Check the EMI for your PMEGP Loan by providing the Loan Amount, Interest Rates, (per annum), and loan tenure (in months) details.
Your Amortization Schedule (Yearly/Monthly)
Getting financial support from the PMEGP scheme will require you to have a clear understanding of your monthly repayment. Helping you with efficient budgeting and cash flow management. For this, here is a PMEGP loan calculator, an important online tool to help you calculate your EMI.
Manually calculating EMIs can be complex and lead to errors, potentially leading to financial misplanning, which can be damaging for a business. The PMEGP Loan Calculator addresses these issues by providing accurate and transparent information, promoting better financial health for businesses.
The PMEGP loans emphasize promoting traditional artisans and unemployed youth by giving them up to 35% subsidy on project costs. This encourages entrepreneurship in both rural and urban areas.
Formula to Calculate PMEGP EMI
You can also manually calculate to check the EMI with the online calculator using the formula EMI = P x R (1 + R)n(1+R)n-1, where,
EMI = Equated Monthly Instalment
P = Principal loan amount
R = Monthly interest rate
n = Loan tenure in months
Where,
P – Loan principal amount
R – Monthly interest rate
N – Loan tenure in months
Let’s imagine you want a loan amount of ₹10 lakhs, at an interest rate of 10% p.a. For a tenure of 7 years.
So,
P = ₹10,00,000
R = 10%
n = 7 years or 84 months
Inputting the data into the formula:
EMI = 1000000 x 0.00833 (1 + 0.00833)^84/(1+0.00833)^84-1
EMI = 1000000 x 0.00833 (1.00833)^84/(100833)84-1
EMI = 1000000 x 0.00833 x 2.03586/2.03568-1
EMI = 1000000 x 0.01695/1.03568
EMI = 16950/1.03568
EMI = ₹16371.66
So, with the above calculation, the EMI for a ₹10 lakh loan at an interest rate of 10% for a period of 7 years will approximately be ₹16,371.66
PMEGP Loan Interest Rate & Details
PMEGP offers you flexible loan amounts and subsidized interest rates. Below are the details of the PMEGP loan:
| Feature | Description |
| Loan Amount | Up to ₹50 lakhs |
| Interest Rate | Varies depending on the lenders |
| Subsidy | 15% – 35% |
| Maximum Project Cost | ₹20 lakhs for Service ₹50 lakhs for Manufacturing |
| Repayment | 3 – 7 years |
Steps to Use PMEGP EMI Calculator
The PMEGP EMI calculator is an easy tool to use, all you need to know is your loan amount, interest rate, and tenure. With that, you can easily input into the calculator and you will get the estimated EMI amount.
Here is how you can use the PMEGP EMI calculator:
- Step 1: Visit the EMI calculator page.
- Step 2: Enter your loan amount.
- Step 3: Enter the applicable interest rate
- Step 4: Specify the loan tenure in months or years
The calculator will then display the EMI amount, total interest payable, and the total payable amount, helping you make good decisions on your business’s future.
Benefits of a PMEGP Calculator
Calculating using the PMEGP calculator comes with a number of benefits, these are:
- Accurate Planning: The calculator helps you plan your finances precisely by providing quick and accurate EMI estimates.
- Time-Saving: The calculator gives instant results as it calculates EMI without manual computations.
- Comparison: It offers you the flexibility to compare different loan scenarios by varying the inputs. Helping you find the right loan terms that best suit your requirements.
- Budgeting: Assists you in budgeting and ensuring the business can manage monthly repayments.
- Transparency: The calculator offers transparent projections helping you understand loan commitments, and avoiding hidden surprises.
About the PMEGP Scheme
The Prime Minister Employment Generation Programme (PMEGP) is a credit-linked subsidy program launched by the Government to promote self-employment and small business in rural and urban India. The scheme is managed by the Khadi and Village Industries Commission (KVIC), with the aim to generate sustainable employment opportunities by providing financial assistance to individuals and groups for establishing new ventures or expanding existing businesses. The scheme covers a wide range of activities, including manufacturing, service, and agro-based industries, offering a significant boost to local economies and entrepreneurship.
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