Calculate Your Business Loan EMIs Easily with These Tools
Business expansion requires smart and strategic planning. Businesses often require capital to expand and grow. Since the fund requirement of businesses may range from small to large amounts, borrowing a business loan can be a smart idea! But when it comes to borrowing funds, one of the quintessential concerns for anyone is the interest rates charged. To have a lump-sum idea of business loan interest rates, you may use EMI calculators. Read on to learn more about business loan EMI calculators.
What is a Business Loan EMI Calculator?
EMI calculators for businesses are advanced online tools that help you calculate the EMI chargeable on a specific loan amount. You can access and use EMI calculators online without any hassle. By entering details of your preferred loan amount, you can quickly calculate the lump-sum monthly instalments that have to be repaid.
How Does an EMI Calculator Work?
As someone who is new to EMI calculators, you may want to know how this tool works. Online calculators are quite easy to use and provide you with instant calculations, just like a digital calculator. Let’s see how it works:
Rutuja, a 34-year-old radiologist is looking to purchase new MRI machines for her pain management clinic. For this purpose, Rutuja is planning to borrow a business loan of ₹1 crore.
However, before borrowing the loan amount, Rutuja wants to learn about the EMI that will be charged on ₹80 lakhs business loan amount. Since visiting banks is a tedious task, Rutuja decided to calculate the EMI using online EMI calculators. Here is how it works:
The loan amount is ₹80 lakhs, the repayment tenure is 3 years, and the interest rate is around 11%. The EMI calculator will ask for these details. Upon entering these details, the tool quickly calculates the results which will be ₹2,61,910.
Benefits of Using EMI Calculators
Making an informed decision is always a wise choice, especially when it comes to finances. Using an EMI calculator for businesses can be quite beneficial in ensuring optimal financial management in your business. Wondering how an EMI calculator can assist you? Check it out below:
- Easy & Quick
An online EMI calculator is easy to use. Anyone can easily use the calculator and check results. All you need to calculate the EMI are:
- Loan amount
- Loan tenure
- Interest rates
- Better Planning
By using a business loan calculator, you can make smart financial plans. When you have an idea of the monthly instalments that have to be paid, you can make better decisions considering the threshold of your business.
- Comparison
One of the striking benefits of an EMI calculator is you can use it multiple times. By entering the interest rates of different financial institutions and banks, you can quickly compare the EMIs for different bank rates. Hence, it becomes easier to choose the one with the most efficient EMI charges.
To Conclude
The profitability of a business is heavily dependent on the decisions made by the team. Since finances are one of the most essential business pillars, making sound decisions is quintessential. When it comes to seeking business loans, an EMI calculator can provide insightful and helpful details. Using these details, the owner can meticulously plan the future actions for their business. If you are also looking forward to borrowing business loans, using an EMI calculator is highly advised!