The interest rate on a Business loan is affected by a variety of factors. Knowing about these factors will help you get the most competitive interest rate on Business Loans.
1. Age: - Applicants must be at least 21 years old and below 65 years of age.
2. Credit Score: - Applicants have a credit score of 750 and above to reduce the interest rates on the amount.
3. Occupation: - Applicant must be a salaried individual, self-employed individual, or a business owner with the ownership documents.
4. Repayment History: - Having an excellent repayment history helps you to increase your business loan eligibility and help you to get a lower interest rate.
5. Stable Income: - Having a steady income makes it easier to pay back the loan. With a higher income, you have a greater chance of getting low-interest business loans.
Loan Amount is
No. of Month is
Rate of Interest (ROI) is
There are two methods for calculating Axis Bank Business loan’s EMI.
The simplest, quickest, and most straightforward approach to figuring out monthly installments is to utilize a business loan interest rate calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.
Flat Interest Rate Calculation
EMI = (principal + total interest payable) / loan tenure (Months)
Total interest payable = P x R x N / 100
Floating Interest Rate Calculation
EMI = [P x R x (1 + R) ^ N] / [(1 + R) ^ (N - 1)]
‘P’ is the principal loan amount.
‘R’ is the interest rate.
‘N’ is the loan tenure in months.
Plan your loan repayment using the Axis Bank Business Loan. The EMI calculator provides a detailed amortization schedule for the loan. As a result, you'll be able to estimate how much principal and interest you'll have to pay each month. Planning your finances and structuring your repayment with ease will be easier if you know this before getting the loan sanctioned. In this way, you avoid financial stress and can earmark the funds you need to repay the loan.
There are a few ways to reduce the professional loan EMI amount.
Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.
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