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If you are interested in knowing the formula that is used to calculate EMI, you can check it out here-
E = P x R x (1+R)^N
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
For example, if Rs.110 Lakhs is the amount borrowed (P), 18% is the rate of interest imposed (R), and 36 months is the tenure (n), the EMI to be paid using the above formula will be:
110 Lakhs x 0.015 x (1+0.015)36 / [(1+0.015)^36-1] = Rs. 54,229 (per month)
Thus, the EMI for a Rs.110 Lakhs loan on 18% interest will be Rs.54,229.
The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100) in this case (18/12/100 = 0.015)
The rate of interest depends on a variety of factors. It is important to have a knowledge of what affects your ROI. Take a look at some of the major factors that impact the ROI for your business loan-
Your credit score is a number that portrays your credit behavior. The higher the number, the better are your chances of getting a lower rate of interest. This is because a high credit score indicates good creditworthiness and lower risk of default.
What credit score is considered high might again depend on your loan provider. You can show either your CIBIL or your Experian score as your credit score.
When it comes to a business loan, obviously the type of your business will affect your interest rate. The riskier the business, the higher is the rate of interest charged. If the business you wish to undertake guarantees early profits with lesser risks, you might get the loan at a lower rate of interest.
If the businessman has prior experience of running a business, they may be able to avail loans at lower interest rates. This is because an experienced entrepreneur will be better equipped to deal with unpredictable challenges that might come up.
Whether the business itself is new or old will also play a significant role in deciding the rate of interest. If it is a new business, there will be significantly higher chances of it not doing so well, as compared to an up and running business.
As is the case with every other loan, the amount and repayment term will impact the rate of interest. A lower loan amount and a shorter repayment period will attract lower rates of interest as the perceived risk for defaulting is low.
If you already have existing debts, your debt to income ratio will be higher. In that case, you might not be able to get loans at low interest rates. But if your debt to income ratio is below the recommended level, you might easily get loans at competitive interest rates.
A business loan often referred to as a commercial loan, may be a secured or an unsecured loan. It is taken to help one’s business in some form. It may be used to fund a new business, or as working capital for an already established one.
Most business loans are secure i.e., they are provided against collateral. This can also reduce the interest rate charged on the loan.
However, if you are looking for an unsecured loan for your business wherein you do not have to provide collateral, you can apply for a personal loan from moneyview at competitive rates.
Yes, you can foreclose your business loan; but the terms and conditions depend on your lender. Certain loan providers allow borrowers to foreclose their loans only after a certain number of EMIs have been paid. Additionally, you may have to pay foreclosure charges for the same.
It is very easy to use a business loan EMI calculator. You just have to follow these steps-
The moneyview commercial loan calculator will display your monthly EMI amount as well as the total interest amount to be paid.
A commercial loan or a business loan EMI is calculated just like any other loan EMI. The formula is-
Where P is the principal loan amount, R is the monthly rate of interest, and N is the tenure in number of months.
For example, if you have taken a loan of Rs.210 Lakhs at 18% rate of interest for 3 years(36 months), your EMI = [210 Lakhs x 0.015 x (1+0.015)^36] /[(1+0.015)^36-1] = Rs.90,381
The amount you can get as a personal loan depends on multiple factors, and not just your income. The main factors are -
Depending on the above factors, your loan eligibility will be determined.
The maximum loan amount that you can get as a business loan will depend on multiple factors. Some of them are-