Allahabad Bank Business Loan EMI Calculator
Last Updated : May 28, 2021, 9:13 p.m.
Allahabad Bank Business Loan EMI Calculator is one of the finest tools that can be used for evaluating the EMI on the loan. You have to submit the loan amount that you are willing to take, the rate of interest charged by the bank and the time period. Then in a few seconds the EMI calculate will display the EMI and the interest amount included in it. You can also view the monthly principal amount as well included in the EMI.
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
What is an EMI
EMI basically stands for an equated monthly instalment that includes the principal amount and the interest amount. It is calculated in such a way that the borrower doesn’t feel the burden of expenses on the loan amount. On the other hand, the principal amount with the interest reduces after every repayment of EMI. This is how an EMI works and it is paid for clearing the loan.
Factors that Fluctuate the Amount of EMI
Loan Amount:- Loan amount is the amount of money that is borrowed by the applicant. if you are willing to take a high amount of loan then your EMI for every month will be high. Therefore the loan amount is responsible for the fluctuations in Business Loan EMI.
Rate of Interest:- Every bank charge a rate of interest on the loan amount. Allahabad Bank also does the same. So an increase in the rate of interest will also increase your EMI. Hence, the rate of interest is also responsible for the fluctuations in the EMI amount.
Time Period:- Business Loans are not taken for a week or a month. They are taken for 3-5 years. So if you want to reduce your EMI, you can increase the tenure of the loan. The high repayment period results in low and convenient EMIs. But you will have to pay high interest overall.
How to Calculate EMI Without Allahabad Bank Business Loan EMI Calculator
If you are good at maths and calculations then you don’t need a business loan EMI Calculator . You just have to apply the formula given below.
EMI = P x R x (1+R)^n/((1+R)^n-1)
In this whole formula principal amount is denoted by the letter P. The rate of interest is denoted by the letter R and small “n” denotes the tenure for which the loan has been taken.
Benefits of Taking Business Loan from Allahabad Bank
Nationalised Bank:- Allahabad Bank is a nationalised bank and many borrowers have good faith in nationalised banks. So you can also apply for the Allahabad Bank Business Loan as it is a genuine financial institution approved by the reserve bank of India.
Loan up to 5 Crores:- If the borrower fulfills all the requirements of the loan then he can get a maximum sum of 5 crores from Allahabad Bank. If you are in the need for a huge amount of loan then Allahabad bank would be the best option for you.
Easy Approval:- There is less paperwork included in the processing of a business loan from Allahabad Bank. Once you submit all the required documents in the bank,the bank disburses the loan amount immediately in the applicant’s account.
Competitive Interest Rate:- As Allahabad Bank is a nationalised bank, so the rate of interest is also when compared to other private banks. So you can take the business loan from Allahabad bank at a low rate of interest and expand your business.
