Ascertain your EMIs with a Business Loan calculator

Each business requires sufficient capital to grow and sustain in the long run. However, you might not always have sufficient funds to fulfil the needs of your business. This is when external funding can be of great help. Some firms offer Equities to interested investors to raise funds. On the other hand, some others prefer applying for a Business Loan.

About Business Loans

A Business Loan refers to a borrowed sum of money that businesses utilise to cover the expenses they fail to afford on their own, in the short term. The Loan amount can be used for expansions, renovation, automation, skill development of employees, modernisation, etc. This, in turn, can enable you to boost the profitability of your company and grow your business in the future.

However, before you apply for such a Loan, it is crucial to know if you will be able to afford it presently. You can ascertain this by determining your equated monthly instalment or EMI amount, and a Business Loan Calculator helps you.

How does the calculator help?

It is an online tool that allows you to calculate the EMI of your Business Loan before applying for it. This enables you to compare various options and plan your monthly budget accordingly. The calculator computes an approximate EMI for the Loan that you wish to avail of, for your chosen tenure. It also determines the total interest and the total amount payable for the Loan.

How to use it?

Banks offer various Business Loans. However, whether you apply for a Loan under the Pradhan Mantri Mudra Yojana or any other Business Loan, it is wise to determine the amount, you should repay every month. To do this, you can pick any Business Loan EMI calculator and simply follow these basic steps:

• Enter the Loan amount you have decided to borrow from the lender.
• Select the rate of interest that will apply to your Business Loan if it is not already selected.
• Choose a desired tenure for your Loan.
• Next, hit the ‘Calculate’ button.

The online Calculator will compute and display your Business Loan EMI within seconds.

Advantages

Some key advantages of using a Business Loan calculator are:

• It will help you understand the approximate amount of EMI you have to repay if you avail of the Business Loan you desire.
• The results are displayed instantly. Hence, it saves time and aids in your Loan planning.
• It enables you to compare different variables and arrive at a monthly figure you are comfortable with.