BUSINESS LOAN EMI CALCULATOR

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Reasons Why You Need a Business Loan Calculator

The small business enterprises existing in the present serve as the backbone of the Indian economy. These businesses are growing at a breakneck pace considering the huge demand for their products and services amongst the customers. Nevertheless, the main problem with SMEs in India is that they generally do not have sufficient capital to do their work procedures smoothly. Hence, going for a business loan becomes inevitable for them. These enterprises use the money generated through loans for varied requirements like business expansion, working capital management, and other business operations. These loans, which can be repaid in fixed monthly EMIs, can get a little challenging to deal with in the absence of a business loan EMI calculator. Here, we will know how a business loan calculator can prove to be advantageous for the borrowers.


Advantages of Using a Business Loan EMI Calculator

The SMEs and even individuals who think of taking business loans generally have a certain loan duration and amount in mind. An EMI calculator can prove to be very advantageous, especially for beginners in availing business loans. These calculators come with three options: the rate of interest on the loan, loan amount, and loan tenure.

One of the greatest business loan calculator benefits is that they help borrowers measure their loan EMIs in the simplest way possible. They simply need to feed their loan amount, rate of interest and loan tenure to get immediate results. The calculator calculates equal payments need to be made every month by businesses taking up the loans.


The Work Procedure of a Business Loan EMI Calculator Online

  • The EMI on a business loan is also called Equated Monthly Installment, and it denotes the monthly payments that need to be made against the loan amount availed by the borrower. There are two crucial parts of an EMI, viz borrowed principal amount and accumulated interest. The accumulated interest is calculated on the interest rate agreed upon by the borrower at the time of loan disbursal.
  • Using a business loan EMI calculator online, you will find that the use of this machine involves an easy formula. It goes:
  • EMI amount= Principal amount x rate of interest x (1+rate of interest) loan duration/ (1+rate of interest) loan duration-1
  • Using the same formula for calculating the monthly installment amount paid against a business loan can be troublesome. Hence, NBFCs and other financial organizations have come up with their very own versions of an SME loan EMI calculator.


Basic Eligibility Criteria

Minimum Business Vintage 1 year
Monthly Business Sales Minimum 2,00,000

Documents Required for Garment Business Loan

Personal KYC PAN card
Residential Address Proof (Any One) Rent Agreement | Driving License | Voter's ID | Ration Card | Passport | Aadhar Card
Banking Last 6 months current account bank statements
Business KYC (Any One) GST Registration Certificate | Shops & Establishment Certificate | Business PAN Card

Frequently asked questions

What are the purposes for which I can get a loan via FlexiLoans?

FlexiLoans is here to provide you financial access for your business funding needs. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the loan. You may get loans via FlexiLoans for:
  • Expanding your business
  • Servicing regular working capital needs
  • Managing seasonal working capital requirements
  • Manage short term cash flow gaps

Why should I avail loan via FlexiLoans?

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

What documents are required to apply for a loan?

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months

Are there any charges other than interest rate that I have to pay to avail the loan?

We may charge processing fee to facilitate the loan towards legal and documentation charges. You may be charged penal charges for late or irregular payment behavior.

Why will a person opt for an unsecured business loan?

You do not need collateral in an unsecured business loan; you can get a business loan only based on your business performance. Therefore it's less risky and hassle free.

Who can get a business loan?

At FlexiLoans to those businesses whose business has been running for at least 1 year and has monthly total sales of at least ₹2,00,000.

How is interest rate calculated on a business loan?

  • Business Loan interest rate is calculated basis- E = P * r * (1+r)^n / ((1+r)^n-1).
  • Here, P signifies principal loan amount, r signifies the interest rate, n stands for tenor in months and E signifies the EMI amount.
  • You can use the FlexiLoans EMI Calculator to check the interest payable, EMI amount and more.

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months

We may charge processing fee to facilitate the loan towards legal and documentation charges.

You do not need collateral in an unsecured business loan; you can get a business loan only based on your business performance. Therefore it's less risky and hassle free.

At FlexiLoans to those businesses whose business has been running for at least 1 year and has monthly total sales of at least ₹2,00,000.

  • Business Loan interest rate is calculated basis- E = P * r * (1+r)^n / ((1+r)^n-1).
  • Here, P signifies principal loan amount, r signifies the interest rate, n stands for tenor in months and E signifies the EMI amount.
  • You can use the FlexiLoans EMI Calculator to check the interest payable, EMI amount and more.