Business Loan In India
A business loan is an unsecured loan that can be offered from various banks, institutions, or NBFCs (Non-Banking Financial Companies). It can be provided for various purposes such as hiring new staff, clearing all your debts, buying advanced equipment, etc.
Business loan interest rate and fees
Interest rate
@14.50% onwards
Loan tenure
Up to 7 years
Processing fee
From 0.5% to 2.00%
Loan amount
From 1 lakh to 5 crores
Installments
Flexible monthly installments
Pre-closure charges
4% of outstanding principal amount
How to calculate the EMI (Equated Monthly Installments) for a business loan?
The EMI calculator for business loan on Financeseva website is a simple tool to calculate the value of EMI that you need to pay every month. You only require 3 factors to calculate EMI. They are:
Loan amount: - It is the amount that the borrower needs to apply for.
Interest rate: - Interest rate is the amount that the bank charges from on the principal amount.
Loan tenure: - It is the duration over which the individual needs to pay back the loan
E = P x r x (1+r)n/(1+r)n-1
Here,
E = EMI
R = monthly interest rate
P = loan amount
n = duration of the loan