You are planning to borrow money for your business, but you don’t know what your EMI will be. There is a solution we can offer you.
You can now calculate the EMI on a Business Loan with Money View. With our calculator, you won’t have to worry about anything. Let us figure out your principal, interest rate, and repayment term for you while you sit back and relax.
Business loans have quickly become one of the most effective strategies for keeping a business afloat and allowing it to grow. Business credit can help you scale your business rapidly by investing in new infrastructure, launching new products, and managing your cash flow.
The availability of business credit is relatively easy for professional as well as non-professional (self-employed) businesses. Business credit is now more widely available, especially to small and medium-sized businesses, compared to traditional finance.
Business credit today
In the past, business finance meant exhausting applications, strict credit evaluations, and exhaustive documentation. Luckily, the application process for business loans has become much easier. Also, the rules surrounding business credit have changed significantly over the years.
Today, many lenders offer tools to assist borrowers in estimating the cost of a loan by providing EMI calculators. Now, most of the loan application process is handled online by the borrower.
Particularly after COVID-19 was passed, many lending institutions have invested heavily in technology in order to improve efficiency – from the development of interactive apps for consumers to the implementation of online tools for document verification.
Aside from the rapid digital revolution, the Government of India and the Reserve Bank of India have both taken measures to alleviate the liquidity crisis in the financial sector. In particular, RBI’s decision to cut policy repo rates by 75 basis points enabled borrowers to avail of lower interest rates on business loans.
In addition to the subordinated debt facilities and unsecured loans, these measures provided relief to stressed MSMEs. Although under the current economic conditions, business credit may prove especially helpful to your company if it needs funds immediately to prepare for COVID-19.
How does the Money View Business Loan EMI Calculator Work?
EMIs, or Equated Monthly Instalments, are required to repay any loan, irrespective of the type of loan. Borrowers must choose the repayment term and principal amount they wish to borrow, as well as the interest rate they wish to pay.
You can plan out your finances more effectively if you know how much EMI to pay.
However, doing these calculations manually can lead to errors that can cause your finances to crash. Consequently, our Business Loan EMI calculator calculates and displays the payment amount of the Business Loan EMI along with the EMI maturity date to make the process more seamless. You will receive an amortization schedule in an instant (more below).
The steps below will guide you in using the calculator:
- Your loan amount should be entered.
- The slider can be used to adjust this number.
- Indicate the amount of interest charged
- Last but not least, select your repayment term.
Instantly, our calculator will let you know the EMI that you will have to pay.
Factors Affecting Business Loan Interest Rates
Given below are some of the most important factors that impact business loan interest rates –
- Credit Score
The loans that are available at competitive interest rates can be accessed by individuals with high credit scores. The reason for this is that a high credit score is recognized as a sign of creditworthiness, so the likelihood of default is lower.
- Type of business
A higher rate of interest is charged when a business is risky. Business ventures that provide early profits with less risk will be able to secure loans at a lower interest rate than those that don’t since your chances of defaulting on the loan are minimal.
- Business Experience
Entrepreneurs do not need a minimum age limit but would benefit from a lower interest rate if they had more experience. Another reason may be that they are more suited to dealing with a business’s unpredictable nature and thereby reduce the lender’s risk.
- Loan Amount and Repayment Tenure
A loan’s rate of interest is affected by the amount borrowed and repayment period chosen, just as it is with any other loan. Since the perceived risk of default is low due to the low loan amount and shorter repayment period, lower rates will apply.
Businesses can raise the necessary capital and scale up quickly through business finance, from expansion to cash flow management. In addition to profiting from financial leverage, a business can gain a host of other benefits.
Besides the benefits summarized above, tax benefits are also offered by business credit. Are tax deductions available for business finance interest? The interest on your loan can be written off as business expenses and reduced tax liability.
Ready to apply
Business loans from Money View are offered at competitive rates. Whether you’re looking to expand your business or purchase inventory, our tailored business loans will meet your requirements.
Not sure how long it will take to turn your order around? That’s quite fast for sure. Typically, we will approve your loan online within a few hours of receiving your documents.
Check out our website or contact us today for more details about business loan eligibility!