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A business loan EMI calculator is an online tool that helps you in understanding the monthly amount you will pay to repay your loan. You can use the EMI calculator to know your EMI by simply providing your business loan amount, tenure, and interest rate. By using the business loan calculator, you can accordingly plan your instalments, manage your other expenses, and comfortably pay off the loan.
The formula used for calculating business loan EMI
EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)],
Here, the variables represent are:
P – Total loan amount
R – Interest rate levied on the principal amount (monthly)
N – Loan tenure of repayment (in months)
1. Suppose the business loan amount is Rs 5 lakh, at