An EMI Calculator or Equated Monthly Income is a pre-fixed amount that has to be paid on a particular date of every month by an applicant of a loan to clear out a payable loan within a particular period. It includes the interest rate and principal amount that arise the loan amount.
Mathematical EMI Formula:
EMI = PV×i×[(1+i)n(1+i)n−1]
Where, I = Rate of Interest
PV = Loan amount
n = Tenure (years or months)
Factors affecting commercial property loan EMIs:
Interest rate: - One of the main factors that affect the amount of an EMI and the rate of interest. As Lower the rate of interest, the lower will be the amount of EMI, and vice versa.
Borrowed money: - The actual loan amount that an applicant has to opt for the Commercial Property Loan. The higher the amount of loan, the higher will be the amount of EMI, and vice versa.
Loan tenure: - An applicant can get flexible tenure facility, as longer the loan tenure the longer will be the amount of the EMI.
Reduce furniture expenses: - Every business wants to renovate and furnish their commercial property according to their requirements such as salons, hotels, cafes, restaurants, etc.
Long-term loan – Commercial property loan are long term loan; it allows you to pay back the amount of EMI slowly.
