IndusInd Bank Business Loan EMI Calculator
Last Updated : Nov. 2, 2019, 1:05 p.m.
IndusInd Bank Business Loan EMI Calculator can be used for evaluating EMI on a certain amount of loan. You can easily get all the details of your EMI with the help of an EMI Calculator. The results will display the monthly interest amount and the overall interest charged on the loan. Pre-Calculation of EMI is beneficial for planning future expenses. You can manage your expenditure and cut out unnecessary expenses once you know the EMI.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Benefits of Calculating EMI before Applying for Loan
Manage your Expenses:- Many borrowers don’t know the exact EMI that would be payable on the loan amount. Therefore it becomes difficult for them to plan their expenses. The business loan EMI Calculator has overcome this problem. Now you can easily manage all the expenses once you know the EMI.
Monthly Interest Calculation:- Many EMI calculators only calculate the EMI but they don’t show the interest amount and the principal amount included in it. But in this EMI calculator, you can find the monthly interest amount included in the EMI.
Yearly Interest Calculation:- This EMI Calculator also displays the overall interest amount charged by the bank on the business loan. You can easily compute the amount of interest charged every year and the overall interest amount.
Know the Remaining Principal Amount:- The EMI Calculator will also display the remaining principal amount every year excluding the interest amount. You can determine the exact remaining amount of the loan.
How does an Business Loan EMI Calculator Works
In order to calculate the EMI, you have to apply the formula given below:-
EMI = P x R x (1+R)^n/((1+R)^n-1)
So in the EMI Calculator, this formula is embedded and it automatically calculates the exact EMI for the month.
In this formula, P is the principal amount taken by the borrower. The R represents the rate of interest at which the loan has been given. The small “n” is the time for which loan has been granted.
If you apply the formula manually then you can get the exact EMI. But it is a time taking task and it needs a lot of concentration and attention. Any kind of negligence or in the calculation will result in the wrong computation of EMI. Therefore, the EMI calculator has been invented to save time and energy.
IndusInd Bank Business Loan
Many borrowers are inclined towards IndusInd Bank Business Loan because of their dedicated services.
- It has as fast loan processing speed and one can take the loan easily once he completes all the eligibility.
- The business loan interest rate is also competitive.
- It doesn’t have a lot of paperwork.
- Once all the formalities are fulfilled the bank quickly disburse the loan.
- Reliable services are provided even after the disbursement of the loan.
- 24X7 availability of customer care executives.
How does the Business Loan Eligibility is Affected
- The borrower is having a negative CIBIL Score.
- One has a bad repayment record.
- Relationship with the bank.
- Age of the business that is the business vintage period.
- Having a continuous negative working capital ratio.
Finally, you know how the IndusInd Bank Business Loan EMI Calculator is effective and helpful. You can use the calculator by entering the time period of the loan, rate of interest and the principal amount. It is better to use the business loan EMI Calculator rather than using the manual calculation method.