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Business Loan EMI Calculator Aug 2017 - HDFC, SBI, ICICI Bank, Kotak, Fullerton, IndusInd, SCB

Last Updated 24th Aug 2017

EMI Calculator for Business Loan

  • Loan Amount - Higher the loan amount, higher will be the EMI
  • Rate of interest - Lower the interest rate, lower the EMI
  • Work profile - Banks offer different rates on business loans based on nature of business
  • CIBIL score - Higher the CIBIL Score, more are the chances of getting the business loan at lower rate and hence lower will be the EMI
  • Loan Tenure - Longer the loan tenure, lower the EMI. Longest business loan tenure available is 5 years (60 months)
Business Loan EMI Calculator
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Lowest Business Loan EMI per lakh of Banks in India Aug 2017

Bank Business Loan Interest Rates* Lowest EMI per lakh for Max Tenure
SBI (3.3/5.0) 2 Users 11.20% - 16.30% Rs. 2,594 for 48 months Explore More Apply Now
HDFC Bank (3.8/5.0) 3 Users 15.50% - 18.30% Rs. 2,808 for 48 months Explore More Apply Now
ICICI Bank (3.3/5.0) 2 Users 12.15% - 16.65% Rs. 2,232 for 60 months Explore More Apply Now
Citibank 15.99% - 18.99% Rs. 2,431 for 60 months Explore More Apply Now
RBL Bank 20.00% - 22.00% Rs. 2,649 for 60 months Explore More Apply Now
Tata Capital 13.50% - 23.00% Rs. 2,708 for 48 months Explore More Apply Now
Lendingkart 18.00% - 27.00% Rs. 9,168 for 12 months Explore More Apply Now
Bajaj Finserv (3.5/5.0) 3 Users 14.00% - 20.00% Rs. 2,733 for 48 months Explore More Apply Now
Capital First (3.5/5.0) 1 Users 16.00% - 24.00% Rs. 3,516 for 36 months Explore More Apply Now
Bank of Maharashtra 14.50% - 15.50% Rs. 3,442 for 36 months Explore More Apply Now
Kotak Bank 16.00% - 19.99% Rs. 2,432 for 60 months Explore More Apply Now
IndusInd Bank 14.00% - 23.00% Rs. 2,327 for 60 months Explore More Apply Now
Bank of Baroda (5/5.0) 1 Users 14.10% - 14.10% Rs. 3,423 for 36 months Explore More Apply Now
Fullerton India (3.3/5.0) 2 Users 16.00% - 33.50% Rs. 2,834 for 48 months Explore More Apply Now
IDBI Bank 13.00% - 14.00% Rs. 2,275 for 60 months Explore More Apply Now
Allahabad Bank 11.10% - 15.55% Rs. 1,718 for 84 months Explore More Apply Now
PNB (3.6/5.0) 2 Users 12.60% - 15.60% Rs. 2,255 for 60 months Explore More Apply Now
OBC 11.95% - 11.95% Rs. 1,763 for 84 months Explore More Apply Now
Indian Overseas Bank 14.90% - 15.25% Rs. 2,374 for 60 months Explore More Apply Now
Tamilnad Mercantile Bank 13.40% - 14.40% Rs. 2,296 for 60 months Explore More Apply Now
Dhan Laxmi Bank 13.15% - 13.40% Rs. 2,283 for 60 months Explore More Apply Now
Development Credit Bank 10.70% - 18.00% Rs. 1,118 for 180 months Explore More Apply Now
Andhra Bank 15.75% - 16.00% Rs. 2,419 for 60 months Explore More Apply Now
United Bank of India 14.15% - 14.15% Rs. 2,335 for 60 months Explore More Apply Now
Corporation Bank 13.55% - 14.55% Rs. 1,849 for 84 months Explore More Apply Now
Syndicate Bank 14.45% - 14.45% Rs. 2,350 for 60 months Explore More Apply Now

EMI Calculator Business Loan

  • The monthly amount calculated by the EMI calculator for business loan is the fixed money you pay to the bank towards payment of principal and interest
  • For a business loan at 12.99% interest rate, the EMI per Rs. one lakh loan amount is as below:
  • Loan Tenure 2 years 3 years 5 years
    EMI amount for loan amount Rs. 1 lakh at 12.99% Rs. 4,754 Rs. 3,369 Rs. 2,275
    Total amount you pay back to the bank including principal and interest Rs. 114,089 Rs. 121,281 Rs. 136,488
    Interest you have to pay over loan tenure Rs. 14,089 Rs. 21,281 Rs. 36,488

What is the impact of interest calculation method - flat rate method Vs reducing balance method - on business loan EMI?

Your loan EMI will be higher in case of loan on flat rate while EMI will be lower with reducing rate.

Flat interest rate: Here the interest is calculated on the original principal amount for the entire period. So, if you opt for a business loan of Rs. 5 lakhs at 12.50% flat rate of interest for a period of 3 years, the EMI will be Rs. 19,097. Here the total interest per year will be 5,00,000* (10/100) = 50,000. Thus total interest in 2 years = 50,000 * 2 = 1,00,000. This interest along with principal amount is distributed over the entire loan period to arrive at monthly EMI. Here the impact of repayment of capital is not considered.
Reducing balance method: In this method, the interest rate is charged only on the outstanding amount of the loan. Generally in this case the interest rate is higher than the flat rate but actually it may turn out to be cheaper as the interest is paid only on the remaining principal amount. Every month some part of EMI goes towards principal amount, thus the interest is charged on the remaining amount. Hence there will be a gradual reduction of the principal amount and as a result of the same interest will be applicable on the lesser amount. So, if you opt for a business loan of Rs. 5 lakhs at 12.50% rate of interest for a period of 3 years, the EMI will be Rs. 16,727.

Frequently Asked Questions on EMI Calculator Business Loan

What if I miss EMI payment or there is an ECS bounce?

If you miss your EMI payment or if there is an ECS bounce then bank may charge a penalty. In addition, it will also be reflected in your CIBIL report and your CIBIL score may get impacted.

What if I get delay in paying the business loan EMI?

Banks charges penalty for delaying EMI payment. The amount of penalty varies from bank to bank.

Why it is necessary to calculate EMI beforehand?

It is important to calculate your EMI in advance to maintain stability in future payments. When you avail loan, you promise the bank to pay a fixed amount at fixed date every month. So, before availing the loan you should consider the stability of your income, monthly expenses and the existing loan obligations to avoid any discrepancies in future payments.

Does the loan tenure affect my EMI for business loan?

Business loan can be availed for maximum tenure of 5 years. Tenure affects your monthly EMI. Longer the tenure of business loan, lower will be your EMI.

How MyLoanCare EMI calculator helps in calculating EMI?

MyLoanCare EMI calculator calculates the EMIs of different banks as per the details entered by you. You can easily compare the EMIs and opt for the best option. You also get to know about the interest charged on loan amount entered.

 Business Loan EMI Calculator

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