Our Small Business Loan is designed to meet all financial needs of a proprietary firm. The Small Business Loan Calculator is an effective tool that can give you an estimated amount of money to pay every month in the form of EMI (Equated Monthly Installment) or EDI (Equated Daily Installment). Also known as the SME calculator, it allows you to fill in tenure, interest rates and loan amount to get an estimate for both EMI and EDI.
Formula for Small Business Loan EMI & EDI Calculator
The EMI is the amount that you pay towards a loan every month while the EDI is the equated daily payment you pay towards a loan. The Small Business Loan Calculator uses formulas which take into account variables like the loan amount, interest rate and the tenure to calculate your daily or monthly installment. Use the calculation to plan your repayments without putting a strain on your budget.
How to use Small Business Loan EMI & EDI Calculator at Muthoot Fincorp?
The small business loan calculator is easy to use and you can explore the different variables at your leisure to reach a comfortable repayment schedule. The process is simple.
- Click on the icon that opens the EMI or the EDI loan calculator.
- Fill in the tenure, the applicable interest rate and the amount of loan you wish to take.
- You can explore the SME loan calculator tool by putting in different values to get an EMI/EDI amount you are comfortable paying. For example, if you change the tenure from six months to 12 months, your installment amount will change. You can use the tool as many times as you want to explore the different combinations until you reach the ideal amount.
- Once you have calculated the suitable EMI/EDI amount, you can reach out to our customer care at 1800 102 1616 to get your loan sanctioned.
Benefits of using Small Business Loan Calculator
There are many benefits associated with the use of a small business loan calculator and some of these are:
- It saves time and is convenient to use. All you have to do is fill in the amount you want to take as a loan, the tenure and interest rate and you will get the daily or monthly installment amount.
- You can also view the amortization schedule for the loan. This helps you understand what amount you are paying towards the principal and interest repayment. The schedule for the repayment period is simple to understand.
- The calculator can factor in the pre-payments and shows you the effect on the rest of the loan. The SME loan calculator is the best tool to calculate the effect of pre-payment on the rest of the loan.
- The tool is error-free and you get the perfect break up of the repayment of principal and interest amount, sans the risk of manual errors.