What Are The Benefits Of Using A Business Loan Calculator?
Business Loan Calculator helps the borrower to avoid defaulting on their EMIs. Read on to know the benefits of using a business loan calculator at IIFL finance.
Business loans allow entrepreneurs to raise immediate capital to cover numerous business activities, including short-term expenses, such as rent, employee salaries, and working capital, and long-term costs, such as expansion and marketing. Entrepreneurs choose to get a business loan as it allows them to avoid using their savings and fund their company activities effectively. Business loans do not require pledging an asset as collateral, and the loan is disbursed within 48 hours.
However, like other types of loans, the lender requires the borrower to repay the principal amount with interest within the loan tenure.Monthly EMIs And Business Loan Calculator
Borrowers must repay their business loan within the loan tenure through monthly EMIs that include a portion of the principal amount and interest. However, a dynamic business may not always have enough cash to pay the monthly EMIs.
To avoid this situation, borrowers utilise a business loan calculator to analyze all the aspects of the business loan beforehand and calculate their financial obligations. Also called the business loan interest rate calculator or business loan calculator EMI, it is an effective online tool that helps the borrower sort their finances and avoid defaulting on their EMI repayments.What Are The Benefits Of Using Business Loan Calculator?
A borrower must plan their finances to ensure effective loan repayment. One of the best ways to sort out finances is to determine the resulting interest rate and the monthly EMIs. There are two ways to analyse the business loan factors and determine the resulting interest rate and monthly EMIs.1. A Mathematical Equation:
The formula to calculate your loan EMI is as follows:[P x R x (1+R) ^N]/[(1+R) ^(N-1)]
However, it may be complicated for general borrowers to analyse the business loan factors.2. A Business Loan EMI Calculator:
This calculator is available online on popular lender websites like IIFL. It performs the calculation for you and eliminates errors in determining the EMI amount. Additionally, a business loan calculator is relatively easy to use.It provides the following benefits:
Sapna aapka. Business Loan Humara.
Apply Now• Accurate Calculations
The borrower must know the amount they must pay monthly as EMIs. As the repayment obligation is legally bound, borrowers prefer to safeguard the EMI amount in their account as soon as they get funds to avoid the chances of default. A business loan calculator EMI allows borrowers to calculate their monthly financial obligations accurately.• Easy To Use
With a calculator for a business loan, you just need to enter the details in the appropriate field and it will furnish the results, making it comparatively easier to use. The mathematical equation, if used inaccurately, can provide results that will result in default. However, you can use the online calculator for a business loan by entering a few details, such as the loan amount, loan tenure and the desired interest rate, to determine the monthly EMIs.• Business Loan Criteria
One of the best features of using a business loan EMI calculator is determining if a business fulfils the factors set by the lender. A business loan calculator can ensure that your company fulfils the criteria and, if so, the lender will successfully approve the business loan application.Avail Of An Ideal Business Loan With IIFL Finance
IIFL Finance is India’s leading financial service provider with a superior focus on business loans to ensure entrepreneurs can raise adequate capital. IIFL Finance business loan offers instant funds up to Rs 30 lakh with a quick disbursal process online and minimal paperwork. The loan’s interest rate is attractive and affordable to ensure the repayment doesn’t create a financial burden. Furthermore, you can use the IIFL Business Loan Calculator on the IIFL website to determine your financial obligations and the monthly EMIs.FAQs:
Q.1: What is the interest rate for taking a business loan with IIFL Finance?
Ans: The interest rate for IIFL Finance business loans ranges between 11.25%-33.75% depending on the loan amount and the loan tenure.
Q.2: What is the maximum loan tenure for a 30 lakh business loan from IIFL Finance?
Ans: The maximum loan tenure for a 30 lakh business loan from IIFL Finance is five years.
Q.3: How can I know the EMI for my loan?
Ans: You can use the business loan EMI calculator on IIFL Finance website to calculate the EMI for your loan.
Sapna aapka. Business Loan Humara.
Apply NowDisclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.