Lendingkart Business Loan EMI Calculator

Benefits of Taking A Business Loan From Lendingkart

• Huge Loan Amounts Up to Rs. 2 Crores: Lendingkart offers business loans up to Rs. 2 crores. They have loan amounts starting from 50,000. This broad loan amount range increases the chances of business loan approval and gives you the funds required for the growth and expansion of the business.
• Quick and Hassle-Free Processing:The Lendingkart online business loan application process is simple and helps with same-day loan approvals. You can avoid manual work.
• Speedy Disbursals and Low Turnaround Time: Lendingkart offers business loans faster than the 59 minute business loan scheme. Due to online business loan processing, you can get a business loan within 3 days compared to 8 to 10 days taken by the bank.
• No collateral: You can get a business loan without pledging your assets as collateral. So, it preserves your ownership. You do not run the risk of losing valuable assets or precious company stock in lieu of investment.
• No Hidden Costs: These loans come with hidden costs and charges. They impose only a one-time processing fee of 2 to 3% and that is it. This helps in utilizing most of your amount towards business growth.
• Streamlines your cash flow: Lendingkart business loans increase your chances of making profits by providing both capital and time for you to streamline your cash flow. These loans allow you to strike a balance between your business fund and company capital fund through investments that can be repaid in installments.
• Improve Your Credit Score: When you take a business loan from Lendingkart, you can improve your credit score since they report loan accounts to all credit bureaus.
• Extended Loan Tenure: A broad loan tenure range starting from 1 month to 36 months provides you with flexibility in repayment. If you are facing temporary business problems, a business loan tenure of 6 months or more can give you the required buffer time for resolving operational issues.

Comparison of Lendingkart Business Loan With Other Lenders

How Is A Business Loan EMI Computed

Here is a simple formula to compute your business loan EMI.

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

Here,

E = EMI amount

P = Principal amount

R = rate of interest at which you will be borrowing the loan

N = Tenure of the loan over which you will be repaying the loan.

Example: Mr. B applies for a business loan for Rs. 60 Lakhs on the 1st of April at an interest rate of 2%. The repayment tenure of the loan is settled at 36 months or 3 years.

Therefore the EMI = {(6000000 * 2/100 * (1 + 2/100 ) ^ 3) / {(1 + 2/100) ^ (3 – 1)}

Or EMI = Rs.1,71,855

For the above example, the total amount payable = Rs.61,86,797, the principal amount = Rs.60,00,000, and the interest rate = Rs.1,86,797 are also displayed along with the EMI when the calculator is used.

Factors Impacting Business Loan EMI Computation

• Loan Amount: The loan amount is one of the most important factors that affect the business loan EMI. The higher the loan amount, the higher the business loan EMI. The lower the loan amount, the lower the business loan EMI.
• Loan Tenure: The loan tenure is also one of the most important factors that affect the business loan EMI. If the loan tenure is lesser, the EMI is higher but the total interest payable over the loan tenure is lower. If the loan tenure is longer, the EMIs will be lower but the total interest payable over the loan tenure will be higher.
• Interest Rate: The rate of interest is a very important factor amongst banks and financial institutions because lower interest rates attract customers. Therefore, before taking a business loan, you should explore the interest rates provided by various lenders. The higher the interest rate, the higher will be your EMI and the lower your interest rate, the lower will be your EMI.

Steps To Use The Lendingkart Business Loan EMI Calculator

• There are sliders for each of the 3 parameters - loan amount, loan tenure, and interest rate.
• Move the sliders and place them according to the value for each of the parameters.
• The monthly EMI, principal amount, interest amount, and the total amount payable are displayed

Benefits of Using The Lendingkart Business Loan EMI Calculator

• It is useful for financial planning: Defaulting on your business loan will not have the same consequences as defaulting on your individual loan. The loss will be huge. If you know how much EMI you are going to pay every month before taking a loan, planning your finances will be easier.
• Visually Friendly: Most business loan EMI calculators show your payments in a visual format using pie charts and diagrams. It has been proven that visual representations are easier to understand than usually written content.
• You Can Avoid Tedious Calculations: You don’t have to take your paper and pen to compute your EMIs. You can just enter a few details and then get the result instantly.

Conclusion

The business loan calculator is a simple online tool that can be used easily. All you have to enter are a few details and you will get your result instantly. Use the Lendingkart business loan EMI calculator to compute your business loan EMI within minutes.