Enter the business loan amount, interest rate, and loan period to check the monthly EMI for your IIFL Business Loan
Monthly EMI | ₹86 |
Principal Amount | ₹1,000 |
Total Interest | ₹32 |
Total Amount | ₹1,032.00 |
Business loans ensure a business's smooth operation and growth by providing the necessary capital to achieve profitability. A business loan EMI calculator is an easy-to-use online tool that helps you plan your monthly budget by accurately calculating the EMI amount.
Using IIFL’s MSME Loan EMI Calculator, you can estimate your EMI and determine the loan amount that fits your budget without compromising your business’s financial needs. This tool simplifies loan planning, enabling you to choose the most suitable product for your requirements.
Below are the essential details of IIFL Business Loans, including interest rates, EMI calculation, loan amount range, and processing fees:
Particulars | Details |
---|---|
Rate of Interest | Up to 36% p.a.* (Effective from Sep 01, 2024) |
Loan Amount | ₹5,000 to ₹5,00,000 |
Tenure | Upto 5 years |
Processing Fee | Up to 5% + GST |
Table of Contents:
Follow the steps below to calculate your EMI and choose the most suitable loan option for your business needs with the IIFL business loan EMI calculator:
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The Equated Monthly Installment (EMI) for IIFL Business Loan is calculated using the formula:
EMI Calculation = P x R x (1+R)^n / [(1+R)^n - 1]
Where,
EMI is the Equated Monthly Instalment.
P = Principal amount
R = Monthly interest rate
n = Loan tenure in months.
Example:Let's calculate the EMI for a ₹10,00,000 IIFL Business loan at a 36% annual interest rate with a 5-year (60 months) tenure.
Convert Annual Interest Rate to Monthly Rate
Annual Rate = 36%
Monthly Interest Rate (r) = 36*1/12*100= 300
Substitute Values in Formula:
EMI=1000000×300×(1+300)^60/(1+ (0.009167)^60)-1
By calculating the values, the approximate EMI reaches around ₹21,742.62 per month.
These detailed insights into the benefits and influencing factors of the IIFL Business Loan ensure borrowers can make informed decisions while planning their finances effectively.
Don't know your credit score? You can find out for free!
Business loan interest rates vary based on the lender, borrower, and several personal and external factors that influence capital-raising capability. Below are the key factors that impact business loan interest rates:
Do you need an emergency loan?
The IIFL EMI calculator provides quick, accurate EMI estimates, helping borrowers plan their repayments effectively. It saves time, simplifies comparisons, and ensures that the chosen loan fits into their financial plans.
Enter the loan amount, tenure (in months or years), and interest rate in the calculator. The tool will instantly display the monthly EMI, total payment, and interest payable.
You need to provide the following details:
The IIFL EMI calculator does not directly show prepayment impact. However, you can manually recalculate by reducing the principal amount after prepayment to estimate the new EMI or tenure.
The IIFL EMI calculator is highly accurate as it uses standardized formulas to compute results. However, minor discrepancies might occur if additional charges or fees are not considered.
Yes, the IIFL EMI calculator is completely free and can be accessed online without any charges.
Yes, the IIFL EMI calculator is mobile-friendly and can be accessed easily via smartphones or tablets.
Key factors influencing EMI calculations include:
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