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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Presenting Business Loans by IDFC FIRST Bank
Take your business to great heights
Presenting Business Loans by IDFC FIRST Bank
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Collateral-free funding up to ₹1 Cr for self-employed individuals and businesses
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Quick funding up to ₹50 lacs based on your current account statement
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Loan up to ₹50 lacs based on your GST returns
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Fast & seamless process
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Collateral-free funding up to ₹1 Cr for self-employed individuals and businesses
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Quick funding up to ₹50 lacs based on your current account statement
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Loan up to ₹50 lacs based on your GST returns
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Fast & seamless process
Business Loan EMI Calculator
In order to build and expand a business successfully, one requires significant capital. Here a business loan can help. It is one of the most popular means to meet your business’s financial requirements.
Before you begin your application for a Business Loan, you need to determine the amount required to start a business and your payment capabilities to manage your finances conveniently. IDFC FIRST Bank Business Loan EMI Calculator lets you determine your monthly repayments based on your principal loan amount, tenure, and interest rate.Read More
Use the IDFC FIRST Bank Business Loan EMI Calculator for better financial planning and convenient loan management.Read Less
CALCULATOR
Business Loan EMI Calculator
Amortization Schedule
Month
Principal
Interest
EMI
Balance
Loan Paid to Date
How to Use the Business Loan EMI Calculator?
IDFC FIRST Bank Business Loan EMI Calculator is easy to use. You must enter your principal loan amount, interest rate and the commercial loan tenure. Once you have entered the details, you get the monthly EMI, total interest, and overall loan cost within seconds.
- Choose the amount that you need for your business
- Select a convenient loan tenure
- Enter the interest rate offered depending on your business type
- Press the ‘Calculate’ button
You will get your monthly EMI and other loan details within seconds.
How is Business Loan EMI Calculated?
The EMIs on your business loans are calculated based on your principal loan amount, interest rates and loan tenure. With a commercial loan EMI calculator tool, you get a real-time estimate of your monthly EMIs. It will help you plan your finances and determine your loan tenure and the loan amount based on your business requirements.
Here is the formula to calculate the business loan EMIs:
EMI=P*R*(1+R) ^ n/(1+R) ^ n-1
Where: ‘P’ stands for the principal loan amount, ‘R’ is the interest rate offered, and ‘n’ stands for loan tenure in months.
Using a business loan calculator removes the need to manually calculate your EMIs and helps prepare a better financial blueprint to grow your business.
Factors That Affect Business Loan EMI
Factors that affect your business loan EMIs include:
Borrowed amount
The sum borrowed, also known as the principal loan amount, is a fundamental factor that affects your monthly instalments. With a higher borrowed amount, the monthly instalment also increases.
Interest rate
Interest rate is another crucial factor that impacts your business loan EMIs. You may get preferential rates based on your credit performance, current loans, and business track record. Interest rate also decides your total loan cost over the tenure.
Loan tenure
Your loan tenure impacts your monthly instalments. A shorter tenure increases your EMIs but reduces the interest component, while a longer tenure brings your monthly repayment down but increases your interest cost.
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Know about our minimal and transparent fees & charges
FREQUENTLY ASKED QUESTIONS
How do I qualify for a Business Loan?
To qualify for a business loan, you need to have a legitimate business registered with the authorities and should have a decent track record. You need to produce your personal/financial documents and proof related to your business at the time of application. Keep the following list of documents handy with you:
· Photo identity and Address proof: As per RBI defined KYC guidelines. Ownership proof of office or residence
· Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed
Any one of the additional documents, basis selected program
· Basis Banking - Latest 2 years ITR and Net worth statement, Latest 6 months Bank statements
· Or Basis GST - Latest 6 months banking, GST returns for the last 12 months, Latest ITR and computation
· Or Basis income - Latest 2 years ITR & computation, Latest 2 years audited PnL & Balance sheet, Latest 6 months Bank statements
How long does a business loan approval take?
IDFC FIRST Bank offers a quick turnaround time. We sanction business loans within 6-7 days. IDFC FIRST Bank offers a complete digital journey/experience, wherein you can know your eligibility instantly. Visit your nearest branch for more details.
Why should you take a business loan?
Business loans provide urgent financial help to run your business smoothly. It is the most viable option for meeting your fund requirements quickly and conveniently.
What is the maximum business loan I can get?
You can receive collateral-free business loans up to ₹1 crore from IDFC FIRST Bank.
What is the procedure to get a business loan?
Click here to apply for a business loan conveniently.
Does EMI remain the same or change in the future?
The business loans EMIs usually remain the same. However, they may change depending on changes in the RBI and banks’ policies.
What are my options to repay a Business Loan?
You can repay through Electronic Clearance Service (ECS) or Direct Debit.
How much EMI do I need to pay?
Your EMI depends on the loan amount. Please use our Business Loan EMI Calculator to know exactly how much you need to pay.
