IDFC Bank Business Loan Emi Calculator

What Are The Benefits of Taking An IDFC Business Loan

IDFC Bank business loan has multiple advantages. The reason could be anything right from buying a piece of new equipment for your business or setting up new offices. The key benefits of the IDFC First business loan are:

• Flexible loan tenure: Up to 48 months
• Minimal documentation
• Huge loan amounts: Up to Rs. 1 crore
• Simple Eligibility Criteria: The eligibility criteria are simple
• Collateral Free Business Loans: You can obtain funds without pledging your assets or securities.
• Quick Funding: Quick financing up to Rs. 50 lakhs depending on your current account statement
• Speedy and hassle free process
• GST returns based loans: You can get loans up to Rs. 50 Lakhs based on your GST returns.

Comparison of IDFC Business Loan With Other Lenders

IDFC Business Loan EMI Calculator

IDFC business loan EMI calculators can be accessed anytime anywhere online.The calculator has 3 slides, one each for loan amount, interest rate, and tenure. Place the holder at a particular place according to the value of the three variables. The EMI is calculated instantly and displayed.

How is The IDFC Business Loan EMI Computed

The EMIs on your business loans are computed using your principal loan amount, interest rates, and loan tenure. You will get an accurate and real-time estimate of your monthly EMIs with the online business loan EMI calculator. This precise and quick computation will help you take a business loan accordingly and also plan your finances.

The formula to calculate business loan EMI is as follows:

EMI = {P * R * (1 + R) ^ N} / {(1+R) ^ (N - 1)}

R is the interest rate offered

n is the loan tenure in months.

Let us consider an example

Therefore, EMI = [10,00,000 x 14/100 x (1+14/100)60] / [(1+14/100) 60- 1] = 23,268

But, using this formula is very time-consuming and it has to be done manually. An online business loan EMI calculator is fast and gives the result immediately. Use the IDFC business loan EMI calculator. It is easy and fast.

Factors Impacting Business Loan EMI Calculator

• Borrowed Amount: The principal loan amount or the borrowed amount is a primary factor that impacts monthly EMIs. When the loan amount is higher, the monthly EMI is also higher accordingly.
• Interest Rate: The interest rate is another fundamental factor that impacts your business loan EMIs. If your credit profile is very good and if you have a great relationship with the financial institution, then you may get concessional interest rates. Your interest rate is also determined by the current loans and your business track record. The interest rate also decides the cost of the loan over the loan’s tenure.
• Loan Tenure: The tenure of the loan impacts your monthly EMIs. If your loan tenure is long, then the EMIs will be lower but your interest outgo will be higher over the duration of the loan. But, if your loan tenure is short, then the EMIs will be higher and the interest outgo will be lower over the period of the loan.

Amortization Schedule

A loan amortization schedule represents the complete table of periodic loan payments, showing the amount of principal and interest that constitute the payment at each level until the loan is paid off.

Let us understand this with an example

Loan amount = Rs. 1000000

Loan tenure = 12 months

Interest rate = 14%.

The amortization schedule is as follows:

Step by Step Guide To Use the IDFC Business Loan EMI Calculator

The IDFC First business loan EMI calculator is simple and convenient to use.

Steps

• Choose the amount you need for your business loan
• Select the loan tenure that you want
• Enter the interest rate provided for loans pertaining to your business type
• Press the ‘Calculate’ button

You will get your monthly EMI details and the amortization schedule within seconds. You can also ascertain the outstanding amount, percentage of loan paid, principal, and interest components of the EMI month on month.

The Benefits of Using The IDFC Business Loan EMI Calculator

• Provides Accurate Calculations: Manual calculations are always prone to errors. It is not a good idea to take a business loan based on inaccurately calculated EMIs. So, use the IDFC business loan EMI calculator online and get your business loan EMI figures hassle-free and immediately.
• Helps you understand the business loan eligibility criteria: When you calculate the monthly EMI payable using the business loan EMI calculator, you will be able to determine how much loan amount you can borrow. This is because you will know how much you will be able to repay. You can try various combinations of the loan amount and loan tenure for a particular interest rate and determine your eligibility.
• Fast And Hassle Free: The business loan EMI calculator yields the result instantly upon entering the loan amount, loan tenure, and interest rate. There is no need to resort to any cumbersome calculations. The process is also hassle free.
• Easily Available: The calculator can be accessed online anywhere, anytime on any device - mobile, desktop, tablet, etc. You can avoid the hassle of going physically to the financial institution’s office.
• Accurate Calculations: The calculator gives accurate figures for EMIs. Manual calculations may be erroneous and it is highly recommended to use the online IDFC business loan EMI calculator. Business loans should not be defaulted upon and have to be paid correctly. Else, it may lead to heavy loss.
• Mobile-Friendly: A loan EMI calculator can be used easily on your smartphone. You just have to type the numbers of the necessary variables, and you will get the answers immediately. You don’t have to go through the time-consuming, manual modes when you can get it easily, accurately and speedily.

Conclusion

A business loan EMI calculator is a very good tool that allows you to evaluate the applicability of a business loan according to your business position and requirements. You can access it from anywhere anytime and use it.