EMI Calculator for Machinery Loan
With the help of a machinery loan EMI calculator, one can easily do the evolution of loan EMIs or monthly instalments which becomes much easier. To get a quick result, borrowers are required to enter basic loan variables, such as desired loan amount, loan duration and offered interest rate.
Advantages of Using Machinery Loan EMI Calculator?
- Helps in managing finances better
- Loan amount can be decided as per the repayment capability
- Support in managing business cash flow
- Helps in overcoming urgent short-term cash requirements
- Can be accessed from anywhere via mobile, laptop, desktop or tab
Machinery Loan EMI Formula
Machinery loan EMIs are computed with the aid of following formula:
This universal formula is used by almost all financial bodies to provide loan EMIs related information
[P x R x (1+R) ^ N]/[(1+R) ^ (N-1)]
- P stands for the loan principal
- R stands for the rate of interest on a monthly basis
- N stands the loan repayment tenure in months
- Machinery Loan – Features & Eligibility Criteria
- Interest Rate: These interest rate varies from bank to bank and shall depend on applicant’s profile and financial stability
- Loan Amount: The desired loan amount depends on the machinery that to be purchased (New or Pre-owned).
- Repayment Tenure: Based on the loan tenure, the longer repayment tenure for higher loan amount are given by the bank.
- Collateral: Depends on the loan amount/lender and type of loan (secured or unsecured)