Business loans are the foremost option to cope with business hurdles and expansion. According to the researchers, there has been a significant increase in business loan applications due to their easy accessibility. By offering loans to clients with minimal hassles, Indusind bank plays an important role. Being one of the major business loan providers, Indusind provides various financial products at low-interest rates. Additionally, you get the Indusind Business Loan Calculator to make better managing decisions and repay loans over a long period with utmost ease.
IndusInd Business Loan EMI Calculator is an advanced online tool designed to assist borrowers in calculating monthly repayments. You can accomplish all payment details by entering basic figures like principal, interest rate and amortisation period.
Benefits of Calculating Indusind Business Loan Online
When you count on an IndusInd business loan calculator for error-free EMI computations, you get several other benefits. The IndusInd business loan EMI calculator allows you to calculate payable EMIs within seconds. You get the opportunity to plan your finances to avoid skipped payments, take prepayment steps to repay the secure loan before the set time, and save on the interest component.However, these were just a few of the benefits you avail of through a business loan EMI calculator.
Manage your Repayments and Other Expenses
Generally, borrowers are unfamiliar with the exact EMIs payable towards the secured business loan. Not being familiar with the monthly payment amount may lead to skipped EMIs and mismanagement of other expenses. Through the Indusind business loan calculator, you can now compute the EMIs in advance and can plan other expenses appropriately. It opens the door to better financial planning, ensuring you accomplish the set goals, which might be hampered because of the secured business loan.
Monthly Interest Calculation
The monthly EMI comprises two essential components, i.e. interest component and the principal component. A certain amount of the EMI goes towards the principal component and the rest towards the interest components. But what amount belongs to which component cannot be determined without an Indusind business loan calculator. This handy tool lets you understand the monthly interest amount you pay through business loan EMIs.
Yearly Interest Calculation
The Indusind business loan interest rate calculator presents the breakdown of the interest component payable towards the secured business loan. You get access to the exact interest amount you pay for the business loan every year. This can help you to plan prepayments. You get to know how much interest you pay yearly, giving you the right motivation to make partial prepayments to reduce the principal amount to a certain level.
Know the Remaining Principal Amount
One of the foremost benefits you unlock by using the IndusInd business loan calculator is accessing the remaining principal amount. The principal component keeps reducing every EMI towards the secured business loan. With a business loan calculator, you get the figures of the remaining principal amount. If you decide to carry out a loan foreclosure, you can get the exact amount you will have to repay in one go to close your ongoing IndusInd business loan.
Features of IndusInd Bank Business EMI Loans Calculator
The IndusInd business loan calculator aids the user in computing the monthly payments associated with the business loan.
Now you can calculate the interest rate, and monthly EMIs for specific repayment tenures in one go, all thanks to the financial calculators. Just enter a few values, and the calculator will take care of the rest. You don't need to be aware of what goes on the backend, as the accurate values will be shown on your screen.
Here's the list of a few features that you get while using the IndusInd business loan calculator:
- Easy and quick computation
- Accurate results
- Amortisation schedule
- Monthly and yearly interest payment
- Remaining principal amount
- Quick comparison for different case scenarios
- Computation of values in seconds
- A few inputs and detailed output
By entering the said information in the given fields, you can quickly compute the business loan EMI value. Additionally,
- The business loan calculator is accessible round the clock via laptops, phones, and tablets. The IndusInd business loan calculator provides the monthly payment amount and the comprehensive repayment schedule.
- You get immediate results at lightning-fast speeds through the Indusind business loan EMI calculator. The financial tools come in handy, and you don't need to be an expert on computer values through it.
- It eliminates the use of time-consuming and daunting manual computations.
- Offers the flexibility to compare values for different case scenarios and determine the best fit per your budgetary goals.
Indusind Bank Business Loan EMI Calculator Formula and How it Works?
To help the broad customer base with choosing the right loan amount, Indusind Bank offers a business loan EMI calculator. Before applying for a business loan, get an exact idea of how your repayments will look and plan your loan accordingly. The Indusind bank business loan calculator works on a simple mathematical formula to provide you with the desirable results. You just have to provide a few inputs, and the values will be computed in the backend based on the formula, and you will be presented with an estimated value on your screen.
The business loan EMI calculator works on the following formula:
EMI = P × r × (1 + r)n/((1 + r)n - 1)
In this mathematical equation,
EMI represents the payable equated monthly instalments towards the borrowed business loan.
- P denotes the principal amount of the borrowed business loan.
- r is the business loan interest loan.
- n is the business loan repayment tenure.
Things to Consider while Calculating an IndusInd Business Loan?
When you decide to secure a business loan to start your business or expand the existing one, you must consider certain other things. You should not skip three vital aspects: the interest rate, business loan amount, and repayment tenure. When you keep the key focus on these three parameters, you secure the best possible deal for your business that perfectly matches your repayment capabilities.
Here are the key factors that usually affect the Indusind bank business loan:
Business Loan Interest Rate
The rate at which the Indusind bank offers you the business loan is termed the business loan interest rate. This parameter determines what will be the exact amount you will have to pay in return for the borrowed amount. If you have a good credit score, you will get the loan at a lower interest rate, whereas if you have a bad credit score, you l be charged a higher interest rate. Thus, the lower the rate, the lesser the repayment amount. At the same time, the higher the rate, the more will be the repayment amount.
Business Loan Amount
The most significant influence on the overall payable amount is created by the borrowed loan amount or the principal amount. If you have applied for a lower business loan value, more will be the chances for approval, and lesser will be the interest amount. On the other hand, the more the principal amount, the more will be the repayment amount. So, applying for the loan amount you require is always recommended, and you can repay it without overburdening yourself.
Business Loan Repayment Tenure
The business loan repayment tenure plays a crucial role in determining the EMI and overall repayment amount. The repayment tenure and payable amount are directly associated with one another. The longer the tenure, the more will be the interest component, as you will be paying EMIs for more time. That is why it is recommended to count on a feasible repayment tenure so that you don’t end up paying more in terms of interest.
Business Loan Amortisation Calculator
A business loan amortisation schedule provides the process of repaying the loan. It provides a tabular display of the monthly EMIs throughout the loan repayment tenure. It shows how the business loan's principal component and the interest element splits into monthly repayments. However, the principal component paid towards the repayment amount varies from the initial years to the final repayment years. The monthly EMI has more interest and fewer principal components during initial repayment years, and the scenario is reversed for the final years.
Let's understand this through a 15 lakh business loan amount calculation.
You borrowed INR 15,00,000 for five years with an interest rate of 9%.
Here’s what your annual repayment Amortisation schedule will look like:
|Date||Interest Component||Principal Component||Balance|
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Frequently Asked Questions (FAQs)
What is the interest rate of a business loan in IndusInd Bank?
IndusInd Bank offers business loans at interest rates ranging from 13% to 22%. However, the offered rate depends upon the borrower’s credibility, repayment history, business performance, and credit score.
Can I get a business loan of 10 lakhs?
You can easily get a business loan of 10 lakhs from IndusInd bank. The process is simple; you can apply through the official website or visit the nearest bank branch.
How is a business loan calculated?
You can easily calculate the business loan through the IndusInd business loan calculator. All you need to do is enter the interest rate, principal amount, and repayment tenure, and the rest of the details will be shown on your screen along with the amortisation schedule.