As its name implies, our raw material financing loan is designed to help small businessmen keep their raw material inventory in check. Opt for My Mudra’s Raw Material Financing Loan and keep your business in good shape.
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There are three methods for calculating a Raw Material Purchasing Loan’s EMI, each with a different level of complexity and work required.
The simplest, quickest, and most straightforward approach to figure monthly installments is to utilize a Raw Material Purchasing Loan’s interest rate calculator, often known as a Working Capital Loan EMI calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.
Loan Amount is
10k
10L
No. of Month is
12M
84M
Rate of Interest (ROI) is
5
35
Microsoft Excel: This approach is straightforward, although there is an opportunity for error. In this section, enter the 'PMT' formula into the Excel software. Once selected, correctly enter loan data into the following fields.
‘Rate’: It refers to the monthly rate of interest
‘NPER’: It denotes loan tenure in months
‘PV’: It refers to the loan amount or principal value
After feeding these details, make sure to leave the values for ‘FV’ and ‘Type’ as 0 and 1, correspondingly.
Manual method: This is considered the hardest way to calculate business loan EMI as it involves a manual calculation based on the following formula.
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
Please note:
‘P’ refers to the principal amount
‘N’ means tenure in months
‘R’ refers to the monthly interest rate applicable
Tips To Foreclose a Working Capital Loan
It's a good idea to make a commitment to prepaying a raw material purchasing loan before it matures. Prepayments can be very cost-effective for the company if handled properly. Prepaying, however, without enough planning might result in cash flow issues, which can have an impact on the organization. Take a look at this prepayment advice for working capital loans to learn how to prevent such pitfalls.
· The ideal time to prepay the loan must be determined by the project cash flow.
· Prepayments should be avoided throughout the slower months of the economic cycle.
· Before making a prepayment, consult the amortization scheme.
· Verify if there are any applicable prepayment penalties.
For business loans in India, My Mudra Fincorp provides a free EMI calculator to make loan planning simple. You can use it to compute the Business Loan EMI, determine the overall interest expense, and view the amortization schedule for a more thorough understanding of payments.
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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