With your business plans all set to take the commercial world with a storm, a mere shortfall in finances required should be the last thing that stands between you and your ambition. Whatever your requirement, be it – expanding your cafe, replenishing the general store inventory or maintaining cash flow, we at Clix Capital, have got you covered. You can count on us to be your partners in the journey. Clix Capital, one of the popular NBFCs in India, offers Business Loans for your commercial expansion plans as well as working capital needs.
It is very important to determine the EMI you will pay while availing a Business Loan. This is the first and foremost step when it comes to ascertaining the loan amount that you should avail so that the EMI does not affect your monthly financial needs. You can estimate your EMI using our Business Loan calculator. Lower EMIs with good interest rates and suitable repayment duration can help you in paying your loan back comfortably. Our loans are available to SMEs, Big Business houses, SEZ entities, and shop or store owners as well. For us, both your business aspirations as well as the requirements are important.
What is a Business Loan EMI?
When it comes to repaying your Business Loan, Equated Monthly Instalment (EMI) method is the most convenient option. Here, your loan is divided into equal fixed sums so that you can pay on a monthly basis until your loan is fully repaid. The EMI that you need to pay consists of the loan’s principal amount and the interest accrued on it.
This repayment method is very convenient for the small businesses that operate on a tight budget. It is perfect when you want to fund expensive purchases like plant and machinery, equipment, raw materials etc., but do not have enough liquidity to pay for such costs.
What is a Business Loan EMI Calculator?
A little planning goes a long way!
When it comes to planning your way through a Business Loan, it is always wise to have an idea about the estimated EMI. This greatly benefits in aligning your budget every month to avoid having any bottlenecks later.
Business loan EMI calculator is a financial planning tool that helps you in calculating the estimated EMI on the amount of Business Loan you wish to apply for. This calculator helps you to predetermine the amount that you would need to pay at the end of every month if you were to opt for a loan.
How does a Business Loan EMI calculator work?
A Business Loan EMI calculator helps you determine the monthly installments you have to pay, thereby helping you plan your repayment easily. All you need to do is enter details like loan amount and repayment information in the calculator and it will display your projected EMI based on the input.
The calculator uses the following formula:
E = P x r x (1 + r) ^ n / [(1 + r) ^ n – 1]
Where,
E is the EMI
P is the principal or loan amount
r is the rate of interest (calculated monthly)
n is the tenor (calculated monthly)
Benefits and Features of a Business Loan EMI Calculator?
There is a wide range of features and benefits of Clix Capital’s Business Loan EMI calculator. Some of them are:
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- It is an easily accessible tool that you can use online 24/7
- It is an extremely easy-to-use tool, for which you don’t need to be a technical or mathematical expert
- All the calculations are done automatically, so you easily use it even if you don’t know the formula
- It takes much less time and energy as compared to manual EMI calculations
- Gives you a close estimate of your EMIs so that you can plan your budget accordingly
- Allows you to plan your EMIs and choose your loan plan carefully
Tips to Minimise Business Loan EMIS
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- Maintain a strong credit score
- Choose a longer repayment term, however this may increase your total interest outgo
- Identify your needs and apply for the minimum required loan amount
- Make a budget and select a loan tenor accordingly
- Pay high-interest loans first
- Check your expenses and keep them in control
- Make timely EMI payments
FAQs
What is the tenure, EMI, down payment, and interest rate for my business loan?
At Clix Capital, you can choose from customized repayment (EMI) and down payment options. However, the interest rate of your business loan depends on various factors, such as the specifics of your application (including metrics like business health and income). We will tell you the final applicable interest rate once we go through your application form and all supporting documents when a final and ready to be disbursed final offer is presented to you.
I’m just planning to start a small-scale business in India. Can I get funding for it from Clix Capital?
Sorry. At present, we are offering business loans to existing businesses only with a business vintage of minimum 3 years.
What details do I need to enter to calculate my EMI on the calculator?
With the Business Loan EMI calculator on our website, you have to enter three things to get the desired results:
- Loan amount
- Interest rate
- Loan Tenure
After entering this information, the calculator shows future EMIs that you’ll need to pay for the desired loan parameters. You can tweak the amounts to get an EMI ideal to your monthly budget.
Is a Business Loan EMI calculator always accurate?
Yes. As far as you enter the correct variables, the results are always accurate. Since it uses technology to do the calculations, there is almost a 100% chance of accuracy.
Can the EMI amount and interest be reduced?
Yes. Business Loan borrowers can reduce their EMI amount and interest by maintaining a CIBIL score of 700+, paying off their outstanding balances, and providing financial documents to show sufficient turnover.
Does the Business Loan EMI change in the future?
No. The Business Loan EMI does not change throughout the loan term unless you request a revision in the repayment plan, prepay a part of the loan amount, or transfer the outstanding loan.
What is the credit score required for a Business Loan?
Business Loan applicants must have a CIBIL score of 700 or above to obtain the loan. Besides that, their business must also have a CMR score of up to 7.
How to use a Business Loan EMI calculator?
Using a Business Loan EMI calculator is pretty straightforward. Open the calculator and enter the loan amount, interest rate, and tenure. The calculator will show the estimated EMIs for the combination you opt for within seconds.
How to check EMI using a loan calculator?
Enter the required loan amount, interest rate, and loan tenure you want. The calculator will show the EMIs based on these variables within seconds.
What are the interest rates and the total cost of a Small Business Loan?
Business Loan interest rates depend on different parameters of the applicant’s profile, including business vintage, turnover, and credit rating. The total loan cost includes the processing fees, documentation charges, prepayment charges, and late payment penalties that you must check before applying.
