI manually. If you are ready to use the manual formula then follow the instruction mentioned below:-
P Denotes the loan amount taken by the borrower.
R is the rate of interest at which the loan is given.
Small “n” is the tenure for which the loan has been taken.
Benefits of Taking a Business Loan from IDFC First Bank
Fast Approval:- Once you submit all the required documents to the bank, the institution immediately disburses the loan. The approval of the loan is fast without any delay . You don’t have to visit the branch again and again for doing the paperwork. You can avail this benefits if you are taking a loan from IDFC First.
Doorstep Service:- IDFC First also provide the door-step service to their customer. If you are unable to visit the branch or doing the formalities, then IDFC First sends their representative at the door-step all the paper work.
Collateral Free Loan:- You can also take a business loan without Collateral from IDFC First Bank. There is no need to mortgage any property for borrowing the business loan. The amount limit for taking a collateral free IDFC First Business Loan is Rs. 9 Lacs.
Long Tenure:- IDFC First has a long repayment period in comparison with other financial institutions. You can get a business loan for 4 years and a time of 48 months is enough to clear the loan. But a long loan tenure affects the business loan interest rates and amounts.