Using a Business Loan EMI Calculator to Better Manage Your Finances

Business loans are much of a necessity these days for any entrepreneur who wishes to scale up his/her business. The funds obtained can be used for a variety of business purposes including investing in infrastructure, expanding operations, upgrading to the latest machinery, inventory management, or for just increasing the working capital.

These loans have been customized keeping in mind the needs of modern businesses to offer them enhanced competitiveness and profitability. If eligible, businesses can look forward to loans of up to Rs. 30 lakhs and does not require any collateral to be obtained.

Considering that this is a loan that needs to be repaid back, many entrepreneurs prefer if they know the monthly installment that needs to be paid before applying so that they can adjust their finances accordingly. Realizing this need, many lenders including financial institutions have now come up with what is known as a business loan EMI calculator.

Using this calculator, one can know beforehand what is the amount of installment that needs to be paid each month before applying for the loan.

So, how do you use an EMI Loan Calculator?

Visit the website of your lender and follow the below-mentioned steps -

• Enter the loan amount needed

• Enter the repayment period you would like to opt for

• Enter the rate of interest offered by your lender

Once these details have been entered, the EMI calculator will instantly show the installment that needs to be paid each month.

Knowing the interest rate not only helps you in knowing the installment that has to be paid, but also helps in comparing that on applying from which lender you will pay a lesser EMI.

Also Read: Why Must You Use An EMI Calculator?